Just talking, already passed: Yesterday, El Salvador’s President Nayib Bukele tweeted that he had sent a draft of the Bitcoin bill to Congress. Today, the law was officially adopted in the Salvadoran Congress – with a majority of 62 out of 84 votes. That was fast. The decree will now enter into force 90 days after its publication in the Official Journal.

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Bitcoin Law Passed Overnight

The crypto community is enthusiastic about the move. Popular industry observer and ex-Coinbase CTO Balaji S. Srinivasan (@Balajis) calls the law ” Fantastic“, writes his more than 390,000 Twitter followers:

„Fantastic.

If I read this correctly, *all economic actors who are technologically capable of receiving BTC as payment must also accept it as payment – with immediate conversion to USD being provided to anyone who does not want to take the price risk.

A mandate for Bitcoin!“

Bitcoin bull Anthony” Pomp ” Pompliano saith even of a “historic day for humanity”.

El Salvador – the new Bitcoin Paradise?

Will El Salvador become the new Bitcoin paradise? In any case, President Nayib Bukele is doing his best to make the country attractive to Bitcoiners. He even suggests a special mining plant that could use the geothermal energy of volcanoes. And on Twitter apply the 39-year-old already uses the merits of his country to attract potential investors and companies:

“1. Great weather, world class surf beaches, beachfront land for sale.
2. One of the few countries in the world without property tax.
3. No capital gains tax on Bitcoin as it will be a legal currency.
4. Instant permanent residency for crypto entrepreneurs.“

Top weather, Top beaches, villas on the beach – sounds acceptable. However, the country charges a sensitive fee for permanent residence permit.

During a live talk on Twitter, Bukele explained: El Salvador grants a permanent residence permit to immigrants only if they deposit 3 bitcoins. 3 Bitcoins (to buy from eToro or Libertex), which at current prices is equivalent to more than $ 100,000. For comparison: in Germany, the application for a permanent residence permit costs between 100 and 250 euros.

However, El Salvador will introduce its own Bitcoin wallet and set up a trust fund for its citizens. The is to be equipped with Bitcoin worth about 150 million dollars to compensate for the volatility.

Governments around the world are now eagerly looking at El Salvador: how will the situation develop further? Is part of the crypto industry moving to the Latin American country? To what extent will the local economy benefit – and what does the move do with the Bitcoin rate in the long term?