Bitcoin is now legal tender in El Salvador

That house he says he bought in el Salvidor is apparently in costa rica https://www.point2homes.com/CR/Home-For-Sale/Puntarenas/Garabito/Playa-Hermosa/Valle-Perdido/Modern-Oceanview-Costa-Rica-Home-in-Gated-Community/102074297.html

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fun fact : Costa Rica is one of the very few countries without any army…

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Its a lovely country with lovely people too. :sunglasses:

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it sure is, pura vida!

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Also spent that budget on a rain forest and now have that. Seems wise to me

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Bitcoin becomes legal tender in #ElSalvador:

Twitter Translation:
With 62 votes, the legislative plenary session approves the #LeyBitcoin with which El Salvador adopts the #Bitcoin as legal currency.

#LaNuevaAsamblea keep making history!

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I’ve been wondering for a long time which country would do this first.
Also, how well financially a country will do if they held bitcoin reserves.

Going to watch El Salvador with interest.

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My understanding is that now because bitcoin is legal tender in at least 1 country, per US law if your transaction using bitcoin involved a gain under $200 it does not need to be reported.

This opens the door to using bitcoin as payment without horrendous accounting and tax obligations.

Will it actually go this way?

Edit: apparently not much to be excited about yet in that regard.

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I’m interested to know if this affects UK law on Bitcoin and possibly other tokens.

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Rick == Satoshi

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Except the Bitcoin transaction tax because node operators didn’t want to buy a bigger hard drive :grinning_face_with_smiling_eyes:

Seriously though, this is huge news and a massive step for all of crypto. I’m sure this won’t be the last country to adopt Bitcoin / crypto, and for smaller countries who want to attract rich Entrepreneurial people, it’s a great strategy.

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If you mean cap gains wise , I think not.
Cap gains are due on foreign currency gains unless you bought them to spend abroad.

Thanks. That’s what I expect, but I’m asking a more general question as well.

Inevitable, but here it is from El Salvador’s president:

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Bitcoin and Ethereum mining will be erupting in Central America.

sorry… but it had to be done.

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If it irrupts miners go :volcano:

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NMI error, sorry

I’m no physicist, and maybe it’s just because I’m from a cold country, but I just don’t see why all that mining heat has to go to waste. How the energy is produced is important, for sure, but isn’t that a separate issue?

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To the moon centre of the earth :smiley:

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Which country will be the next domino to fall?

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