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What are the implications of El Salvador’s legal tender law to bitcoin’s legal classification in other countries?

It is my understanding that foreign currencies have a specific legal framework in many jurisdictions, for example that an exchange from one currency into another is not subject to tax. At the same time, many countries do not recognize bitcoin as a currency but rather an “intangible asset” or “property”.

El Salvador has now passed a law that makes bitcoin the country’s legal tender. Does this mean that when the law comes into effect in September 2021, other countries will presumably start treating bitcoin as a foreign currency?

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