Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 7. (Read 38852 times)

You are correct, the law mandates all businesses to use Bitcoin. So they don't have any options than to accept Bitcoin. However, there are some tax exemptions for businesses that accepts/ keep Bitcoin in El Salvador. The country doesn't tax profits made from Bitcoin assets. An example is if Starbucks decides to hodl the Bitcoin it receives from sales in El Salvador, the government will not tax the profit it makes from it if the price of Bitcoin appreciates. I thought this could contribute to the profit of the multinational. Thank you for your corrections.

If a currency is "legal tender" in a country, then everyone who offers goods/services is obliged to accept that same currency - you write here as if this company accepted BTC as a means of payment because they understood that it is good for their business. The point is that Bitcoin should be accepted everywhere in that country, in the same way as the other "legal tender" American dollar is accepted.

Yeah is no big deal to see businesses accepting Bitcoin in El Salvador. However, it's great to hear that an American multinational company is accepting Bitcoin in the country. It shows that they have done research and discovered that accepting Bitcoin will contribute to their business growth.  It is obvious that contrary to the claim in some quarters of the media, Bitcoin is been used in El Salvador as a legal tender. It is common to hear critics claim that El Salvadorians abandoned Bitcoin after withdrawing the $30 seed money from their Chivo wallets. However, this news has shown that the use of Bitcoin in that country is growing.

It is not something new and surprising to us when El Salvador in every corner of the city where there is a shopping place is pasted with paper that says accepting Bitcoin payments.
El Salvador has gone far beyond just accepting Bitcoin payments.
However, El Salvador has proven that making Bitcoin legal tender is not difficult and is beneficial for other things that are bigger than the fears of those who worry.

In 🇸🇻 El Salvador, Starbucks has instructions on the wall for accepting #Bitcoin payments 👀🙌[ur=https://x.com/BitcoinNewsCom/status/1823753922525208677?t=tMbz0879iQJdv-YT4ofCsw&s=19l]here[/url]



How Bitcoin is being accepted as money in the country of El Salvador is happening right before your eyes, the country of El Salvador will surprise the whole world.

The story of Maya Parbhoe is inspiring. After the killing of her millionaire father and losing almost all her inheritance due to a bad legal system, she still became successful. With little funds at her disposal, she started a business and returned her family to the millionaire status.

Her Bitcoin setup, Daedalus Labs, offers mortgage services. Mortgage payments are converted to Bitcoin, and it has helped many people to buy houses at reduced interest rates. She has a good knowledge of Bitcoin and has promised to accelerate Bitcoin adoption in Suriname if she is elected as the president. But her bid to win the election will not be easy because the country has a very corrupt system.

All the continuous recent developments with bitcoin adoption in El-Salvador is one of the ways whereby it economic and financial activities were increasing daily, because they are not static by the way of making improvement on every sectors, also, this is more about the wellbeing of the bitcoin by finding bitcoin as a suitable asset and currency for them to have every reason not to do without, by now, you would have also agreed with me with an increasing number of tourist and immigrants who have chosen El-Salvador for settlement since the beginning of this year including the bitcoin miners and other crypto exchanges, all because El-Salvador have been seen as the comfort zone on everything that related to bitcoin.

We’re thrilled to share that our Devs Generation graduates were featured in an article by @kealrive22 from Diario El Salvador @elsalvador 🗞️, who is a graduated from our Econ Generation!

Read how they're making a difference and being trained by the best to become the best. 🇸🇻🚀
Source link

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The country of El Salvador is definitely going to be experienced about Bitcoin in the stream of experienced people it is a very valuable idea. At present they have created a buzz all over the world and the wider student body will create more buzz about Bitcoin.
 They've been working hard on Bitcoin education, and one more thing I mentioned is that the people doing the training here are educating more and more students about Bitcoin right now.

NEW: Students in 🇸🇻 El Salvador learning about elliptic-curve cryptography 🙌here

The people of El Salvador are certainly aware of various technologies.

  I will briefly outline what is currently happening in El Salvador with the issue of Bitcoin.  

  Volcano Energy bonds are not issued because there is no demand for them and real investors prefer ordinary Salvador dollar bonds for which the guaranteed income is higher (~12%) than for the bonds of this project (~6,5%).  In general, everything has been postponed and frozen. The promise to issue these bonds in the 1st quarter of 2024 has not been fulfilled. sourse

  The first public offering of digital debt Assets in Salvador, intended to finance the construction of the Hampton by Hilton hotel at the international airport of El Salvador, it failed even before reaching the minimum expected amount of $500,000, remaining at only $342,000, according to information posted on the website Bitfinex Securities website, the platform on which the tokens were traded. source

  Bitfinex Securities sponsored the “Astana Finance Days 2023” event in the capital of Kazakhstan.  El Salvador's National Commission for Digital Assets (CNAD) and the Astana Financial Services Authority (AFSA), its equivalent in the Kazakh capital, signed a memorandum of understanding in May 2024, the latter organization announced on its website.

   Only eight investors applied for Bitcoin Passports from El Salvador

80% of the bitcoins that Bukele announced he would store in the "vault" came from the Bitfinex wallet. Only 20% of the Bitcoin that was transferred to that address came from the Chivo Wallet ecosystem - 1121BTC. The rest came from the Bitfinex wallet, almost exclusively from one address, which seems to be the center of this activity  companies as exchanges

  The Agency for Bitcoin Funds (AAB), created in 2023, increased its budget by $15.96 million and now has an allocation of $29.03 million, according to the Treasury Department's Fiscal Transparency.
  AAB is distinct from the National Bitcoin Office, led by Americans Max Keyser and Stacy Herbert.  The adopted digital assets law gives AAB the official status of the head of government agencies in the bitcoin field and allows the opening of “bitcoin embassies” in other countries.
  The President of the Agency is Nina Bardi.  Until November 2023, she was Deputy Director of the National Agency for Development and Design.  According to an article in the El Faro newspaper, this office (created under the President of the Republic) is headed by David Rivard, a US Army veteran and construction businessman who claims to have been the best friend of Armando Bukele Cattan, the father of Nayib Bukele, who died in 2015. source


As it turned out, the process of introducing Bitcoin into mass use turned out to be quite difficult, as the experience of El Salvador and a number of failures of new projects shows us.  But we all must take into account that El Salvador is a pioneer in this matter and this development of events is expected and simply must be passed through.

Nayib Bukele is different from the others. Out there, even though the country's leaders do not reveal it to the public, they continue to secretly observe the steps taken by El Salvador regarding Bitcoin. Maybe not long ago or still hot news related to Santa Monica, the city in California which opened an official Bitcoin office according to the letter that can be seen here.


source:
bitcoinmagazine.com

I believe that one day everything will turn around and the desire to see 75% of the world's countries can officially use Bitcoin will happen.

That show how Bukele being so enthusiastic towards bitcoin and he really show to the world that their country is buying more despite of other one selling it. For sure later on El Salvador will gain all positive benefits and they will be the first one to earn a lot more profits for their investment made.

That's also show how old school the other country leader and their country would be more behind especially if there would be a global boost will happen to bitcoin. Hopefully there would be a Bukele same like attitude leaders will rise in other country, since for sure bitcoin will be more great with their adoption or acceptance made.

Apart from the interest of students in El Salvador to continue studying and learning about Bitcoin, Nayib Bukele himself is still very enthusiastic about buying Bitcoin every day so that this also continues to spread to many people there because their leaders are still very happy to continue bought Bitcoin even though other countries such as Germany had sold Bitcoin as was reported a few days ago and Nayib Bukele himself also reposted a post from @BitcoinMagazine about this today.

🇸🇷 Suriname Presidential candidate Maya Parbhoe said she was inspired to run for president because El Salvador’s Nayib Bukele is pro-#Bitcoin 🇸🇻

Other countries are following. Bullish!
https://x.com/BitcoinMagazine/status/1810717924241658006

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Incredible!

Germany is selling their #Bitcoin to El Salvador.

https://x.com/maxkeiser/status/1811036545270288404

Been the first country to make BTC legal tender, show that El Salvador BTC education system has produced more impact to BTC users in the country, and it has increase the rate of users in the country because the government set their plan well for the development of the country.

I guess El Salvador is still leading among the governments that made BTC legal tender in their countries, because more foreign investors has show interest in the system El Salvador government has put into law for their people to buy goods and services and pay with BTC, which it has made many companies to introduced that system to their companies in the country and it has made El Salvador country more popular in the world today. Those children they have impacted the knowledge of BTC in El Salvador country, if all those children become president or ministers in the country, they will make sure they expand the BTC education to create more opportunity for the citizens of El Salvador.

There is a lot of bitcoin education being offered in the really awesome country of El Salvador, and the great interest of students in acquiring bitcoin education will further them in the future. Because El Salvador currently stands out among the rest of the world for Bitcoin alone, they are currently self-sufficient in holding updated coins. And massive students are being taught about Bitcoin by various school institutions everywhere, and these kids are getting education about real world information.

This got me surprised because even the US government is holding the largest percentage even though they are the ones doing the seizure most and not investing, El-Salvador which is the major investor on bitcoin is considered the fourth position in which i see it not bad as well, what this could tell us more further if we now consider the two occasions is that, governments are having the majority of the people's assets with them in the name of illegal and they seize such for themselves and not for the people, because after all these, the entire money might not be accounted for, isn't it better the US government just adopt bitcoin as a legal tender and things keep on getting better than before.

I would rather call that policy dirty and immoral, but such things are always complicated and start from what individual politicians can achieve for themselves in such agreements, and only then what they can achieve for their country. The ES will obviously conclude an agreement with the black devil if it suits them, because dictators get along best with other dictators, right?


It's true, but those nations have had embassies in that country for decades, they don't open them at the moment when Russian beasts shoot rockets at children's hospitals and kindergartens and kidnap thousands of children. It is also true that Hungary, as a member of the EU, cooperates with Russia, but as I have already said, dictator Orban feels best in the company of other dictators.

As for Gaza and those who support that massacre, I would not agree that most EU countries support Israel - the biggest support comes from the US and those they pressure to do so. For the majority of normal people in the EU, Israel is no better than Nazi Germany - some would say they learned from the best.

Governments On-Chain Movements & Balances 08/07/2024:

- German Government experienced outflows totaling 13,140BTC today, with a total of 19,505BTC sold since July 1st

- El Salvador purchased 1 BTC following their daily DCA strategy

Current Holdings:
U.S. Government: 214,361 BTC
U.K. Government: 61,245 BTC
German Government: 26,686 BTC
El Salvador Government: 5,806 BTC

https://x.com/SaniExp/status/1810415711451242642?t=MVKXRNxZY7iu8bOy6yNUSA&s=09

International politics is very complicated. In making foreign policy every country will first consider national interest, that is what will the country benefit from the relationship with another country. Maybe El Salvador has considered that deepening diplomatic relationships with Russia will be beneficial to the country.

Many nations still have houses operational Russian embassies in the country but don't support the war in Ukraine. I stand to be corrected, there are still some members of the European Union that have a close relationship with Russia. So I don't think resuming the relationship means that El Salvador is supporting the war except they make such a declaration. I guess America and its Western ally's support for the war in Gaza that has led to the death of thousands wouldn't be the reason why you will not visit these countries