Connect with us

Hi, what are you looking for?

Cryptocurrency

El Salvador President: No capital taxes on Bitcoin, PR for crypto entrepreneurs

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.

While the world seems to be going mad over Bitcoin, many people still have no idea about the amazing technology behind it. Because of that, we write this article to introduce you to John McAfee and other entrepreneurs who are using the digital currency to build companies that will transform the world.

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

Momentum Bitcoin

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.

Gaining an advantage in the crypto asset market

As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article. Chain Analysis Price snapshots More context Join now for $19/month View all benefits El Salvador President: No capital taxes on Bitcoin, PR for crypto entrepreneurs

Do you like what you see? Sign up for updates.

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.

Related Tags:

nayib bukelebitcoin beachbitcoin beach el salvadorbitcoin pricebitcoin beach appel zonte, el salvador,People also search for,Privacy settings,How Search works,bitcoin beach,bitcoin beach el salvador,bitcoin price,bitcoin beach app,el zonte, el salvador,el salvador news,nayib bukele,taxes on cryptocurrency gains

Advertisement

You May Also Like

Cryptocurrency

INX Limited, a Gibraltar-based platform for trading securities and cryptocurrencies, is preparing to close its IPO soon. According to the announcement on Monday, the...

Cryptocurrency

While gambling is no stranger to the blockchain, poker’s appeal to players has only increased as poker sites accept bitcoin and Covid-19 increasingly promotes...

Cryptocurrency

Github’s services are under investigation following a series of reports of attacks on one of its infrastructures by launching unauthorized cryptomining applications. Cybercriminals have...

Cryptocurrency

Activity in cryptocurrencies seems to be losing momentum, especially when it comes to Monero mining, as a recent report suggests a slowdown in illegal...