Asha Barbaschow
| June 10, 2021 — 01:26 GMT (02:26 BST)
| Topic: Innovation
Image: Getty Images
El Salvador has become the first country to adopt bitcoin as legal tender, but President Nayib Bukele wants to take this one step further with a plan to create 100% renewable cryptocurrency mining facilities, using volcanoes.
On Wednesday, Bukele’s bitcoin Bill passed with 62 of 84 votes.
With the Bill’s passage, bitcoin will be instantly convertible into USD and will have the same legal standing.
Prices can now be displayed in bitcoin, merchants must accept payment in bitcoin, tax contributions can be paid in bitcoin, and bitcoin exchanges will no longer be subject to the country’s capital gains tax.
Asha Barbaschow
| June 10, 2021 — 01:26 GMT (02:26 BST)
| Topic: Innovation