El Salvador Adopts Bitcoin as Legal Tender

[engine]

El Salvador becomes the first country to adopt bitcoin as legal tender, and prices can now be shown in bitcoin.

“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,” the law reads.

[cnbc.com...]

[RhinoFish]

Wow, so it can be used legally as an alternate to their currency (which is the US Dollar).
Since the US is printing so many dollars, devaluing the currency that ES uses, this move towards Bitcoin makes a lot of sense for them.
And it will make it easy for their citizens to access financial resources at a much lower cost than traditional banks.
I think this might be the first of many small countries to make this move.

However, here in the US, if we switched, the US govt could no longer print money, uh oh.
And, if a lot of countries dump the dollar in favor of Bitcoin, that's going to hurt the US Dollar as well.

Great news for El Salvador, minor bad news for holders of the US Dollar.