Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

El Salvador excludes foreign Bitcoin investors from paying taxes

Ajibola Akamo by Ajibola Akamo
September 14, 2021
in Cryptos, Spotlight
El Salvador’s President wants to make Bitcoin a legal tender

El Salvador's president Nayib Bukele, accompanied by US Ambassador to El Salvador Ronald Johnson (out of frame), speaks during a joint press conference at Rosales Hospital in San Salvador on May 26, 2020. - Bukele clarified on Tuesday that the country bought hydroxychloroquine for a little more than a half million dollars and not for 575 million dollars, as he previously said on a radio station. (Photo by Yuri CORTEZ / AFP) (Photo by YURI CORTEZ/AFP via Getty Images)

Share on FacebookShare on TwitterShare on Linkedin

El Salvador announced through the legal advisor to the President, Javier Argueta, that the country is looking to exempt foreign investors from taxes on Bitcoin profits.

According to Javier Argueta the aim of the policy is to encourage entrepreneurs and investors to migrate into the region. While speaking with AFP, Argueta stated that “If a person has assets in Bitcoin and makes high profits, there will be no tax. This (is done) obviously is to encourage foreign investment.”

He also revealed that the country is liaising with international agencies to make sure it adheres to financial regulations. In June the President of El Salvador, Nayib Bukele, announced that his government was willing to grant permanent residency to people who invest up to 3 Bitcoin in the economy.

RelatedPosts

Institutional investors shorting Bitcoin accounted for 80% of weekly inflows

Fresh data suggests that Bitcoin could hit $25,000 in July

READ: The journey to El-Salvador’s ‘Bitcoin Law’

The adoption of Bitcoin as a legal tender in the country had drawn a lot of criticism despite being in its early days. It has attracted criticism from both regulators and opposition parties. Entities such as the International Monetary Fund (IMF) have also criticized the adoption of Bitcoin as a legal tender as being “a step too far.”

News continues after this ad


The nation’s internal ministers have also raised concerns over the volatile nature of Bitcoin, saying that it could have a negative impact on the payment of salaries. Even with all these concerns, only time will determine the role Bitcoin plays in the local economy. A few outspoken cryptocurrency enthusiasts have also aired their views on the matter. Charles Hoskinson for example, who is the CEO of Input Output Hong Kong (IOHK), the creator of the Cardano Blockchain, stated that every country needs a Bitcoin strategy. He went on to compliment El Salvador’s decision and emphasized that nothing in human history had grown so quickly.

READ: Bitcoin trades above $51,000 ahead of El Salvador’s adoption

However, the citizens of El Salvador seem to not share the same sentiments as Charles as they have taken to the streets to protest against the decision. Also, an opposition party went as far as filing a lawsuit against the government. Despite these setbacks, the government remains adamant in its decision to adopt Bitcoin as legal tender.

Bitcoin is trading $46,000 as of the time of this writing. It is up 3.62% for the day.

Related

Tags: Bitcoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)
    • FCCPC to sanction DisCos for service failures, non-compliance with power sector rules
    • Kuje prison attack: I am disappointed with intelligence system – Buhari

    Follow us on social media:

    Recent News

    Profile of Mohammed Sanusi Barkindo, the late OPEC secretary general

    The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)

    July 6, 2022
    Babatunde Irukera

    FCCPC to sanction DisCos for service failures, non-compliance with power sector rules

    July 6, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com