El Salvador Becomes First Country to Recognize Bitcoin as Currency
El Salvador has become the first country in the world to recognize the cryptocurrency bitcoin as legal currency, according to President Nayib Bukele in a tweet on Wednesday. Citizens will be able to pay taxes in bitcoin and, perhaps most importantly for bitcoin diehards, bitcoin won’t be subject to capital gains taxes in El Salvador.
“The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress,” the 39-year-old president Bukele tweeted on Wednesday. “62 out of 84 votes! History! #btc”
The price of bitcoin, shortened as BTC, rose early Tuesday following the news out of El Salvador, up 4.3% over the past 24 hours.