UPDATE (June 8, 2:15 am ET): El Salvador has passed a bill that will make bitcoin legal tender in the country.
El Salvador's legislature members cleared the bill with a "supermajority" vote, receiving 62 votes for the bill out of a possible 84. Nineteen members opposed the bill and three abstained.
The bill now awaits president Nayib Bukele's signature, which will likely happen by Wednesday.
El Salvador's president, Nayib Bukele, submitted a proposed law to the country's national legislature that, if and when approved, will "regulate bitcoin as unrestricted legal tender."
Specifically, the proposed law covers a number of areas, according to an English translation of the bill posted on Twitter by Bukele on Tuesday evening.
Articles of the so-called Bitcoin law include the ability for bitcoin to be used to pay taxes, the exclusion of bitcoin from capital gains taxes and the use of the U.S. dollar as a "reference currency" when denominating prices.
source