El Salvador has recognized Bitcoin as legal tender. Historic. The Spaces chat with @nayibbukele was incredible. Shoutout to @nic__carter
As the dust settles, let’s talk a little more about what this means for US commercial law and why I think we need to reform the UCC. A thread
1/ UCC1-201(a)(24) defines “money” as “medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries”
2/ As the Salvadorean #BitcoinLaw has recognized Bitcoin as legal tender, is it now “money” under the UCC? What would the implications be? Good/bad?