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The European Union has passed no specific legislation relative to the status of bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services.
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.
The IMF has been critical of the country's crypto policies since Bukele made bitcoin legal tender in 2021. "There are large risks associated with using Bitcoin as legal tender, especially given ...
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 ...
Development in the ongoing saga of Bitcoin and its many competitors and copycats in the $2.22 trillion global cryptocurrency market seems to never stop. Even so, just a tiny fraction of Americans...
Since the cryptocurrency was created 16 years ago, many nations have opposed creating Bitcoin reserves alongside their traditional stockpiles of foreign currency and gold because of the perceived ...
Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown entity (person or persons). [5] Use of bitcoin as a currency began in 2009, [6] with the release of its open-source implementation.
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.