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Exactly. Bitcoin cannot be legal tender, because legal tender means discharging debt with another financial instrument. Bitcoin cannot be that. Only fiat can be legal tender.
But yeah many people have this misconception in their mind that legal tender means legal money or something like that. They literally do not know what is money and what is legal tender.
https://www.diariooficial.gob.sv/seleccion/30534 page 13 and 14:
Art 4: Todas las contribuciones tributarias podran ser pagadas en bitcoin
Art 7: Todo agente economico debera aceptar bitcoin como forma de pago cuando asi le sea ofrecido por quien adquiere un bien o servicio
Art 13: Todas las obligaciones en dinero expresadas en dolares, existentes con anterioridad a la vigencia de la presente ley, podran ser pagadas en Bitcoin
Etc...
The law says you can pay debts with Bitcoin.
is can same as must?
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt.
After this law passed in El Salvador, the courts of law there are required to recognize Bitcoin payments as satisfactory payment for any monetary debt.
You have the option to pay it with USD or Bitcoin if you want in El Salvador, as both are considered legal tender there.
there are required to recognize Bitcoin payments as satisfactory payment for any monetary debt.
good. i like this law.
usd is legal tender, btc is regulated as legal tender
two different things that accomplish the same goal for a regular individual
In 2001 El Salvador added USD as a second legal tender there through their Ley Integracion Monetaria:
https://ssf.gob.sv/wp-content/uploads//ssf2018/Otras%20Leyes/Ley_integracion_monetaria.pdf
You can see that defining the USD as legal tender there also came with a lot of definitions, similar to the Bitcoin law:
Todas las obligaciones en dinero expresadas en colones, existentes con anterioridad a la vigencia de la presente ley, podrán ser pagadas en dólares al tipo de cambio establecido en el Art. 1 de esta ley.
So, in El Salvador, they have 3 legal tenders, colones, USD, and Bitcoin.
It's right there on page 13 of the official document: https://www.diariooficial.gob.sv/seleccion/30534
On Article 1 it literally says that this law regulates Bitcoin as legal tender, and then goes into the exact details of what that means in the next articles...
this law regulates Bitcoin as legal tender, and then goes into the exact details of what that means in the next articles...
it wouldn't have to go in details if "Bitcoin is legal tender"
FFS how many times we have to tell you that as is not is?
magic
yep, it's clear. i don't know what you are no getting.
where in the law says "Bitcoin is legal tender"? It's an impossibility, the law would be null and void