wordpress blog stats
Connect with us

Hi, what are you looking for?

El Salvador becomes first country to adopt Bitcoin as legal tender

The El Salvador parliament on Wednesday approved the Bitcoin Law making the Central American nation the first to formally adopt bitcoin as legal tender. Bitcoin now joins the US dollar (USD), which has been the legal currency of the country since 2001. The new law will go into effect within 90 days. "Despite El Salvador’s small size, Bukele’s effort is a major milestone in monetary policy history, one with significant ramifications for the global financial system." — Avik Roy, Forbes https://twitter.com/nayibbukele/status/1402507224916836352?s=20 Meanwhile, India's proposed regulations around cryptocurrency still remain unclear. Initially, the government said that it would ban cryptocurrency activity in India and then it clarified that it would adopt a  "calibrated approach." Thereafter, the government amended the regulations on company financial disclosures recognising virtual currencies as digital asset. It also indirectly recognised the role of crypto exchanges as businesses that perform a fiduciary role. The government also told Parliament that crypto-exchange transactions and investments are taxable. Now, it is reportedly forming a new committee to examine the prospect of regulating the crypto-verse. Why has El Salvador made bitcoin a legal tender? Earlier in the day, President Nayib Bukele sent the bitcoin bill to the country’s Congress for a vote. The succinct 3-page bill states the following reasons why El Salvador is adopting the cryptocurrency: For the benefit of inhabitants: The bill states that it is the government's "obligation to promote and protect private enterprise, generating the necessary conditions to increase national wealth for the benefit of the greatest number of inhabitants."…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

News

By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ