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The president of El Salvador just confirmed that the United States Government and the IMF have contacted him about making Bitcoin legal tender!

He’s in the Nic Carter Twitter chat room right now!!! And they’re about to pass the bill any minute!!

Will update, developing story….

Edit 1: 100% chance it will pass they have 64 out of 84 votes

Edit 2: Bill will go into full effect in 90 days

Edit 3: “Every business must accept Bitcoin” - President

Edit 4: “we want people to get familiar with bitcoin as a unit of account, 1 bitcoin=1 bitcoin” (in order to establish residency, need to invest 3 bitcoins into El Salvador, regardless of US dollar value)

Edit 5: The president is meeting with IMF on Thursday.

Edit 6: “We adopted the dollar in 2001 for investment reasons, we’re doing that on steroids with Bitcoin”

Edit 7: “This is one of the things, that we all have to get behind, for the future of humanity, this is a game changer for the world, people might laugh about the size of our country, it doesn’t matter, we’re dreaming for the future”

Edit 8: “You can use any wallet you want” there will be a government wallet/app developed by strike but not required. It will be as free as it gets.

Edit 9: Jack Dorsey CEO of Twitter and Square has entered the room!!

Edit 10: The dollars come to El Salvador from the Fed. The convertibility of dollars into bitcoin will be handled by the El Salvador government fund. El Salvador will buy the bitcoins from those who don’t want to take the volatility risk. Government will absorb the risk and hold the bitcoin.

Edit 11: Government of El Salvador uses lots of geothermal energy. They lose energy by transporting that energy to cities. They want to promote mining bitcoin with the renewable geothermal energy to reduce loss of energy and create monetary value. HUGE! HE GETS IT!

Edit 12: “I’m going to focus on making this succeed, that will create a domino effect”

submitted by /u/fraqaq
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