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Bitcoin Can Be Used to Pay Salaries
New Legislation Enacted
Author: Jaime Solís, Partner - BDS, Member of Littler Global
On June 8, the Legislative Assembly approved a law that recognizes “bitcoin,” one of many and perhaps the most well-known cryptocurrency, as legal tender in El Salvador. The purpose of the law is to allow bitcoin to be legally used in “any transaction.” Only those persons or entities who evidently do not possess the means to accept payment in bitcoin are exempted from having to accept it. The broadness of the law means even salaries could potentially be paid in bitcoin. However, President Nayib Bukele has expressed that no one will be forced to accept bitcoin.