{"id":8173,"date":"2021-07-20T10:29:35","date_gmt":"2021-07-20T14:29:35","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=8173"},"modified":"2021-07-24T11:35:07","modified_gmt":"2021-07-24T15:35:07","slug":"how-el-salvadors-bitcoin-law-change-global-finance","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/07\/20\/how-el-salvadors-bitcoin-law-change-global-finance","title":{"rendered":"Coercion and coexistence: How El Salvador\u2019s Bitcoin Law may change global finance"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong><i>\u201cClearly, the thing that\u2019s transforming is not the technology \u2014 the technology is transforming you.\u201d <\/i>Jeanne Ross, formerly of the MIT Sloan Center for Information Systems Research<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">If El Salvador\u2019s \u201cBitcoin Law\u201d was \u201cthe shot heard round the world\u201d for Bitcoin, then when the International Monetary Fund (IMF) and the World Bank questioned the legislation, it was the incumbent empire striking back.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if El Salvador can implement its Bitcoin Law despite numerous technical and legal hurdles, it may force changes upon the organizations that oppose it and hasten reforms in how United States tax and commercial laws treat cryptocurrencies.\u00a0<\/span><\/p>\n<h4>The surprise shot heard round the world<\/h4>\n<p><span style=\"font-weight: 400;\">After winning approval by a supermajority of its congress, El Salvador enacted its Bitcoin Law and became the first country in the world to adopt Bitcoin as legal tender. <\/span><a href=\"https:\/\/cointelegraph.com\/news\/el-salvador-president-bitcoin-law-will-be-approved-tonight\"><span style=\"font-weight: 400;\">The Bitcoin Law passed mere days<\/span><\/a><span style=\"font-weight: 400;\"> after El Salvador\u2019s president, Nayib Bukele, first announced his plans to introduce it. The short time between Bukele\u2019s surprise announcement and the passage of the Bitcoin Law prevented opponents from blocking it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, in a prescient series of tweets, Avanti Financial Group CEO and Bitcoin advocate Caitlin Long predicted \u201ca big fight\u201d over the Bitcoin Law and warned that \u201cthe world is about to pressure it [El Salvador] given what\u2019s at stake.\u201d\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ THREAD ABOUT A HISTORIC DAY in <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a>: <a href=\"https:\/\/twitter.com\/hashtag\/ElSalvador?src=hash&amp;ref_src=twsrc%5Etfw\">#ElSalvador<\/a> president publicly announced support for legislation to make <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming tho<a href=\"https:\/\/t.co\/BrrNxaLzpZ\">https:\/\/t.co\/BrrNxaLzpZ<\/a><\/p>\n<p>&mdash; Caitlin Long \ud83d\udd11 (@CaitlinLong_) <a href=\"https:\/\/twitter.com\/CaitlinLong_\/status\/1401334421773504517?ref_src=twsrc%5Etfw\">June 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h4>The IMF\u2019s leverage and lending Pools<\/h4>\n<p><span style=\"font-weight: 400;\">Indeed, the day after El Salvador passed the Bitcoin Law, the IMF claimed that the legislation raised \u201ca number of macroeconomic, financial and legal issues that require careful analysis.\u201d The World Bank, which frequently cooperates with the IMF, joined the fray and proclaimed that it had <\/span><a href=\"https:\/\/cointelegraph.com\/news\/world-bank-refuses-el-salvador-s-request-for-help-on-btc-transition\"><span style=\"font-weight: 400;\">rejected El Salvador\u2019s request for help<\/span><\/a><span style=\"font-weight: 400;\"> with implementing its Bitcoin Law because of \u201cenvironmental and transparency shortcomings.\u201d While these proclamations from powerful Washington, DC-based multinational organizations embody the fight that Long predicted in her tweets, the Bitcoin Law\u2019s forward momentum may hasten reform in how these organizations and laws in the United States address cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on its governing documents, the IMF is more likely to resist the Bitcoin Law by exerting economic pressure than by legally challenging the legislation of a sovereign nation. IMF member nations, including El Salvador, are bound by a code of conduct memorialized in the IMF Articles of Agreement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These articles require members to allow their currency to be exchanged for foreign currencies freely and without restriction, keep the IMF informed of changes in financial and monetary policies that will affect fellow members\u2019 economies, and modify their policies to accommodate the needs of the entire membership. The IMF <\/span><span style=\"font-weight: 400;\">administers<\/span><span style=\"font-weight: 400;\"> a pool of money from which its members can borrow \u201cto help nations abide by the code of conduct\u201d in its Articles of Agreement. In other words, the IMF enforces its articles through access to its lending pool.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><script>(function() {\n\twindow.mc4wp = window.mc4wp || {\n\t\tlisteners: [],\n\t\tforms: {\n\t\t\ton: function(evt, cb) {\n\t\t\t\twindow.mc4wp.listeners.push(\n\t\t\t\t\t{\n\t\t\t\t\t\tevent   : evt,\n\t\t\t\t\t\tcallback: cb\n\t\t\t\t\t}\n\t\t\t\t);\n\t\t\t}\n\t\t}\n\t}\n})();\n<\/script><!-- Mailchimp for WordPress v4.8.6 - https:\/\/wordpress.org\/plugins\/mailchimp-for-wp\/ --><form inert id=\"mc4wp-form-1\" class=\"mc4wp-form mc4wp-form-5517 mc4wp-ajax\" method=\"post\" data-id=\"5517\" data-name=\"JNEWS style form\" ><div class=\"mc4wp-form-fields\"><div class=\"jeg_mc4wp_heading\">\r\n  <h3>The best of blockchain, every Tuesday<\/h3>\r\n  <p>Subscribe for thoughtful explorations and leisurely reads from Magazine.<\/p>\r\n<\/div>\r\n\r\n<p>\r\n    <input type=\"email\" name=\"EMAIL\" placeholder=\"Email address...\" required \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" />\r\n<\/p>\r\n<p>\r\n    <input type=\"submit\" value=\"SUBSCRIBE\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" />\r\n<\/p><br>\r\nBy subscribing you agree to our <a href=\"https:\/\/cointelegraph.com\/terms-and-privacy\" target=\"_blank\">Terms of Service and Privacy Policy<\/a><\/div><label style=\"display: none !important;\">Leave this field empty if you're human: <input type=\"text\" name=\"_mc4wp_honeypot\" value=\"\" tabindex=\"-1\" autocomplete=\"off\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><\/label><input type=\"hidden\" name=\"_mc4wp_timestamp\" value=\"1634247528\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><input type=\"hidden\" name=\"_mc4wp_form_id\" value=\"5517\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><input type=\"hidden\" name=\"_mc4wp_form_element_id\" value=\"mc4wp-form-1\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><div class=\"mc4wp-response\"><\/div><\/form><!-- \/ Mailchimp for WordPress Plugin --><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Since El Salvador is seeking a $1.3 billion loan from the IMF to revitalize its economy, the IMF could attempt to restrict or withhold this important funding based on the Articles of Agreement. For example, the IMF could argue that it was not adequately informed in advance of the Bitcoin Law. It could also demand that El Salvador limit or modify the Bitcoin Law to accommodate \u201cthe needs of the entire membership.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it appears that concerns over punitive action by the IMF based on the \u201cissues\u201d it raised with the Bitcoin Law may have been overblown. After the IMF voiced its concerns, El Salvador\u2019s finance minister, Alejandro Zelaya, assured the IMF that the country was not abandoning the U.S. dollar as a currency.<\/span> <span style=\"font-weight: 400;\">Zelaya also stated that talks with the IMF were progressing well and claimed that the IMF did not have a problem with the Bitcoin Law. The IMF did not respond to Zelaya\u2019s remarks, and so the jury is still out on what, if any, action the IMF may take in response to the Bitcoin Law.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Assuming El Salvador stands by its Bitcoin Law, it will still need help implementing it. As drafted, the Bitcoin Law only allows 90 days for <\/span><a href=\"https:\/\/cointelegraph.com\/news\/salvadorans-will-not-be-forced-to-use-the-government-s-bitcoin-wallet\"><span style=\"font-weight: 400;\">implementing measures to make Bitcoin legal tender<\/span><\/a><span style=\"font-weight: 400;\"> in the country. While El Salvador already has a partnership with the private digital wallet company Strike to build the requisite infrastructure for the Bitcoin Law, the World Bank flatly rejected the country\u2019s request for assistance.<\/span><\/p>\n<h4>Potential World Bank implications of the Bitcoin Law<\/h4>\n<p><span style=\"font-weight: 400;\">Although the World Bank is refusing to assist with the Bitcoin Law, an informative article by Martin Rivers <\/span><a href=\"https:\/\/www.forbes.com\/sites\/martinrivers\/2021\/06\/17\/el-salvador-can-pay-world-bank-in-bitcoin-according-to-charter\/\"><span style=\"font-weight: 400;\">suggests<\/span><\/a><span style=\"font-weight: 400;\"> that the legislation may force the World Bank to accept Bitcoin.<\/span> <span style=\"font-weight: 400;\">Specifically, the World Bank\u2019s International Bank for Reconstruction and Development is governed by its founding document, its Articles of Agreement.<\/span> <span style=\"font-weight: 400;\">Section 12 of Article V <\/span><a href=\"https:\/\/thedocs.worldbank.org\/en\/doc\/722361541184234501-0330022018\/original\/IBRDArticlesOfAgreementEnglish.pdf\"><span style=\"font-weight: 400;\">states<\/span><\/a><span style=\"font-weight: 400;\"> that in lieu of accepting a member\u2019s currency in certain cases, the Bank \u201cshall accept [&#8230;] notes or similar obligations issued by the Government of the member or the depository designated by such member.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, the World Bank\u2019s articles would require it to accept a note issued by El Salvador that is backed by its Bitcoin reserves. Section 9 of Article II further states that when the par value of holdings in a member\u2019s currency appreciates, the World Bank must pay the gains back. If the opposite happens, the member must contribute additional currency to maintain the par value of its holdings. Consequently, if Bitcoin is deemed a local currency of El Salvador, the World Bank could be accumulating Bitcoin or paying El Salvador Bitcoin gains depending on cryptocurrency\u2019s price action.<\/span><\/p>\n<h4>The Central American Bank for Economic Integration expresses support<\/h4>\n<p><span style=\"font-weight: 400;\">Regardless of the World Bank\u2019s position on the Bitcoin Law, <\/span><a href=\"https:\/\/cointelegraph.com\/news\/mexico-may-not-be-following-el-salvador-s-example-on-bitcoin-yet\"><span style=\"font-weight: 400;\">other banking organizations focused on Central America<\/span><\/a><span style=\"font-weight: 400;\"> are offering to help implement it. For example, Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), stated that the bank will give El Salvador technical assistance in implementing the Bitcoin Law.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CABEI has 15 member countries and <\/span><a href=\"https:\/\/www.bcie.org\/en\/about-us\/general-information\"><span style=\"font-weight: 400;\">seeks<\/span><\/a><span style=\"font-weight: 400;\"> to \u201cpromote the economic integration and the balanced economic and social development of the Central American region.\u201d<\/span> <span style=\"font-weight: 400;\">In voicing his support for the Bitcoin Law, Mossi noted that it would lower the cost of remittances for relatives of Salvadoran nationals living abroad. While Mossi <\/span><a href=\"https:\/\/www.reuters.com\/business\/cenam-development-bank-help-el-salvadors-bitcoin-implementation-2021-06-14\/\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\"> that he is \u201cvery optimistic\u201d about El Salvador making Bitcoin legal tender, he is also asking El Salvador\u2019s government to develop regulations to prevent \u201cbad actors\u201d from taking advantage of Bitcoin\u2019s pseudonymous features.<\/span><\/p>\n<h4>Hastened tax and commercial law reform in the U.S.<\/h4>\n<p><span style=\"font-weight: 400;\">The Bitcoin Law could also force needed reform in how U.S. tax and commercial laws treat cryptocurrencies. In March 2014, the Internal Revenue Service issued a notice characterizing cryptocurrencies as property. In issuing this notice, the IRS <\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-14-21.pdf\"><span style=\"font-weight: 400;\">observed<\/span><\/a><span style=\"font-weight: 400;\"> that although a digital currency can operate like a \u201creal\u201d currency, \u201cIt does not have legal tender status in any jurisdiction.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that Bitcoin is legal tender in El Salvador, the IRS may be forced to reexamine the principles it articulated for treating Bitcoin as property for tax purposes. If the IRS were to treat Bitcoin as a traditional currency, this would require any trading or investment gains on the asset to be taxed at ordinary income tax rates instead of more favorable capital gains tax rates.<\/span> <span style=\"font-weight: 400;\">However, decentralized cryptocurrencies like Bitcoin do not fit within the Department of Treasury regulations that define currency as coin or paper issued by a country.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><div  class=\"jeg_postblock_carousel jeg_postblock_carousel_3 jeg_postblock jeg_col_8 jnews_module__0_6168a368d0c51    \">\n                    <div class=\"jeg_carousel_post\" data-nav='' data-autoplay='true' data-delay='4500' data-items='3' data-margin='20'>\n                        <div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Fan tokens\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\">Fan tokens: Day trading your favorite sports team<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\" ><i class=\"fa fa-clock-o\"><\/i> October 7, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Icelandic Bank Collapse\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\">What it\u2019s like when the banks collapse: Iceland 2008 firsthand<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\" ><i class=\"fa fa-clock-o\"><\/i> October 5, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Crypto City: Guide to Tokyo\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\">Crypto City: Guide to Tokyo<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\" ><i class=\"fa fa-clock-o\"><\/i> October 1, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Before NFTs: Surging interest in pre-CryptoPunk collectibles\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\">Before NFTs: Surging interest in pre-CryptoPunk collectibles<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\" ><i class=\"fa fa-clock-o\"><\/i> September 27, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Bitcoin ledger as a secret weapon in war against ransomware\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\">Bitcoin ledger as a secret weapon in war against ransomware<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\" ><i class=\"fa fa-clock-o\"><\/i> September 16, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n                    <\/div>\n                <\/div><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Current tax regulations and currency definitions are a poor fit for Bitcoin because they preceded the advent of blockchain technology. However, U.S. taxpayers with family or business in El Salvador and other countries that adopt Bitcoin as legal tender will need better clarity regarding their tax obligations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead of forcing an outdated framework onto Bitcoin, lawmakers and regulators should draft new rules that are tailored to cryptocurrencies and do not impose overwhelmingly complicated reporting burdens on a growing number of Bitcoin users. The creation of a tax safe harbor for certain <\/span><i><span style=\"font-weight: 400;\">de minimis<\/span><\/i><span style=\"font-weight: 400;\"> cryptocurrency transactions, such as the one proposed in The Virtual Currency Tax Fairness Act of 2020 introduced in the House by Rep. Suzan DelBene, could be a good start.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, tax law already provides a safe harbor for small transactions in foreign currencies. Specifically, 26 U.S.C. \u00a7 988(e) <\/span><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/988\"><span style=\"font-weight: 400;\">states<\/span><\/a><span style=\"font-weight: 400;\"> that gains from \u201cpersonal\u201d transactions under $200 involving foreign currencies are exempt from taxation. With El Salvador\u2019s adoption of Bitcoin as legal tender, some U.S. citizens might argue that Bitcoin is a foreign currency and that gains from Bitcoin transactions under $200 are not taxable.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><script>(function() {\n\twindow.mc4wp = window.mc4wp || {\n\t\tlisteners: [],\n\t\tforms: {\n\t\t\ton: function(evt, cb) {\n\t\t\t\twindow.mc4wp.listeners.push(\n\t\t\t\t\t{\n\t\t\t\t\t\tevent   : evt,\n\t\t\t\t\t\tcallback: cb\n\t\t\t\t\t}\n\t\t\t\t);\n\t\t\t}\n\t\t}\n\t}\n})();\n<\/script><!-- Mailchimp for WordPress v4.8.6 - https:\/\/wordpress.org\/plugins\/mailchimp-for-wp\/ --><form inert id=\"mc4wp-form-2\" class=\"mc4wp-form mc4wp-form-5517 mc4wp-ajax\" method=\"post\" data-id=\"5517\" data-name=\"JNEWS style form\" ><div class=\"mc4wp-form-fields\"><div class=\"jeg_mc4wp_heading\">\r\n  <h3>The best of blockchain, every Tuesday<\/h3>\r\n  <p>Subscribe for thoughtful explorations and leisurely reads from Magazine.<\/p>\r\n<\/div>\r\n\r\n<p>\r\n    <input type=\"email\" name=\"EMAIL\" placeholder=\"Email address...\" required \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" />\r\n<\/p>\r\n<p>\r\n    <input type=\"submit\" value=\"SUBSCRIBE\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" />\r\n<\/p><br>\r\nBy subscribing you agree to our <a href=\"https:\/\/cointelegraph.com\/terms-and-privacy\" target=\"_blank\">Terms of Service and Privacy Policy<\/a><\/div><label style=\"display: none !important;\">Leave this field empty if you're human: <input type=\"text\" name=\"_mc4wp_honeypot\" value=\"\" tabindex=\"-1\" autocomplete=\"off\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><\/label><input type=\"hidden\" name=\"_mc4wp_timestamp\" value=\"1634247528\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><input type=\"hidden\" name=\"_mc4wp_form_id\" value=\"5517\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><input type=\"hidden\" name=\"_mc4wp_form_element_id\" value=\"mc4wp-form-2\" \ placeholder="disabled" disabled="disabled" title="form boxes are disabled in cached version of the site" value="Disabled" style="opacity:0.3;" /><div class=\"mc4wp-response\"><\/div><\/form><!-- \/ Mailchimp for WordPress Plugin --><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">However, this exemption only applies to \u201cpersonal\u201d transactions and not those undertaken for trading and investment purposes. Thus, absent tax reform, it appears that all transactions in Bitcoin will continue to be taxable events. This reality will impose complicated reporting burdens on U.S. taxpayers who send regular Bitcoin micropayments to their families in El Salvador.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While politics may indefinitely delay meaningful tax reform, the legal experts who write private commercial law in the United States are already moving to accommodate cryptocurrencies. The Uniform Commercial Code (UCC) harmonizes the laws of commercial transactions and plays a crucial role in bringing greater certainty to business dealings. Currently, it is debatable whether Bitcoin\u2019s adoption as legal tender by El Salvador makes it \u201cmoney\u201d under Sections 1-201(a)(24) and 9-312(b)(3) of the UCC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This uncertainty makes it difficult to incorporate Bitcoin into secured transactions under the UCC. However, the Uniform Law Commission has drafted proposed changes to the UCC that specifically address \u201cintangible money\u201d like Bitcoin. These proposed changes clarify that security interests in \u201cintangible money\u201d can be perfected solely by establishing \u201ccontrol\u201d over the asset.<\/span><\/p>\n<h4>Bitcoin\u2019s adoption forces change<\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin is now recognized as legal tender by a sovereign nation but is struggling to coexist with powerful financial organizations and laws that were designed for an economy that predated blockchain technology. It appears that El Salvador is moving forward with the implementation of its Bitcoin Law despite skepticism and resistance. If El Salvador implements the Bitcoin Law and other nations follow its example, Bitcoin may change the organizations that are resisting its adoption and hasten needed legal and financial reforms for handling cryptocurrencies.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">This article is for general information purposes and is not intended to be and should not be taken as legal advice.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph or of Nelson Mullins Riley &amp; Scarborough.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><div  class=\"jeg_postblock_carousel jeg_postblock_carousel_3 jeg_postblock jeg_col_8 jnews_module__1_6168a368d668d    \">\n                    <div class=\"jeg_carousel_post\" data-nav='' data-autoplay='true' data-delay='4500' data-items='3' data-margin='20'>\n                        <div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Fan tokens\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\">Fan tokens: Day trading your favorite sports team<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/07\/fungible-fan-tokens-forming-proxy-market-day-trade-sports-teams-at-high-valuations\" ><i class=\"fa fa-clock-o\"><\/i> October 7, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Icelandic Bank Collapse\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\">What it\u2019s like when the banks collapse: Iceland 2008 firsthand<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/05\/when-banks-collapse-iceland-2008-firsthand\" ><i class=\"fa fa-clock-o\"><\/i> October 5, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Crypto City: Guide to Tokyo\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAG-crypto-city-Tokyo-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\">Crypto City: Guide to Tokyo<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/01\/crypto-city-guide-to-tokyo\" ><i class=\"fa fa-clock-o\"><\/i> October 1, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Before NFTs: Surging interest in pre-CryptoPunk collectibles\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/MAGAZINE-Before-NFTs-Surging-interest-in-pre-CryptoPunk-collectibles-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\">Before NFTs: Surging interest in pre-CryptoPunk collectibles<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/27\/before-nfts-surging-interest-pre-cryptopunk-collectibles\" ><i class=\"fa fa-clock-o\"><\/i> September 27, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div><div class=\"jeg_post_wrapper\">\n\t\t\t\t<article class=\"jeg_post format-standard\">\n                    \n                    <div class=\"jeg_thumb\">                        \n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\" ><div class=\"thumbnail-container animate-lazy  size-1000 \"><img width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Bitcoin ledger as a secret weapon in war against ransomware\" loading=\"lazy\" sizes=\"(max-width: 75px) 100vw, 75px\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/09\/magazine-Crypto-isnt-a-good-tool-for-ransomware-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div><\/a>\n                    <\/div>\n                    <div class=\"overlay_content\">\n                        <div class=\"jeg_postblock_content\">\n                            <h3 class=\"jeg_post_title\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\">Bitcoin ledger as a secret weapon in war against ransomware<\/a><\/h3>\n                            <div class=\"jeg_post_meta\"><div class=\"jeg_meta_date\"><a href=\"https:\/\/cointelegraph.com\/magazine\/2021\/09\/16\/bitcoin-ledger-as-a-secret-weapon-in-war-against-ransomware\" ><i class=\"fa fa-clock-o\"><\/i> September 16, 2021<\/a><\/div><\/div>\n                        <\/div>\n                    <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n                    <\/div>\n                <\/div><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lending pools, U.S. tax law and the World Bank all stand in the way of El Salvador\u2019s move to adopt Bitcoin as legal tender. But in the end, the world\u2019s first digital currency may win.<\/p>\n","protected":false},"author":61,"featured_media":8174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[1688],"tags":[2759,2722,2963,3014,3013,2964,2766],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8173"}],"collection":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/comments?post=8173"}],"version-history":[{"count":6,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8173\/revisions"}],"predecessor-version":[{"id":8324,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8173\/revisions\/8324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/8174"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=8173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=8173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=8173"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=8173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}