- within Intellectual Property, International Law, Litigation and Mediation & Arbitration topic(s)
El Salvador's legislature voted to adopt bitcoin as legal tender. According to reporting by CNBC, the bill states that "the purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out." CNBC further reported that President of El Salvador Nayib Bukele partnered with Strike, a digital wallet company, to enhance the country's financial infrastructure.
In a press conference on June 10, 2021, International Monetary Fund ("IMF") Communications Director Gerry Rice stated "that adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. ... I can tell you that the IMF team will be meeting with the president of El Salvador today."
Primary Sources
- El Salvador Government Press Release: El Salvador, primer país del mundo en reconocer al Bitcoin como moneda de curso legal
- CNBC Press Release: El Salvador Becomes First Country to Adopt Bitcoin as Legal Tender after Passing Law
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