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The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. [1] Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications.
Governments of several countries use Bitcoin in various capacities, and some politicians use Bitcoin in their electoral programs. According to the Economist Intelligence Unit , in 2024 cryptocurrency has become a major political campaign topic for the first time, with cryptocurrency industry contributing nearly half of all corporate ...
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet ...
According to Ernst & Young, the adoption of bitcoin as legal tender by El Salvador could have consequences for US taxpayers holding the cryptocurrency, because "If more countries adopt bitcoin as legal tender, the US federal income tax treatment of bitcoin could change. Instead of being treated as an investment that is a capital asset, bitcoin ...
El Salvador adopted Bitcoin as legal tender by passing a law yesterday, making it the first country to do so. Discover: Why Some Money Experts Believe In Bitcoin and Others Don't Beyond Bitcoin:...
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El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. [1] It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
Bukele implemented a plan to adopt Bitcoin as legal tender in the country, with the idea that citizens would use crypto, rather than fiat currency, as a form of payment.