“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law document posted by Mr Bukele reads in part.
By implication, prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax. In the past weeks and months, the world’s most popular cryptocurrency, Bitcoin, has faced significant criticism and profound market sentiments across the globe that has greatly influenced the market price of the currency.
The unusual price swings of Bitcoins noticed since the beginning of the year have also prompted critics to suggest it is not suitable to be an effective and sustainable currency for adoption as a fiat.
Bitcoin to the mooooon!!!!!
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