El Salvador Passes Bitcoin Law | WHAT REALLY HAPPENED

El Salvador Passes Bitcoin Law

The Latin American nation has passed the bill for its Bitcoin Law after a session in congress earlier today, shortly before 6AM UTC. According to a tweet by President Nayib Bukele, the law was backed by 62 out of 84 seats in the congress, making it a supermajority vote.

The new law assigns Bitcoin as legal tender within El Salvador’s economic jurisdiction. Bukele said that it would “[go] into effect immediately,” with the El Salvadorian government providing 90 days for the technological infrastructure to be built and implemented.

“The purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the document states.

The law will oversee the implementation of the mandatory acceptance of Bitcoin for all businesses in the country. The country’s mercantile sector will be provided with a trust fund established to account for risks implied by or caused by the mandate.

The trust fund will be held by the Development Bank of El Salvador, known commercially as Bandesal, and will hold $150 million worth of Bitcoin. Bukele has also stated that he will be holding a quorum with the International Monetary Fund this week .

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