El Salvador’s Bitcoin Law to Take Effect in September: Report

El Salvador’s Bitcoin Law to Take Effect in September: Report

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
  • Source