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Salgat
This is a proposal being sent to Congress, it's not actually law yet.
gwicks56
it's already been voted on and passed. Comes into effect in 90 days I believe.
otoburb
It hasn't passed yet. The vote is in five minutes.

You're right that the law would come into effect in 90 days, based on El Salvador's president's tweet of the bill translated in English.[1]

[1] https://twitter.com/nayibbukele/status/1402446890466217985

EDIT: The bill was approved (62 AYE / 22 NAY).[2][3]

[2] https://twitter.com/nayibbukele/status/1402507380710051840

[3] https://twitter.com/elsalvador/status/1402507585807433728

el-salvador
It was approved by congress this midnight, next step is for it to be signed by the president and published in the National Register (Diario Oficial).
janandonly
All businesses must now accept payments in bitcoin also (next to US Dollars).

I can see why they would want to adapt to ₿. The remittance companies like Western Union have the audacity to ask for 20% (no joke) when sending money from say the US to El Salvador.

₿ transactions over Lightning or over Liquid are virtually free. Quite a difference for a poor country!

zapdrive
Lol, that's a joke right? Lightning network is more centralised than federal reserve.
ezoe
One lawyer pointed out that this introduce an interesting issue within Japanese law which explicitly exclude any foreign currencies as cryptocurrency. So Bitcoin is considered not a cryptocurrency in the definition of the current law.
[dead] Proven
So what? It's a shit currency and its highly unlikely anyone uses it.