El Salvador has become the first country to adopt Bitcoin as legal tender.
The Bitcoin Law has been approved by a supermajority in the Salvadoran Congress getting 62 out of possible 84 votes.
“In order to promote the economic growth of the nation, it is necessary to authorize the circulation of a digital currency whose value answers exclusively to free-market criteria.” said the decree.
There will no capital gains tax and no property tax. All tax contributions to the state can also be paid in Bitcoin.
El Salvador is has a GDP of $56 billion with a population of 6.4 million people and spanish as official language.
https://twitter.com/nayibbukele/status/1401622548396314631?s=20
The Bitcoin law will be implemented 90 days after published in the official gazette.
Permanent residents can naturalize for Salvadoran citizenship after 5 years.
The Salvadoran passport is also a very good passport with visa-free or visa on arrival access to 135 countries and territories which include Russia, EU schengen area, United Kingdom etc.
