The only country to make Bitcoin a legal tender is now amending the controversial law for this reason; here's what it is
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El Salvador makes amendments to controversial law
Ever since the passing of the law of Bitcoin being a legal tender, it had made headlines for the various issues the country could face in the days ahead, and now in order to pass those obstacles, El Salvador officials have finally agreed upon the amendments, with 55 lawmakers approving the vote, according to The Street's report. Two lawmakers opposed the proposed amendments, but it did not matter as they passed by a whopping majority.
Bitcoin acceptance in El Salvador now voluntary?
In order to qualify for IMF's loan of $1.4 billion, El Salvador had to meet with requirement of the international lender to make the adoption of cryptocurrency like Bitcoin voluntary for private merchants and prohibit tax collection in that digital currency. According to IMF's regulations, taxes only need to be collected in US dollars, and the acceptance of Bitcoin by the private sector will be voluntary, with the public sector’s involvement in Bitcoin-related activities will be confined, according to The Street's report.
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It now looks like El Salvador will no longer compel private businesses to accept Bitcoin as a payment method, based on this new amendment around their controversial law.
FAQs:
Is Bitcoin a popular currency in El Salvador? El Salvador had made Bitcoin a legal tender by passing a law, but has now made amendments to the same, depicting just how popular the digital asset is in the Central American country.
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