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On June 9th, El Salvador officially passed the Bitcoin as legal tender bill, which stipulates that goods can be priced in Bitcoin, Bitcoin can be used to pay taxes, and Bitcoin transactions will not face capital gains taxes. This is the first time that Bitcoin has become a legal tender at the national level since the birth of Bitcoin, thus creating history and, to a certain extent, it may affect the way people around the world use digital currencies.
As El Salvador is a low-income country with the most densely populated population in Central America and 70% of the population is unbanked, the new Bitcoin standard will be supported by the Lightning Network, so that Salvadoran citizens living around the world do not have to pay high remittance fees, and the received Bitcoin can be either convert back to U.S. dollars or be kept in their account as Bitcoin. On the other hand, El Salvador has abundant clean and carbon-free geothermal energy. Nearly a quarter of its electricity comes from volcanic heat. Geothermal energy that has not yet been developed is estimated to power 4% of the global Bitcoin network.
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