El Salvador has officially passed a law that makes Bitcoin a legal currency.

And that’s a wrap ladies and gentlemen. On June 9, 2021, at approximately 12:08am EST, El Salvador has become the First Nation to pass a bill that makes Bitcoin a legal currency. Who would have thought this would happen so quickly! It will take ~90 days for this law to be enacted; presumably to allow merchants and others to prepare for the acceptance and transmission of bitcoin.

It’s also important to remember that the people of El Salvador have been using bitcoin and it’s lightning network for some time now. This has helped with the quick majority approval of the bill.

For those reading this live, you can watch their congress continue to push this through as law here: https://www.facebook.com/asamblea.legislativa/videos/305036231334752/

Here is the English translation of the law: https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19

The questions now: How will the US handle policy based on this change? How many nations will pass similar laws this year? How many bitcoin will these sovereign nations purchase? Will you be selling your bitcoin to them? ;)