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Bitcoin is now an officially accepted currency in El Salvador after a Congressional vote. This means that anyone in that country can use Bitcoin to pay for anything from goods and services to taxes.

Further, Bitcoin exchanges will not be taxed. The U.S. dollar is also accepted in El Salvador and that will not change.

Bitcoin is an elegant solution to many banking problems given that it allows for border-free currency exchange and is not based on a government fiat currency that can be printed in excess. But it is not easy to use. The new law in El Salvador mandates that the state “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

Adoption could be easier in El Salvador where 70% of the population does not have traditional fee-based bank accounts so, in essence, they are starting with a clean slate.


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