Andrea Tosato Profile picture
Associate Professor @UoN_Law; Lecturer @pennlaw. https://t.co/oJIJvtqfie; https://t.co/ELvQjEq7oT
10 Jun
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?
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