El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 62.

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Quote from: 348Judah on May 04, 2023, 11:22:10 AM

This is just coming as another goodnews to mark a new phase of technological advancement in El-Savador as the president, Nayib Bukele just signed a bill into law for a tax free regime on softwares, app programing, computer hardwares, communications, Artificial Intelligence and all other technological innovations that constitute information and technology (ICT) under digital network and technology in El-Savador.

https://twitter.com/nayibbukele/status/1654121271548866560?t=oWb5HFFQhhOMJKkWbpK_qg&s=19

Another step of progress was made there in El Salvador through its president Nayib Bukele. And I think this policy will invite more investors to the country. And this will also make industrial growth in the field of Technology Innovation increase rapidly. Residents there were once again given convenience by signing the law on the abolition of taxes for income, property and capital gains in the field of technological innovation.

I really appreciate every step taken by Nayib Bukele. Because actually these policies can really make people's economic growth better. And aren't these steps also enough to spoil the community and business actors there? Even so, there are always positives and negatives from every policy. but from this step I see there will be more positive things going forward in El Salvador.

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Quote from: Who is John Galt? on May 04, 2023, 04:15:54 AM

Francisco Gavidia University conducted a survey among Salvadorans about whether they use bitcoin. 69.9% of the respondents have never used it, 14.5% used it once, 8.2% said they used it repeatedly. At the same time, only 5.8% answered that they do not trust bitcoin at all. It seems that these numbers speak of the failure of bitcoin promotion in El Salvador, but it turns out that bitcoin is not competing with bank cards, 94.7% of citizens prefer to use cash. At the same time, 62.9% of Salvadorans have never ordered anything via the Internet. And if you look at the whole picture, it turns out that there are quite a few bitcoin skeptics in the country, and not so few interested in the new technology.

In this condition, reflecting on the condition of bitcoin which of course requires a process, I think this is quite reasonable, especially with conditions where they have to do something new with which they did not even recognize before, so it is clear that this needs a long time to make bitcoin acceptable.
Fiat control is still very large in this case and people's dependence on it is clearly certain to occur so that when long-standing habits are changed then of course things like this will not be accepted easily.
The outlook is reasonable because something as new as bitcoin and with its obvious risks will not be accepted easily but looking at the state of bitcoin development I think it is only a matter of time.

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Quote from: 348Judah on May 04, 2023, 11:22:10 AM

This is just coming as another goodnews to mark a new phase of technological advancement in El-Savador as the president, Nayib Bukele just signed a bill into law for a tax free regime on softwares, app programing, computer hardware, communications, Artificial Intelligence and all other technological innovations that constitute information and technology (ICT) under digital network and technology in El-Savador.

Just as I mentioned before the issue of tax holiday is not to be debated in such a situation as of El Salvador Bitcoin programs, this is widely expected and for the president to have been smart enough to make a separate policy for that make him more appealing to his followers most especially those looking to invest in Bitcoin-related development for the long term, since with this public policy it will become legal policy that will outlive Nayib Bukele tenure as the president of El Salvador.

I have always know that the president will sign this into law to further ease the burden on start-ups in the ICT industry and also to motivate new comers into adopting digital content and service provision that could help the mainstream usage of Bitcoin within the economy.

So congratulations to El Salvadorians on having a free trade zone for as long as possible, and I hope there will adequately take advantage of this opportunity and make something good for themselves in the long run.

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Quote from: Zanab247 on May 04, 2023, 12:04:45 PM

Quote from: 348Judah

This is just coming as another goodnews to mark a new phase of technological advancement in El-Savador as the president, Nayib Bukele just signed a bill into law for a tax free regime on softwares, app programing, computer hardwares, communications, Artificial Intelligence and all other technological innovations that constitute information and technology (ICT) under digital network and technology in El-Savador.

https://twitter.com/nayibbukele/status/1654121271548866560?t=oWb5HFFQhhOMJKkWbpK_qg&s=19

Nayid Bukele is doing what is giving El Salvador citizens joy because, he has done so many things to the land of El Salvador to make others countries know that there is a financial increase in BTC. I believe those things he just signed into law will really help the youths to do so many things that will bring progress to their digital business in the country. Based on what he did to made BTC legal in the El Salvador, I guess their parliament will approve the bill on time to improve so many things in the country that will make their president to receive another honor from this development.

I think this is a Bitcoin adoption speed strategy in the community in economic fighting, of course people who have businesses in El Salvador are better to use bitcoin and build and accelerate the progress of the technology industry, because they do not have taxes related to technology, we can already describe Clearly where the direction of President Nayib Bikele's thinking is for the progress of his country in accelerating the increase in technological innovation in the country he leads.
Although basically he sacrificed state income from taxation he eliminated in this sector, but it was a better step for a while until they were able to create great technological innovations to be sold to the world by carrying Bitcoin as a means of transaction.

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Quote from: 348Judah

This is just coming as another goodnews to mark a new phase of technological advancement in El-Savador as the president, Nayib Bukele just signed a bill into law for a tax free regime on softwares, app programing, computer hardwares, communications, Artificial Intelligence and all other technological innovations that constitute information and technology (ICT) under digital network and technology in El-Savador.

https://twitter.com/nayibbukele/status/1654121271548866560?t=oWb5HFFQhhOMJKkWbpK_qg&s=19

Nayid Bukele is doing what is giving El Salvador citizens joy because, he has done so many things to the land of El Salvador to make others countries know that there is a financial increase in BTC. I believe those things he just signed into law will really help the youths to do so many things that will bring progress to their digital business in the country. Based on what he did to made BTC legal in the El Salvador, I guess their parliament will approve the bill on time to improve so many things in the country that will make their president to receive another honor from this development.

348Judah

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This is just coming as another goodnews to mark a new phase of technological advancement in El-Savador as the president, Nayib Bukele just signed a bill into law for a tax free regime on softwares, app programing, computer hardwares, communications, Artificial Intelligence and all other technological innovations that constitute information and technology (ICT) under digital network and technology in El-Savador.

https://twitter.com/nayibbukele/status/1654121271548866560?t=oWb5HFFQhhOMJKkWbpK_qg&s=19

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Bitcoin crowdfunding is Lightning: El Salvador school program hits 1 BTC in donations

According to how I understand this, it is about a donation using bitcoin lightning network, it reach 1BTC in just 3 weeks. People donated across the world, especially from Venezuela, Poland and Canada as people are sending in satoshis.

Quote from: Who is John Galt? on May 04, 2023, 04:15:54 AM

[It seems that these numbers speak of the failure of bitcoin promotion in El Salvador, but it turns out that bitcoin is not competing with bank cards, 94.7% of citizens prefer to use cash.

Bitcoin is never a failure, it is not created for competition. It is just an alternative and for investment.

Who is John Galt?

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Francisco Gavidia University conducted a survey among Salvadorans about whether they use bitcoin. 69.9% of the respondents have never used it, 14.5% used it once, 8.2% said they used it repeatedly. At the same time, only 5.8% answered that they do not trust bitcoin at all. It seems that these numbers speak of the failure of bitcoin promotion in El Salvador, but it turns out that bitcoin is not competing with bank cards, 94.7% of citizens prefer to use cash. At the same time, 62.9% of Salvadorans have never ordered anything via the Internet. And if you look at the whole picture, it turns out that there are quite a few bitcoin skeptics in the country, and not so few interested in the new technology.

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Quote from: Z-tight on April 28, 2023, 06:11:05 AM

They cannot go that far, or else they would risk ruining their economy, there isn't any country without a fiat currency, and even though i don't think any country is going to do that, but it surely cannot be a 'poor' country like El Salvador. The only thing i am sure of about El Salvador is that BTC is a legal tender in the country and it has helped to attract BTC tourists and enthusiasts, as for their BTC buys, i am not too sure about that because we can only rely on Tweets of their president on it.

Why would that "ruin their economy"? Is it because not many people in the region know how to use Bitcoin? There are plenty of merchants and/or businesses accepting BTC as payment method, so I don't think there will be a problem ditching the USD in favor of BTC. The Government of El Salvador can provide the necessary education to help spur Bitcoin adoption within the region. If you mean that the IMF and world governments (especially the US) will oppose such a decision, then yes, they will do it without a doubt. But El Salvador is a sovereign country, so it can do whatever it wants.

It's only been almost 2 years since BTC was made legal tender in El Salvador, anyways. Time will tell us whenever the experiment will fail or become a huge success that will make other countries envious. Just my opinion

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Quote from: retreat on April 30, 2023, 11:07:16 AM

Quote from: Doan9269 on April 29, 2023, 05:26:48 AM

Taxation will not be a difficult task to achieve in El-Savador because they will always ensure to put down effective policy measures down in favour to both the government and the people of the country, once the percentage levied isn't much to how they can bear then i think it will bot be a problem, i can remember that of India 3% taxation which they made effective on their people despite they had offered nothing back to the citizens in return for the taxation fee payment, El-Savador had done so well that even the people believe it will do justice in considering them accordingly with tax issues.

High taxes will certainly be burdensome for crypto businesses because it will not only burden businesses, but also users, because of course businesses will charge higher fees to their users to be able to cover the taxes they have given to the government. The government of El Salvador is certainly aware of this and I believe that they have understood that both businesses and users do not want to be subject to high taxes for their crypto transactions and holdings. And it seems they're fine with being taxed too, but only if it's not too high and this tax is used for important things and on target, because El Salvador is a small country, so if this tax isn't used properly by the government it's going to be very impactful and the level of public trust in the government will also certainly decrease.

I think for any government who is looking to encourage its citizens into adopting technology or currency such as Bitcoin, will certainly make provision for tax holidays for its citizens in the sense that El Salvador will make policies that will constantly exempt its citizens from paying taxes on Bitcoin transactions unless for the regular bitcoin blockchain fees, and I am sure that for El Salvador to have made Bitcoin legal tender and also went further to gift a $30 airdrop for citizens who download and use the government approved Chivo wallet will certainly make it free for bitcoin to be exempted from taxes for a while.

And also when you build a free trade zone for businesses, such as the El Salvador government did with the building of the bitcoin city, it makes it free for businesses that involve Bitcoin to be free from all taxes and this is to encourage wider Bitcoin usage and acceptance within the country.

So the issue of taxation is far from being a challenge for Bitcoin users in El Salvador for now.

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Quote from: Doan9269 on April 29, 2023, 05:26:48 AM

Taxation will not be a difficult task to achieve in El-Savador because they will always ensure to put down effective policy measures down in favour to both the government and the people of the country, once the percentage levied isn't much to how they can bear then i think it will bot be a problem, i can remember that of India 3% taxation which they made effective on their people despite they had offered nothing back to the citizens in return for the taxation fee payment, El-Savador had done so well that even the people believe it will do justice in considering them accordingly with tax issues.

High taxes will certainly be burdensome for crypto businesses because it will not only burden businesses, but also users, because of course businesses will charge higher fees to their users to be able to cover the taxes they have given to the government. The government of El Salvador is certainly aware of this and I believe that they have understood that both businesses and users do not want to be subject to high taxes for their crypto transactions and holdings. And it seems they're fine with being taxed too, but only if it's not too high and this tax is used for important things and on target, because El Salvador is a small country, so if this tax isn't used properly by the government it's going to be very impactful and the level of public trust in the government will also certainly decrease.

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Quote from: Who is John Galt? on April 30, 2023, 09:16:08 AM

Just making Bitcoin a legal tender is not enough. We remember that the second country to do this was the Central African Republic, and in less than a year their undertaking failed. El Salvador is doing much more than accepting bitcoin as a means of payment, and so it is making progress. And adopting experience only at the level of the first step, without taking into account local specifics, will most likely mean the same result as in the Central African Republic, where even the Internet coverage of the population is at the level of 10%. And this made the prospects for widespread use of bitcoin in the country low without additional work to increase citizens' access to high technology.

The first step is to make the BTC currency a legal tender, then other things can now follow, other things like: building a BTC city, educating the people about BTC, developing a wallet that allows your citizens buy and sell BTC easily, something like Chivo wallet in El Salvador, etc, my point is you don't have to use the nations funds to invest in BTC. Making BTC a legal tender is enough and i would prefer it to if a country just bought BTC only.

El Salvador are doing great, but people are forgetting what the aim is, which is adoption and not just their BTC investment which people wrongly think will make them a rich country, i hope many countries in the future make BTC a legal tender, and it is good if they also buy BTC, but it should come second. CAR failed in their desire to adopt BTC because the country is so poor and they have too many economical problems, they have to sort some of it before making BTC a legal means of payment.

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Quote from: Luzin on April 30, 2023, 09:45:53 AM

Quote from: Andrija Branislav on April 29, 2023, 01:55:26 AM

Well, it seems like El Salvador is going all-in on Bitcoin! I'm excited to see how this experiment turns out. I mean, a whole city built on Bitcoin? That's wild! Naib Bukhel must have some serious vision and guts to make this happen. Let's hope it works out for them and inspires other countries to follow suit. Who knows, maybe we'll all be living in Bitcoin cities someday!

It seems that this plan has been a long time? Since El Salvador legalized Bitcoin as a means of payment, the plan seems to have been made. Is the realization just about to begin? I heard the news since 2021.
On social media I once read that El Salvador plans to build a Bitcoin city in a volcanic region. In its planning it looks like it contains residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airports, ports, railway lines, all of which are devoted to Bitcoin.
So if this is already running and working, that's pretty good.

No! Unfortunately, these global plans are not working yet, but everyone hopes that they will be gradually implemented. This will be possible if the Government issues bonds secured by bitcoins, but so far it cannot do this due to the current price of bitcoin. When the rate goes up, approximately to the values of November 2021 (Max $69K), all this can be started. For now, these are just plans. Pretty ambitious, and very interesting plans for the entire community of cryptocurrency lovers and for the whole world.!!!

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Quote from: Andrija Branislav on April 29, 2023, 01:55:26 AM

Well, it seems like El Salvador is going all-in on Bitcoin! I'm excited to see how this experiment turns out. I mean, a whole city built on Bitcoin? That's wild! Naib Bukhel must have some serious vision and guts to make this happen. Let's hope it works out for them and inspires other countries to follow suit. Who knows, maybe we'll all be living in Bitcoin cities someday!

It seems that this plan has been a long time? Since El Salvador legalized Bitcoin as a means of payment, the plan seems to have been made. Is the realization just about to begin? I heard the news since 2021.
On social media I once read that El Salvador plans to build a Bitcoin city in a volcanic region. In its planning it looks like it contains residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airports, ports, railway lines, all of which are devoted to Bitcoin. So if this is already running and working, that's pretty good.

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Quote from: Z-tight on April 28, 2023, 06:11:05 AM

The most important thing about El Salvador and BTC is that they made BTC a legal tender in their country, so no time is ever too late for other countries to make BTC a legal tender too. I think too many of you are concerned about only Nayib's Tweets of BTC's he said the country bought, and i also see people calculating the profit they can make in the future, i feel you guys are deviating, the most important point is that they made BTC a legal tender and that's what we hope other nations do.

Just making Bitcoin a legal tender is not enough. We remember that the second country to do this was the Central African Republic, and in less than a year their undertaking failed. El Salvador is doing much more than accepting bitcoin as a means of payment, and so it is making progress. And adopting experience only at the level of the first step, without taking into account local specifics, will most likely mean the same result as in the Central African Republic, where even the Internet coverage of the population is at the level of 10%. And this made the prospects for widespread use of bitcoin in the country low without additional work to increase citizens' access to high technology.

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It’s really a great news and hopefully very soon every country watch the news about El Salvador Country accepted bitcoin liggle way and all everything is ok i think india planning to bitcoin and i read a news indian financial minister talking about bitcoin vat-tax in parliament i hope something new coming soon.

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Quote from: delfastTions on April 29, 2023, 12:58:04 AM

I hope that the El Salvadorian government has carefully considered all the pros and cons of passing laws on preferential taxation of companies in the IT field or companies in general related to cryptocurrencies, and for example, to the education of the population in this area.

Taxation will not be a difficult task to achieve in El-Savador because they will always ensure to put down effective policy measures down in favour to both the government and the people of the country, once the percentage levied isn't much to how they can bear then i think it will bot be a problem, i can remember that of India 3% taxation which they made effective on their people despite they had offered nothing back to the citizens in return for the taxation fee payment, El-Savador had done so well that even the people believe it will do justice in considering them accordingly with tax issues.

Quote from: delfastTions on April 29, 2023, 12:58:04 AM

I think that Bukele, too, may, through his intelligence or intuition, or on the advice of his advisers, have opened for El Salvador the same opportunity to enrich the whole country.

Countless of things which were not in place had been instituted in El-Savador to constitute part of it development in every aspect of the economy and social well-being, these will be part of the legacy Nayib Bukele will always be remembered for after now and later in life.

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Quote from: Mr.corol on April 27, 2023, 11:38:55 PM

El Salvador is a really interesting country. They are going to build Bitcoin City. Naib Bukhel is an extraordinary person, he is truly a great person.

https://twitter.com/BitcoinMagazine/status/1651675639869583360?t=e1K4fIDjPd8Co9lvw8NxJA&s=19

Well, it seems like El Salvador is going all-in on Bitcoin! I'm excited to see how this experiment turns out. I mean, a whole city built on Bitcoin? That's wild! Naib Bukhel must have some serious vision and guts to make this happen. Let's hope it works out for them and inspires other countries to follow suit. Who knows, maybe we'll all be living in Bitcoin cities someday!

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I hope that the El Salvadorian government has carefully considered all the pros and cons of passing laws on preferential taxation of companies in the IT field or companies in general related to cryptocurrencies, and for example, to the education of the population in this area.

Once upon a time, about 70-80 years ago, when colossal oil reserves were discovered on the Arabian Peninsula, local rulers, sheikhs and kings immediately realized that they needed to get rich on this themselves, but also radically raise the standard of living of their peoples. And now it is clear that they succeeded.

I think that Bukele, too, may, through his intelligence or intuition, or on the advice of his advisers, have opened for El Salvador the same opportunity to enrich the whole country.
And become, as it were, Qatar, but not on oil, but on digital technologies.
I really hope that everything will work out for him, as once everything worked out well for the rulers of the countries of the Arabian Peninsula!

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Quote from: Rigon on April 28, 2023, 07:33:37 AM

Quote from: Mr.corol on April 27, 2023, 11:38:55 PM

El Salvador is a really interesting country. They are going to build Bitcoin City. Naib Bukhel is an extraordinary person, he is truly a great person.

https://twitter.com/BitcoinMagazine/status/1651675639869583360?t=e1K4fIDjPd8Co9lvw8NxJA&s=19

Every thought of Naib Bukele made El Salvador very popular. El Salvador has now become very popular in the world. I respect everything he does. He will transform his country into Bitcoin City, I know his move will be successful. The way the government of El Salvador begins to think about its country, Naik Bukele, will see a time when El Salvador becomes the most developed country in the world. But that day is not far away and I hope to see it soon. Of course, to implement all these tasks, the hero Bukele has to live long. I always wish him to live long.

Agreed. He is writing history with this very ambitious project. Although I agree that El Salvador popularity is rising but that popularity is for their crazy idea of having a Bitcoin city and not on acknowledging his good work.

This ambitious project rely heavily on the success of Bitcoin so I think we on Bitcointalk forum will share the success of El Salvador in the future since we are co believer on Bitcoin success in long run. I just hope that his people with bear on his idea in the end before someone on his his side betrayed him and use this dream project against him.

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 62. (Read 38876 times)