Copy link
Increase text size
Decrease text size
Link copied

El Salvador won’t impose capital gains tax on Bitcoin (BTC) earnings

El Salvador is determined to become one of the crypto havens with its perks targeting crypto businesses and entrepreneurs.

Plaza Libertad, San Salvador / Image by: Wikimedia Commons

Tue, 08 Jun 2021, 06:01 am UTC

A number of jurisdictions all over the world have already earned the distinction of being crypto havens for their crypto-friendly regulations and business climate. However, the Central American country of El Salvador is determined to join this league with its recently announced perks that would be too good to resist for any cryptocurrency investor.

At the Bitcoin 2021conference in Miami, El Salvador President Nayib Bukele discussed his government’s stance on BTC and crypto via Zoom. If plans push through, the country might be the first to recognize the crypto as legal tender, according to Bitcoin.com.

“Next week, I will send to Congress a bill that will make bitcoin legal tender in El Salvador. In the short term this will generate jobs and help provide financial inclusion,” Nayib Bukele said.

The President also highlighted some of the benefits of owning BTC. “Holding Bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” he said.

Bukele later stated on Twitter that his country won’t be imposing capital gains tax for Bitcoin earnings. This could entire crypto entrepreneurs and businesses to set up shop in the Latin American country.

In fact, Tron founder Justin Sun already said that his organization will put up an office in the country. “El Salvador is crypto nation now! #TRON will become the first crypto organization to establish an office in El Salvador!” Sun tweeted.

Bukele also hinted that his country could offer immediate permanent residence for crypto entrepreneurs who want to invest in El Salvador. This would make putting up a crypto business in the country a lot easier for investors.

While Bukele’s promises might appear as just talk, for now, the President has the power to make it happen. The Grand Alliance for National Unity, his political party, controls more than 70 percent of the Legislative Assembly.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $37,957.00 (-3.64%)
  • Ethereum (eth) $2,358.69 (-3.84%)
  • Tether (usdt) $1.00 (+0.05%)
  • Binance Coin (bnb) $355.79 (-1.42%)
  • Cardano (ada) $1.50 (-2.80%)
  • Bitcoin (btc) $37,957.00 (-3.64%)
Jun 18, 2021 (Friday)
06:51
CRYPTOBANK’s CBANK Token To Be Listed On Hoo.com
02:30
Crypto Market Sentiment On Jun 18: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $553.46 Mln In Past 10 Hours
Jun 17, 2021 (Thursday)
20:12
BTC Surges by 1.05% Within 5 Mins, Marking 37,733.19 USDT
17:21
BTC Drops by 1.16% Within 5 Mins, Marking 37,834.09 USDT
09:41
TriumphX Publishes NFT In Partnership With Artist HANJUNGSUN
02:30
Crypto Market Sentiment On Jun 17: Market In "Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $233.17 Mln In Past 10 Hours
Jun 16, 2021 (Wednesday)
20:15
BTC Surges by 1.05% Within 5 Mins, Marking 38,856.33 USDT
18:01
BTC Drops by 1.21% Within 5 Mins, Marking 38,668.43 USDT
16:01
BTC Surges by 1.01% Within 5 Mins, Marking 38,805.42 USDT
13:25
BTC Surges by 1.03% Within 5 Mins, Marking 39,420.3 USDT
11:08
BTC Drops by 1.09% Within 5 Mins, Marking 39,300.01 USDT
07:53
NFTMart Inks An Agreement With FM Gallery
04:36
BTC Surges by 1.01% Within 5 Mins, Marking 40,330.4 USDT
03:35
TriumphX Dismantles Game Business Department Due To Stricter Regulations Of Game NFT Government
02:55
DeFi Options Protocol Asteria Reaches A Strategic Partnership With Crypto Investment Platform For Financial Institutions Diversifi
02:00
BTC Tops List Of Crypto Net Inflow With $111.76 Mln In Past 10 Hours
Jun 15, 2021 (Tuesday)
20:04
BTC Drops by 1.07% Within 5 Mins, Marking 39,539.91 USDT
19:26
BTC Drops by 1.57% Within 5 Mins, Marking 39,913.74 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft