El Salvador is a nation that supports the mainstream adoption of Bitcoin.
The mass adoption of Bitcoin and digital assets has been set as the main goal of the crypto space.
There have been a lot of moves made in this direction, and they continue, taking the mainstream adoption of digital assets on the right path.
As you probably know by now, the crypto market was suddenly crashed the other day, just following the news that El Salvador made Bitcoin a legal tender.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Bitcoin Magazine also noted that “The world is about to change forever as today is the last day on planet Earth where #bitcoin won’t be legal tender somewhere.”
No Bitcoin taxes for foreigners
Bitcoin magazine online publication notes that foreign investors will not be required to pay taxes on profits from Bitcoin, a government adviser told the AFP this week.
Javier Argueta, the legal adviser to President Nayib Bukele, told the news source, “If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
“There will be no taxes to pay on either the capital increase or the income,” Argueta said.
The same online publication notes that Argueta also added that Bitcoin transactions would be halted temporarily if its value in USD were to collapse – the reason for this is to minimize the impact of extreme relative volatility when priced in dollars.
You probably also know that El Salvador’s government actually purchased more Bitcoin when the price dropped several thousand dollars on what is being referred to as Bitcoin Day – this made Nayib Bukele the first president to publicly buy a Bitcoin dip.