El Salvador – Page 2 – BOL News Staging

The government of El Salvador will exempt investors from giving a capital gains tax

September 15, 2021 by Syed Ahad

As per the presidential legal counsel, the government of El Salvador will exempt investors from giving a capital gains tax and an income tax on Bitcoin (BTC). The legal consultant of President Nayib Bukele, Javier Argueta, is looking to inspire foreign investment through main tax breaks on BTC. “If a person has assets in Bitcoin … Read more

Nayib Bukele: ‘More than half a million individuals are using Chivo wallet’

September 14, 2021 by Syed Ahad

President Nayib Bukele has stated, More than half a million individuals in El Salvador are using the bitcoin wallet of the country just after the successful acceptance of crypto as a legal tender. The president too spoke about the technical errors that wrecked the first few days of El Salvador’s acceptance of bitcoin as legal … Read more

Foreign investors exempt from tax on Bitcoin profits: El Salvador

September 13, 2021 by Basma Siddiqui

SAN SALVADOR: El Salvador will exempt foreign investors from taxes on profits on Bitcoin speculation in the country, a government adviser said, after it became the first to recognise the crypto-currency as legal tender. “If a person has assets in Bitcoin and makes high profits, there will be no tax. This (is done) obviously to … Read more

Ukraine, the newest state to legalize Bitcoin and cryptocurrencies

September 10, 2021September 10, 2021 by Syed Ahad

Parliament of Ukraine has accepted a new law that authorizes and regulates cryptocurrency and other virtual assets like tokens.

The bill was approved in a near-unanimous vote and will now need to be signed by President Volodymyr Zelensky.

Ukraine is the fifth state in as numerous weeks to set up ground rules for digital currencies succeeding El Salvador’s move to adopt Bitcoin as legal tender.

However, Ukraine has not gone as far as El Salvador, which adopts Bitcoin as an authorized form of payment together with US dollars.

As per the Ukrainian draft bill, the law will order “legal relations arising in connection with the turnover of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual assets market, the principles of state policy in the field of virtual assets”.

Cryptocurrencies in Ukraine have long been in a grey part, being neither lawful nor banned due to a lack of present laws that defined them and their usage.

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The biggest bank of El Salvador collaborates with Flexa

September 10, 2021September 10, 2021 by Syed Ahad

Bancoagrícola will work with Flexa to accept BTC across the bank’s network for payments such as loans and credit cards.

Bancoagrícola, El Salvador’s biggest financial institution, is set to increase the country’s Bitcoin acceptance policy following its partnership with digital payments entrance Flexa.

According to a statement by Flexa, Bancoagrícola has inked a contract with the crypto payment network to allow Bitcoin (BTC) transfers for the bank’s customers, counting retail and merchant customers.

As part of the partnership, Bancoagrícola clients can make credit card payments denominated in US dollars through Flexa or further Lightning Network-enabled wallets like Chivo and Éclair. As per the release, these payments will not appeal to any additional fees and will cover loans and merchant goods, among others.

Flexa just added support for Lightning payment with the feature reportedly intended for merchant customers.

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Jurrien Timmer: adoption of bitcoin by El Salvador is “a little bit overplayed”

September 10, 2021September 9, 2021 by Syed Ahad

Bitcoin move of El Salvador is “a little bit overplayed” Fidelity Investments director Jurrien Timmer stated.

El Salvador’s adoption of Bitcoin (BTC) as legal tender is broadly famous across the cryptosystem, but one expert believes the rank of the rollout was a little bit overstated.

“Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Jurrien Timmer clarified. He further said, “It’s not like it switched from dollars as its currency peg to Bitcoin.”

Repeating that the country still has the dollar and individuals can choose to be salaried in dollars or pay in dollars, he further said that the acceptance is on a voluntary basis.

But, paying in Bitcoin is voluntary in El Salvador, local merchants in the country are instructed to accept and process BTC transactions.

Timmer noted that Bitcoin is being verified, for the first time, as a medium of exchange is different from a store of value.

The Fidelity exec likened Bitcoin’s present moment to an “adolescent’s coming of age” like gold was in the 1960s:

“Although it’s in reverse; because gold went from being money to being an asset class in the seventies. Bitcoin is trying to go from being asset class to also being a currency or being money.”

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McDonald’s in El Salvador starts accepting Bitcoin payments

September 9, 2021September 8, 2021 by Syed Ahad

McDonald’s in El Salvador is presently accepting cryptocurrency payments via Lightning Network.

After El Salvador accepted bitcoin, BTC as payment is becoming a reality in the country. As the acceptance has opened modern payment options for its citizens.

Aaron van Wirdum a journalist publicized the news after visiting McDonald’s in El Salvador, where he was offered a printed QR code guiding him to an account page on Lightning Network.

Just walked into a McDonald's in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no.

But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I'm enjoying my desayuno traditional! pic.twitter.com/NYCkMNbv7U

— Aaron van Wirdum (@AaronvanW) September 7, 2021

Lightning is a layer-two payment protocol planned to create bitcoin transactions more scalable. While BTC has succeeded as an investable asset, its acceptance as a medium of exchange has been partial.

Lightning Network will probably verify invaluable if El Salvador hopes to accomplish the bulk acceptance of Bitcoin payments. Further than instant transactions, however, El Salvador’s Bitcoin strategy could be proven effective by streamlining global payments, growing the wealth of its citizens, and appeal to crypto-focused entrepreneurs of the country.

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Charles Hoskinson: ‘after El Salvador accepts BTC, more countries will admit BTC’

September 8, 2021September 8, 2021 by Syed Ahad

Cardano founder, Charles Hoskinson guessed that accepting bitcoin by El Salvador is a great victory for the crypto industry.

Hoskinson expects that the acceptance of BTC by El Salvador will encourage other countries as well to adopt crypto.

Hoskinson said, “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money,”

Hoskinson further forecasted that other countries will move into the crypto industry by accepting crypto as part of varied government structures.

He further added that “In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency — as El Salvador has done — and make it the national currency.”

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Standard Chartered, bitcoin price to touch $100K in 2021 or early 2022

September 8, 2021 by Syed Ahad

Experts come to an understanding that a $100,000 price for Bitcoin (BTC) by the end of the year would as well exponentially increase Ether’s price.

Industry experts view the cryptocurrency market fall as a “false dip” although repeating the $100,000 Bitcoin (BTC) price for the end of the year.

In a new report by Standard Chartered’s cryptocurrency research unit, Bitcoin is forecasted to touch $100,000 “in late 2021 or early 2022,” escorted by a vast Ether (ETH) price point.

The research team stated that the price of ethereum is “structurally” valued at $26,000–$35,000, which is 10 times its present value, although for that bitcoin should reach $175,000 to occur.

The co-founder of Zap Pro elaborated the smash in the market of crypto as a false dip he said, “Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular,”

He further said, “So here we have a president who is breaking new ground, like a top CEO, rolling out innovation. He believes in it: he bought the dip, as everyone should be.”

Spanos supported the idea of BTC’s price of $100,000 at the end of this year along with ETH that it is too seeking to touch $10,000 by then.

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Bitcoin becomes legal tender in El Salvador

September 7, 2021 by Basma Siddiqui

El Salvador on Tuesday became the first country in the world to accept Bitcoin as a legal tender, despite widespread domestic scepticism and international warnings of risks for consumers. President Nayib Bukele’s government claims the move will give many Salvadorans access to bank services for the first time and save some $400 million in fees … Read more

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