El Salvador becomes the first nation to sanction Bitcoin as its legal tender. The Central American country's President Nayib Bukele submitted his proposed Bitcoin Law to the legislative assembly on June 8, which got a "historic" 62 out of 84 votes.
In the Bitcoin Law papers, the president mentioned that in order to promote the economic growth of the nation, it is necessary to authorize the circulation of a digital currency whose value answers exclusively to free-market criteria.
All economic agents that are technologically capable of receiving BTC as payment "must" accept Bitcoin as payment. Although instant conversion to USD is made available to anyone who doesn’t want to take price risk.
Alluring the crypto space all over the world, President Nayib Bukele had also tweeted saying there will be no capital gains tax for Bitcoin and also announced immediate permanent residence for crypto entrepreneurs.