El Salvador Becomes the First Country to Adopt Bitcoin as Legal Tender
El Salvador Becomes the First Country to Adopt Bitcoin as Legal Tender

El Salvador, Becomes the First Country, to Adopt Bitcoin as Legal Tender.

On June 9, lawmakers in El Salvador’s Congress voted in favor of the Bitcoin Law.

ABC reports that the law, sent to Congress earlier that day by President Nayib Bukele, received 62 out of 84 of the legislature's votes.

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The price of bitcoin was reportedly driven up 5% to $34,239.17 shortly following news of the vote.

According to ABC, "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.".

According to the law, 70% of El Salvadorians do not have access to traditional financial services.

ABC reports bitcoin is seen as a way to increase the country's financial inclusion