Take your protein pills and put your helmet on

Hi im from El Salvador Here’s another Salvadoran update on BTC law:

Be prepared for lift off because in exactly one month El Salvador’s “Bitcoin Law” will be effective.

The Law was passed by the Legislative Assembly on June 8 giving Bitcoin the status of legal tender.

Some informative points on the law:

• Every adult citizen of El Salvador will receive $30 worth of BTC when they download and register on the gov crypto app.

• Use of Bitcoin is optional not mandatory for the people (however company’s will have to mandatorily accept BTC as payment)

• Salaries and pension will be continued to be paid in usd.

• Anyone that is being paid in BTC can automatically receive their money in usd.

• One of the key drivers of the law is to help people sending remittances back to El Salvador, as the payments typically suffer from high transaction and commission costs

• Transactions in BTC are under Layer 2 Scaling Solutions.. much faster 🙂

• Anyone ready to invest 3 Bitcoin in the countries economy will be granted immediate permanent residency

• Capital gains on Bitcoin will not be taxed

My little El Salvador let’s hope you make the grade…