El Salvador’s Bitcoin Law to Take Effect in September: Report
25 Jun, 2021•1 min read•Regulation
El Salvador’s bitcoin law, which is expected to make the crypto legal tender within the country, is set to come into effect on Sept. 7, Reuters reported Friday.
El Salvador’s President Nayib Bukele made the announcement during a national address on Thursday, per the report. On June 9, the law passed by a supermajority in El Salvador's legislature with 62 members voting in favor of the bill, while 19 opposed and three abstained. The country's bitcoin law effectively would see bitcoin become legal tender, where merchants must accept it, alongside the U.S. dollar. Opposition has been mounting against the country's newly legislated law with some arguing it violates the El Salvador's constitution