Draft of El Salvador's Bitcoin Law has been proposed. Its main highlights are:
(i) Prices can be denominated in Bitcoin. Taxes can be paid in Bitcoin.
(ii) As Bitcoin is made legal tender, any appreciation in value will not be subject to capital gains tax.
(iii) Payment in Bitcoin cannot be refused, including for past debts, except when creditors demonstrably lack technological access.
(iv) Sovereign guarantee for Bitcoin convertibility into USD.
(v) State will promote technologies that enable instant USD convertibility for Bitcoin payments.
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