And other LA countries are pushing through the same legislations – Paraguay, Argentina, Panama, Brazil, Mexico and Nicaragua…
All #AR filters made by me!
One extremely important event in the history of the finance and crypto, happened last week , June 5th, in the biggest ever Bitcoin conference in Miami!!
The President of El Salvador Nayib Bukele confirmed that citizens won’t pay capital gains tax on Bitcoin because it is now a country’s LEGAL currency
In one of his tweets
he announces that the country is in the process of adopting bitcoin as legal tender: which makes El Salvador the first country EVER to consider bitcoin an official national currency.
Despite El Salvador’s small size, Bukele’s effort is already bringing huuuuge historical changes,
major crypto thought leaders, like Changpen CZAO Binance CEO,for example, are literally packing their bags already. To go there!
Jack Mallers, who helped build the Lightning Network, has been working with Bukele to make bitcoin a practical way of exchange for everyday purchases.
Adam Back is contributing technologies like Liquid and satellite infrastructure to help Salvadorans connect to the internet, and thereby to the Bitcoin network, in places where land-based connectivity is poor.
Hell, I’m considering to go visit Salvador these days tool!
This legislative proposal is a way to “design a country for the future.” It states that that “central banks [like the U.S. Federal Reserve] are taking more and more actions that cause harm to the economic stability of El Salvador…
So in order to reduce the negative impact of central banks, it apparently became really necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central authority
As I explained in the previous video,
the supply of bitcoin is limited to 21 million units, making it immune to the types of policy changes that affect Euro, dollar, and other “fiat” currencies
And did you know that 70 % of Salvadorans lack bank accounts!!.
Since people can transmit bitcoin through their smartphones, without the need for a bank account, the move to make Bitcoin legal tender could help achieve the “moral imperative” of financial inclusion and provide many new opportunities to people
The president pointed out that if 1 percent of the world’s bitcoin moved to El Salvador, it would come to a quarter of the country’s annual economic output.
So now – How many crypto entrepreneurs ,you think, will move in El Salvador and get that residency?
Latin América is generally very supportive towards crypto!
Hope this “acceptance” will spread more around the globe!