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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.

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