El Salvador’s President Nayib Bukele reported that the country officially recognizes Bitcoin as legal tender. During the process of a vote on Wednesday, a large majority of the nation’s legislature voted in favor of President Nayib Bukele’s proposal for the Latin American nation to adopt Bitcoin.
The president intends to sign the bill into law later tonight or early in the morning. In all, sixty-two members of the legislature voted in favor of the bill, with 19 against and three abstentions.
Bukele provided more details about his vision. Presented as an effort to promote financial inclusion in a country where only 30% of citizens have access to financial services.
Previously we had reported about the project and the opinions found by the national president, who through his twitter account took advantage of informing about the proposal for the first time, at the Bitcoin 2021 conference. last week in the city of Miami.
The bill that was just passed will force all businesses to accept bitcoins for goods or services. But the government will act as a back-up for entities that are unwilling to take the risk of a volatile cryptocurrency. Said the president.
A trust that the government will establish at the Development Bank of El Salvador to instantly convert bitcoin to US dollars will bear the risk of merchants. He said. It will have about $ 150 million in dollars.
El Salvador Merchants Will Receive 100 PundiX Outlets To Charge In Bitcoin
The firm PundiX Labs confirmed that it will join the adoption of Bitcoin as legal currency in El Salvador, which took place from a law passed on Tuesday, June 8, 2021. The technology company will provide 100 points of sale as a donation. so that merchants can accept payments with the cryptocurrency.
The announcement was first made known by Zac Cheah himself, founder and CEO of PundiX, through a post on Twitter. Subsequently, the person in charge of International Technological and Economic Affairs of El Salvador in the United States, Mónica Taher, replied the news through a publication on the same social network.
As Cheah’s message expresses, the intention of the company is to contribute to the “quick and easy” adoption of Bitcoin in El Salvador. For her part, the Salvadoran official thanked the company for its initiative, as it allows “empowering entrepreneurs” in the country.
Chinese Police Arrest 1.1K People On Crypto-Related Money Laundering Charges
Chinese police arrested more than 1,000 people on money laundering charges, claiming they used cryptocurrencies to help them evade the law.
This is the fifth round of a nationwide crackdown on money laundering activities related to telecommunications fraud in China, dubbed “Operation Card Breaking.” According to a statement issued by the Ministry of Public Security on its official WeChat account on Wednesday.
The most recent round is aimed at people who use cryptocurrencies to aid money laundering activities. Chinese police arrested more than 1,100 people and eliminated 170 criminal organizations.
MicroStrategy Announces Price of $ 500 Million Senior Secured Notes at 6.125% Annual Rate, and Will Purchase More BTC
MicroStrategy, the business intelligence and analytics company that has become famous for its massive buying of bitcoins, announced yesterday the price of its offering of $ 500 million of total principal amount of senior secured notes due 2028.
These promissory notes will accrue interest at an annual rate of 6.125%. In addition, the notes will be sold in a private offering to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”) and to persons outside the United States pursuant to Regulation S of Securities. According to a press release, the offer is expected to close on June 14, 2021, subject to compliance with customary closing conditions.
This was told by MicroStrategy CEO Michael Saylor himself in Twitter.