El Salvador - The First Country To Make Bitcoin Legal Tender
And to also keep Bitcoin in its balance sheet (which is kinda normal if they accept it as legal tender).
This was announced at the Bitcoin conference about an hour ago. Here's one of the tweets mentioning this story:
I'm still waiting to see how this will pan out, as the bill will be signed by El Salvador Congress (or not) next week. The announcement was made by El Salvador's President, Nayib Bukele.
It's obviously a very big step forward. Especially since the crypto chosen was Bitcoin, and not Dogecoin - sorry, but I couldn't refrain myself, still having flashes from my previous post.
It would be very, very interesting to see the developments of this story, and its implications. I don't know anything about El Salvador tax status regarding crypto, but if they will make that too a bit friendlier than other countries, I believe we will see the first massive crypto-induced migration.
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Implications of tax on btc means some leagal certification will be issued for the currency and a proper regulation with guide line, today or tomorrow acceptance is the key factor for future economics.
This is what I expect from smaller countries, to be more daring and willing with innovation. Good move El-Salvador
This is a HUGE development internationally, especially for taxation and accounting for BTC use.
In my country, Israel, the legal tender of any other currency is recognised as foreign currency (not an asset) by the tax code and profits and losses on foreign currency transactions are not taxable (unless you are a professional trader).
That is a country that understand the benefits of cryptocurrencies.