As the world grapples with how to regulate the digital currency Bitcoin, El Salvador’s President Salvador Sanchez Ceren has told his government to welcome digital currencies as long as they do not generate taxes through their use.
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As part of a series of events to celebrate the blockchain, President Salvador Sánchez Cerén announced the government would not be enforcing capital gains taxes on profits from cryptocurrency transactions. He also said the state government would provide public relations assistance and legal aid to blockchain entrepreneurs.President Nayib Buquele of El Salvador tweeted last night that investors will not pay tax on capital gains in bitcoin, a day after announcing that the asset may soon be legal tender in the country. No capital gains tax on bitcoin as it becomes legal tender, Bukele said, reacting to Tron founder Justin Sun’s tweet about cryptocurrency investors flocking to the country. El Salvador is a small country in South America, mainly known for its coffee, tourism and manufacturing industries. However, over the weekend, President Bukele publicly announced his intention to submit a bitcoin-friendly bill to Congress that would make the world’s largest cryptocurrency (by market capitalization) a legal tender in the country. But that’s not all. According to Bukele’s tweet, those looking to move to the country can expect a number of other benefits. Great weather, world class surf beaches, beachfront property for sale. One of the few countries in the world where there is no property tax. No capital gains tax on bitcoin because it will be legal tender. Immediate permanent residency for crypto entrepreneurs, the president said in his tweet. 1. Great weather, world class surf beaches, beachfront property for sale. 2. One of the few countries in the world where there is no property tax. 3. No capital gains tax in #Bitcoin because it will be legal tender. 4. Immediate permanent residency for cryptocurrency entrepreneurs. https://t.co/j3eugJQCMd – Nayib Bukele (@nayibbukele) June 6, 2021
For the uninitiated, a legal tender is a coin or note that can be accepted in a country for payment of a debt. This is different from real estate or personal property (which cannot legally be exchanged for goods and services). Until now, bitcoins were considered illegal magic money on the internet or property in the eyes of most jurisdictions. No country has accepted this currency as legal tender, but El Salvador could soon change that. By adopting the indigenous digital currency as legal tender, El Salvador will have the most secure, efficient and integrated open payments network in the world, Strike founder Jack Mullers said at the Bitcoin Miami 2021 event last week. Mullers introduced Bukel’s video and said the Strike payments company would work with authorities in El Salvador to enable the distribution of bitcoins on a large scale. Meanwhile, El Salvador’s president hopes to introduce bitcoin widely in the country, starting with cutting out the middleman. Most of this $6 billion (about Rs 43,680 crore) is lost to middlemen. The use of bitcoins will increase the amount that more than a million low-income families receive to the equivalent of billions of dollars a year, he said yesterday.
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Over the weekend, President Salvador Sanchez Ceren announced that El Salvador will not implement any capital gains taxes on cryptocurrency transactions. The news comes a week after the Central Bank of El Salvador issued a warning about the risks of the currency. The country’s President went on to state that the Central Bank “will continue working in the sector of digital currency, but will do so with the objective of promoting development and not as a threat or a risk.”. Read more about bitcoin beach app and let us know what you think.
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