Price fluctuations aside, experts are bullish on the expanding roles of Bitcoin and NFTs.For much of its short history, the crypto world has been looking for a solid use case that proves the viability of Bitcoin as a currency. In El Salvador, it seems to have found a use case with real scale.On Wednesday, El Salvador, a Central American country with nearly 6.5 million people, passed a new law that made Bitcoin legal tender. The law has been called \u201cmostly symbolic,\u201d but it does represent some real changes in practice.Other nations have previously recognized Bitcoin as one valid form of payment \u2014 but El Salvador is the first to make it legal tender. Bitcoin can now be used to pay loans and taxes and converting Bitcoin to other currencies will not be subject to capital gains taxes. Businesses in El Salvador are required to accept Bitcoin \u2014 if the technology is available.Nearly 70% of El Salvador\u2019s residents are unbanked and need to use cash \u2014 which since 2001 has meant U.S. Dollars \u2014 to pay bills, loans, and taxes, a situation that can be addressed using crypto. Residents in El Salvador received $6 billion in remittances mostly from relatives living abroad, and using Bitcoin will greatly reduce fees and make the process of sending and receiving money globally more convenient for Salvadorans.In exclusive comments to Benzinga Crypto, crypto promoter, entrepreneur, and philanthropist Brock Pierce was suitably energized.\u201cIt\u2019s amazing to see elected leaders recognizing and acknowledging the important role that technology and innovation play in creating a better world and future. The President of El Salvador is clearly, like Mayor Suarez from Miami, someone that is leaning in and recognizing that change is a constant in the universe. It\u2019s not about whether or not it happens, but how we adapt to\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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