After recognizing Bitcoin (BTC) as legal tender, El Salvador wants to go further and insert cryptocurrency into the nation’s Constitution.
According to Salvadoran President Nayib Bukele, the country already has a project ready for the new National Constitution.
In practice, the new Magna Carta proposed by the chief executive establishes digital currencies as constitutional. The text specifically speaks of the use of “non-physical and non-specific currencies”.
According to Vice President Félix Ulloa, the modification regarding digital currencies proposes the use of currencies other than physical ones in monetary policy. The Constitution presents, in total, 215 amendments.
“We are seeing that digital currencies are coming. And if our legislation is not prepared, we will be relegated,” Ulloa said, according to El Salvador’s La Prensa Gráfica website.
However, no document containing the draft of the project has yet been released. However, last Saturday (14), the draft was presented to foreign diplomatic delegations in El Salvador. Soon, it will also be exposed to non-governmental organizations in the country.
According to local information, on September 15, on the occasion of the nation’s bicentennial, President Bukele will present the entire document to the Legislative Assembly, the body in charge of the matter.
Vice President Ulloa will lead the presentation of the draft of the new Constitution to national and international organizations.
In addition to cryptocurrencies, the draft of the new Constitution also includes other issues related to the functioning of the State. This includes the length of the presidential term — which would be longer than the current one — and the creation of a body to replace the Supreme Electoral Court.
Also, on September 7, for the first time a country will have Bitcoin as a currency equal to the dollar. On July 9, the Legislative Assembly approved President Bukele’s bill.
However, international organizations such as the Financial Action Task Force (FATF) ensure that Bitcoin can be “stuck in international regulations”.
Meanwhile, the Salvadoran population still has many doubts about the use of this technology. They claim that there has been a premature advance on the issue in the country’s legislative bodies in recent months.
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