Translating El Salvador's proposed #LeyBitcoin #BitcoinLaw.

A #Bitcoin Law ๐Ÿงต ๐Ÿ‘‡๐Ÿ‘‡
Legislative Assembly of the Republic of El Salvador
1. Conforming to article 102 of the Constitution of the Republic, The State is responsible for protecting private enterprise (private sector), generate necessary conditions to grow the national wealth at the...
benefit of greatest number of habitants.

2. That under the Legislative Decree 201, published in the official Diary # 241, volume 349 dated 22 Dec, 2000, adopted the US dollar as the legal tender.

3. That approximately 70% of the population does not have access to traditional banking services (!!!)

4. That it's The State's duty to facilitate financial inclusion of its citizens with the goal of better guaranteeing their rights
5. That w/ the objective of pushing economic growth of the country, it is necessary to authorize the circulation of a digital currency whose value is determined exclusively by free markets, in order to grow the national wealth to the benefit of the greatest number of habitants
6. That given the prior considerations it is imperative to release the basic rules that will regulate the legal course of #Bitcoin

THEREFORE, Decree the following BITCOIN LAW

General Dispositions

Article 1. The present law's objective is to regulate bitcoin as legal tender, unrestricted, with liberating power, unlimited for any transaction, for any person, public or private who wants to transact. (people or companies)

The previously mentioned is without prejudice to the application of the Law of Monetary Integration

Art 2. The exchange rate between bitcoin and USD will be determined by the free market

Art 3. Any price can be expressed in bitcoin (unit of account)

Art 4. Any taxes can be paid in bitcoin (!!!)

Art 5. Any transactions/exchanges in/out of bitcoin will not be subject to capital gains, as is the case with any other legal currency (!!!)

Art 6. For accounting purposes, USD will be used as reference

Art 7. Every economic agent shall accept bitcoin as a payment method for anyone demands it after acquiring a good or service

Art 8. Without prejudice that impact the private sector, The State will provide alternatives that permit the user to transact in bitcoin, ...
and will facilitate the automatic and instantaneous conversion between bitcoin and dollars whenever desired. The State will promote training and mechanisms necessary so the population can learn how to transact in bitcoin.

Art 9. The limitations and functionality of the alternatives for automatic and instantaneous conversion of bitcoin to USD provided by The State will be specified in the Rules that the service is released.

Art 10. The Executive Organ will create the necessary structure to apply this law.

Art 11. The Central Reserve Bank and the Financial System Superintendent will emit the corresponding norms within the period mentioned in Art 16 of the present law.

Art 12. Excluded of the obligations expressed in Art 7 of the present law, those who evidently don't have access to the required technologies that permits them to execute bitcoin transactions. The State will promote the training & necessary mechanisms so the population...
transact in bitcoin.

Art 13. All existing obligations expressed in dollars, existing prior to the start of the present law, will also be payable in bitcoin.

Art 14. Before this law starts, The State will guarantee an escrow in the Growth Bank of El Salvador (BANDESAL),...
to facilitate the automatic and instantaneous conversion from bitcoin to dollar as required by Art 8.

Art 15. The present law will have special character of application with respect to other laws that regulate subjects, this law shall take precedence.
Art 16. The present decree will commence 90 days after its publication in the Official Diary.
Given in the Blue Room of the Legislative Palace, San Salvador, on the 8th day of June, 2021.
Given in the Blue Room of the Legislative Palace: San Salvador, 8th of June, 2021.

โ€ข โ€ข โ€ข

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with sundaywar.btc ๐ŸŸฉ

sundaywar.btc ๐ŸŸฉ Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!