Groups Similar Look up By Text Browse About



Similar articles
Article Id Title Prob Score Similar Compare
209368 ARSTECHNICA 2021-6-9:
Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency
1.000 Find similar Compare side-by-side
209830 ZDNET 2021-6-10:
El Salvador makes bitcoin legal tender as president looks to volcanos to mine crypto
0.973 0.646 Find similar Compare side-by-side
209651 ZDNET 2021-6-8:
MicroStrategy to raise $400 million as it ups its giant Bitcoin bet
0.003 0.495 Find similar Compare side-by-side
209430 ARSTECHNICA 2021-6-7:
US seizes $2.3 million Colonial Pipeline paid to ransomware attackers
0.410 Find similar Compare side-by-side
209410 THEVERGE 2021-6-8:
The IRS wants more authority to collect data on cryptocurrencies
0.340 Find similar Compare side-by-side
209596 ZDNET 2021-6-7:
‘Majority’ of ransom paid by Colonial Pipeline seized and returned by DOJ
0.306 Find similar Compare side-by-side
209839 ZDNET 2021-6-9:
Cryptojacking now added to list of cryptocurrency threats
0.303 Find similar Compare side-by-side
209705 ZDNET 2021-6-11:
Card Broken: 1000 arrests made in Chinese crackdown on fraud, cryptocurrency laundering
0.299 Find similar Compare side-by-side
209589 TECHREPUBLIC 2021-6-8:
Feds recover $2.3 million in cryptocurrency paid by Colonial Pipeline in ransomware attack
0.296 Find similar Compare side-by-side
209623 ZDNET 2021-6-7:
G7 nations agree to set minimum global corporate tax rate at 15%
0.285 Find similar Compare side-by-side
209494 ARSTECHNICA 2021-6-6:
When the bison come back, will the ecosystem follow?
0.279 Find similar Compare side-by-side
209372 ZDNET 2021-6-9:
The Senate just agreed $52 billion to boost US chip making. It's going to take a lot more
0.259 Find similar Compare side-by-side
209434 ARSTECHNICA 2021-6-7:
US may miss July 4 vaccination target as number of daily doses plummets
0.257 Find similar Compare side-by-side
209414 THEVERGE 2021-6-8:
Senate approves billions for US semiconductor manufacturing
0.253 Find similar Compare side-by-side
209451 THEVERGE 2021-6-9:
The pandemic might cut down e-waste but widen the digital divide
0.231 Find similar Compare side-by-side
209636 ZDNET 2021-6-7:
This phishing email is pushing password-stealing malware to Windows PCs
0.226 Find similar Compare side-by-side
209716 ARSTECHNICA 2021-6-9:
Don’t look now, but GameStop stock is approaching record highs again
0.222 Find similar Compare side-by-side
209610 ZDNET 2021-6-7:
Tough new safety laws for gig economy platforms and riders to be introduced in NSW
0.221 Find similar Compare side-by-side
209797 ZDNET 2021-6-11:
Federal Court approves AU$112m compensation in settlement for robo-debt failure
0.218 Find similar Compare side-by-side
209584 ZDNET 2021-6-7:
Brazilian government organizes US visit to speed up 5G auction
0.215 Find similar Compare side-by-side
209670 ZDNET 2021-6-8:
Linux Foundation readies Global COVID Certificate Network
0.214 Find similar Compare side-by-side
209406 THEVERGE 2021-6-8:
The US wants to fix its broken lithium battery supply chain
0.212 Find similar Compare side-by-side
209953 ARSTECHNICA 2021-6-11:
NY can’t force ISPs to offer $15 low-income broadband plans, judge rules
0.211 Find similar Compare side-by-side
209752 ARSTECHNICA 2021-6-10:
Keystone XL pipeline canceled after Biden scraps US permit
0.208 Find similar Compare side-by-side
209941 ARSTECHNICA 2021-6-11:
AT&T CEO seems confident industry can kill Biden’s municipal broadband plan
0.205 Find similar Compare side-by-side

1

ID: 209368

URL: https://arstechnica.com/tech-policy/2021/06/bitcoin-now-legal-tender-in-el-salvador-first-nation-to-adopt-cryptocurrency/

Date: 2021-06-09

Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency

Central American nation hopes to lower remittance costs and boost investment. On Wednesday, El Salvadors president signed into law a proposal to adopt bitcoin as legal tender, making the Central American nation the first in the world to officially use the cryptocurrency. The new law says that companies must accept bitcoin as a form of payment, and the government will allow people to pay taxes with it as well. The exchange rate with the dollar will be set by the market, and exchanges from dollars to bitcoin wont be subject to capital gains tax. The law was passed by a supermajority vote of the legislature, with 62 of 84 deputies assenting. The country has used the US dollar as its primary currency since 2001, when the government was attempting to stabilize and shore up an economy left in shambles by a bloody 12-year civil war that ended in 1992. The government switched its accounting system to dollars and stopped printing and minting its old currency, colones, though it did not remove it as legal tender. People can still spend any colones in their possession at a rate fixed to the dollar. El Salvadors use of the dollar as its primary currency has meant that the country has minimal control over its monetary policy; for all intents and purposes, the US Federal Reserve exerts more power. As a result, efforts by the Salvadoran government to prop up the economy in a recession must be through fiscal interventions, which require a supermajority in the legislature. Adopting bitcoin wont change this situation, of course, since the supply of the cryptocurrency is limited by mining rates and is ultimately capped at 21 million bitcoins. Bukele is hoping that by jumping on the bitcoin bandwagon, the country will attract investors. #Bitcoin has a market cap of $680 billion dollars, he wrote in a tweet. If 1% of it is invested in El Salvador, that would increase our GDP by 25%. That assumption, of course, is highly dependent on bitcoins market cap, which has fluctuated significantly over the last year as the cryptocurrencys price has swung wildly. That high energy use is baked into bitcoins design, which uses proof of work—computations of cryptographic hashes—to verify records and transactions on the blockchain. Other cryptocurrencies are either based on or planning to switch to other ways of maintaining the blockchain, including proof of stake, which requires users who validate the chain to hold a certain amount of the cryptocurrency, lowering the amount of energy use.