“The Bitcoin situation in El Salvador is complex, and there are many questions that still need to be answered,” Mowsaidin a post on X on Feb. 13. Mow, an early Bitcoiner and advocate of nation-state BTC adoption, described El Salvador’s Bitcoin status question as a “glass is half ...
Fiat currency is government-controlled money such as the U.S. Dollar that derives its value from the decisions of central bank.
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There are a few such as Ecuador and El Salvador that use the US dollar, or the members of the Eurozone that use a currency, the Euro, that is not issued by a member State, but these are exceptions. For the rest, sovereignty appears to be limited. To assess constraints on sovereignty ...
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Legal tender laws mandate that creditors must accept fiat currency as payment, underpinning its wide acceptance and use in a particular economy. Similarly, El Salvador's decision tomake Bitcoin legal tendermeant that the cryptocurrency could be used in all of the same capacities as fiat currency....
In 2021, the government of El Salvador became the first nation to accept Bitcoin as an official currency. As such, citizens should be able to use Bitcoin to pay taxes and other government services. Reformed tax law In the beginnings of cryptocurrency, global governments did not have active pol...
Cryptocurrency is stored in a virtual wallet, where you can use it like a physical currency to pay for goods and services, trade, or collect more crypto coins and tokens. What is the blockchain? The blockchain is a chain of computers that form an online ledger. Each part of the blockch...
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