Home
News
President Nayib Bukele from El Salvador in his Tweet has shared his opinion about bitcoin and has promised that he is trying to help the citizens and entrepreneurs who are travelling for work to the country and dealing in bitcoin. He is trying to make bitcoin income tax free.
The President of El Salvador is trying everything possible not only to help the citizens of the country but also the entrepreneurs of other countries dealing in bitcoin with El Salvador.
President Nayib Bukele put his vision forward and said that he wants to help entrepreneurs embrace El Salvador as a base and make bitcoin free from capital gains tax. In many countries, any income incurred via bitcoin is taxable to a certain amount confirmed by the country. The percentage of the tax varies from country to country.
The proposal put forth by President Bukele will help the bitcoin holders, who want to earn BTC tax-free, will be liable to stay in El Salvador. He had in his tweet informed that his government will help settle foreign workers settle here.
Announcements galore
President has been making many announcements informally for some time now and this recent announcement was also made public on Monday via his Twitter handle. He has become famous for putting El Salvador on a form of bitcoin standard.
In the Bitcoin 2021 conference that was held last week in Miami, he told the attendees that he will send the bill proposing bitcoin to make it legal to the lawmakers in the country. Now, as part of social media engagement with well-known cryptocurrency figures, Bukele said that people who wish to travel to El Salvador for work-related matters will get official support from the country.
He has also confirmed that once bitcoin is made a legal tender in the country then there will be no capital gains tax levied on the income earned from bitcoin.
He also promised via a Tweet that there will be a permanent resident ship given to crypto entrepreneurs. He got this idea from the move taken by Justin Sun, Tron CEO and Binance CEO, Changpeng Zhao.
Embracing bitcoin
Latin America has been very receptive to bitcoin and making several moves to help the traders to evade taxes. Paraguay has been following the suit of El Salvador. The country is announcing many decisions via tweets for publicizing still unofficial government plans.
According to the sources, there is a deal coming up involving PayPal that will shortly be announced by Asuncion.
While there has been a lot of worry boiling up in El Salvador as politicians worried that there will be an international backlash over the bitcoin standard can be seen. However, Bukele has pledged to rise above external pressure and work upon the announcements.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
