Bitcoin Law in El Salvador
E56772
Bitcoin Law in El Salvador is the 2021 legislation that made Bitcoin legal tender in the country, aiming to promote financial inclusion, attract investment, and modernize its economy.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
El Salvadoran law
→
cryptocurrency legislation → legal tender law → |
| capitalGainsTreatment |
no capital gains tax on Bitcoin exchange for legal tender
→
|
| citizenIncentive |
US$30 in Bitcoin airdrop to users of Chivo Wallet
→
|
| controversy |
concerns from international financial institutions
→
domestic protests and skepticism about Bitcoin volatility → |
| country |
El Salvador
NERFINISHED
→
|
| createdInstitution |
Bitcoin Trust
→
|
| criticizedBy |
International Monetary Fund
→
World Bank → |
| dateOfEnactment |
2021-06-09
→
|
| effectiveDate |
2021-09-07
→
|
| exception |
people who do not have access to the technologies that allow them to carry out transactions in Bitcoin are excluded from the obligation
→
|
| exchangeRateDetermination |
exchange rate between Bitcoin and USD is freely established by the market
→
|
| globalSignificance |
first law in the world to make Bitcoin legal tender nationwide
→
|
| implementingAuthority |
Central Reserve Bank of El Salvador
→
Ministry of Economy of El Salvador → Superintendency of the Financial System of El Salvador → |
| languageOfText |
Spanish
→
|
| legalTender |
Bitcoin
→
United States dollar → |
| obligation |
all economic agents must accept Bitcoin as payment when offered by whoever acquires a good or service
→
|
| passedBy |
Legislative Assembly of El Salvador
→
|
| priceDisplayRequirement |
prices may be expressed in Bitcoin
→
|
| primaryObjective |
attract foreign investment
→
increase use of digital payments → modernize the Salvadoran economy → promote financial inclusion → reduce remittance costs → |
| proposedBy |
Nayib Bukele
→
|
| proposedByOffice |
President of El Salvador
→
|
| relatedConcept |
cryptocurrency adoption
→
financial inclusion in developing countries → legal tender → |
| relatedProgram |
Chivo ATMs
→
Chivo Wallet → |
| scope |
nationwide
→
|
| sectorImpact |
banking and financial services
→
remittances sector → technology and fintech → tourism → |
| supporter |
Nayib Bukele
→
New Ideas party → |
| taxTreatment |
tax contributions can be paid in Bitcoin
→
|
| trustManager |
Banco de Desarrollo de El Salvador
→
|
| trustPurpose |
guarantee automatic and instantaneous convertibility from Bitcoin to USD
→
|
| unitOfAccount |
United States dollar remains reference currency
→
|
| voteResult |
passed with supermajority
→
|
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Nayib Bukele
→
|
implementedPolicy |