El Salvador Becomes First Country to Make Bitcoin a Legal Tender!
El Salvador has officially passed a Bill (with supermajority) making Bitcoin a legal tender in the country - Historic Moment for Bitcoin and Cryptocurrencies!
Key Notes from the Twitter Spaces with industry leaders and El Salvador's President:
1 - They will also be creating a government wallet for Bitcoin while allowing citizens to use any wallet they wish to use.
2 - They have given 90-days to implement this new payment system as nobody can refuse Bitcoin as a payment.
3 - Anyone that invests 3 BTC in the country's economy will be given permanent residence.
4 - The country will hold $150m USD in a Trust Fund supported by their development bank which will be used to help facilitate transactions from individuals and businesses that need help exchanging the currency (this will eventually convert into $150m worth of Bitcoin as current prices).
5 - El Salvador's President, Nayib Bukele, discussed the possibility of mining Bitcoin through geothermal energy from volcanos; although the country does not have any plans to enter the mining industry at this time.
Many already know this and some are now starting to realize - Bitcoin and Cryptocurrencies are the future!