"The purpose of this law is to regulate #Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out. What is mentioned in the previous paragraph does not hinder
the application of the Monetary Integration Law. The exchange rate between #Bitcoin and the United States dollar, subsequently USD, will be freely established by the market. Prices may be expressed in #Bitcoin. Tax contributions can be paid in #Bitcoin. Exchanges in #Bitcoin will
not be subject to capital gains tax, just like any legal tender. For accounting purposes, the USD will be used as the reference currency. Every economic agent must accept #Bitcoin as payment when offered to him by whoever acquires a good or service. Without prejudice to the
actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in #Bitcoin and have automatic and instant convertibility from #Bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms
so that the population can access #Bitcoin transactions. The limitations and operation of the alternatives of automatic and instantaneous conversion from #Bitcoin to USD provided by the State will be specified in the Regulations issued for this purpose. The Executive Branch will
create the necessary institutional structure to apply this law. The Central Reserve Bank and the Superintendency of the Financial System shall issue the corresponding regulations within the period mentioned in Article 16 of this law. Those who, by evident and notorious fact, do
not have access to the technologies that allow to carry out transactions in #Bitcoin are excluded from the obligation expressed in Art. 7 of this Law (Every economic agent must accept #Bitcoin..). The State will promote the necessary training and mechanisms so that the population
can access #Bitcoin transactions. All obligations in money expressed in USD, existing before the effective date of this law, may be paid in #Bitcoin. Before the entry into force of this law, the State will guarantee, through the creation of a trust at the Banco de Desarrollo de
El Salvador (BANDESAL), the automatic and instantaneous convertibility of #Bitcoin to USD necessary for the alternatives provided by the State mentioned in Art. 8 (Without prejudice to the actions of the private sector..). This law will have a special character in its application
concerning other laws that regulate the matter, being repealed any provision that contradicts it. This decree will take effect ninety days after its publication in the Official Gazette."

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More from @chowcollection

10 Jun
I'm recording Saylor on Hannity. Stay tuned.
OK my video was bugging out, so I will post a transcript below:
Hannity: You've been hearing and reading all about #Bitcoin and cryptocurrency, and I'll admit up front: I have been studying this, debating this with friends for probably hundreds of hours, this entire phenomenon. I honestly still do not understand a lot about it. I've recently
Read 26 tweets
9 Jun
The President of El Salvador is now in @nic__carter 's Spaces room
Nayib mentioned that he has already been in contact with the US Government and the IMF
Nayib: "[It should pass with near-100% certainty within 30 minutes.] It becomes law on Wednesday."
Read 20 tweets
21 Dec 20
.@michael_saylor calls this analysis by @saifedean "Unique, seminal, brilliant":

"It's why everybody is in debt, because every time you get into debt, you're allowing somebody else to mine fiat, effectively. So if you want to buy a house for $1 million with cash—that's one thing
but then if you take the cash from a bank, well the bank gets to create $100,000 or $200,000 or $300,000 of new fiat out of this process. So, they're gonna give you a better deal on it than if you buy it with cash, and that's why you get into debt for your house and for your
business, and for everything. You know, individuals and corporations and governments—everybody is up to their eyeballs in debt because getting into debt is mining fiat. So I think this might be the most vivid way in which #Bitcoin fixes the world, this might be the most powerful
Read 11 tweets
18 Dec 20
If you run a Bitcoin podcast, I'd like to do a full typed transcript of your personal favorite episode for free!

Hit me up, eventually I'll have to decline offers for lack of time 😂
Some episodes I've transcribed in the past:
Read 7 tweets

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