El Salvador approved a law that will make it the first country to accept bitcoin as legal tender alongside the US dollar

El Salvador approved a law that will make it the first country to accept bitcoin as legal tender alongside the US dollar

El Salvador's Congress voted in favor of a law that will make it the first country to establish bitcoin as legal tender alongside the US dollar on Wednesday. Once the law has passed through the relevant legislative processes, bitcoin will have the same status as the US dollar, which is the country's current national currency. "The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History! #Btc," President Nayib Bukele alongside a bitcoin emoji and the El Salvadorian flag, confirming the success of the bill he had presented to lawmakers. Once the has passed further legislative stages, bitcoin will become legal tender. Bitcoin exchanges will no longer be subject to capital gains tax, all entities must accept bitcoin as a payment method for goods and services, prices can be displayed in bitcoin and El Salvadorians will be able to use the cryptocurrency to pay taxes. Bitcoin will automatically and immediately be converted into US dollars upon use. The government and El Salvador's central bank will oversee the necessary infrastructure development and provide financial education to businesses and citizens. The energy-intensive process of mining bitcoin, which critics of the cryptocurrency have described as detrimental