Nayib Bukele, is the president of EI Salvador. Bitcoinbill is on making Bitcoin legal tender. In a tweet spaces conversation, he said that the bill got approved with a supermajority of 64 out of 84 seats.
Signing
In addition, he said that the bill would go into effect immediately. Moreover, he clarified the government would allow 90 days for the infrastructure to be put into place.
Mandatory
He also added that accepting Bitcoin would be mandatory for all businesses. In addition, he said to the merchants in the country that they have to take it by law. Moreover, the purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power unlimited in any transaction.
List of Protocols
The bill also includes a list of interesting protocols. Protocols such as zero capital gains tax on BTC, tax payments allowed in BTC. Moreover, economic agents must accept BTC as payment when offered by whoever acquires a good or service.
Infrastructure
According to the bill, the state must provide the infrastructure that enables Bitcoin users to convert from BTC to USD if need be instant.
