LatinNews Daily - 09 June 2021

In brief: El Salvador approves bill making bitcoin legal tender

* El Salvador’s 84-member unicameral national legislature has approved a legislative bill proposed by President Nayib Bukele. which formally adopts the cryptocurrency Bitcoin as legal currency alongside its official currency, the US dollar, becoming the first country in the world to do so. Bukele has touted the move as key to improving financial inclusion given that some 70% of the population lacks access to traditional financial services. According to the approved legislative bill, among other things, the exchange rate between the Bitcoin and US dollar will be freely established by the market, tax contributions can be paid in Bitcoin and the executive will create the necessary institutional structure for the law to be applied.

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