Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 79. (Read 43241 times)

El Salvador imposes a lot of oversight on Bitcoin. And CBI is trying to bring home the Citizenship by Investment program for investment. 

Under the leadership of President Nayib Bukele, the decision to create legal tender in Bitcoin was made almost two years ago only to increase the economic capital of their country.  But many experts say El Salvador could be taking too many economic risks to launch the program. 
But launching such a large program must take risks.  If they can complete this program successfully then the economy of their country will change a lot.

Undoubtedly, the purpose of education is not to get a job.  The main purpose of acquiring education is to gain knowledge about the whole subject. But there is no end to gaining knowledge. As long as you live in the world, you will learn from the world. And you don't just sit and get education, after getting education, you have to distribute your education among all of you so that through you 10 more people can contribute to the country by getting educated in higher education.
I don't understand what you mean by high unemployment rate. If you know enough about El Salvador then you should know that El Salvador has an unemployment rate of only 6.70 percent. That means nearly seven out of every 100 people are unemployed. An unemployment rate of only 6 percent cannot be considered a high unemployment rate. It will not be bad if the 6% who are unemployed try to do something themselves and contribute to the prosperity of the country instead of chasing jobs.

According to the World Bank, since their country has an education rate of about 90%, considering that 90% unemployment rate of 6% means that there are four percent of educated people, if those four percent of educated people create their own employment, it will be much better than working.

Education is key in every developing society whether you are working with it or not, the main goal of education is not just to work but the enlighten us on the happenings in out environment, Most people go to school just to get educated bit have no intention to work for anyone after they finish schooling, Education has a way of impacting the behaviour of people living in a particular environment because there are things an educated man will find it difficult to do but a man that's not educated will do out of ignorance,
El Salvador is a country with high unemployment rate and we all know that unemployment is a major cause of Poverty in a society so if El Salvador make bitcoin a lega tender then we can say they have just moved a step out of poverty and we will see that over the years.

There has been a lot of excitement and enthusiasm over Bitfinex Securities' license acquisition from the country of El Salvador. From now on Bitfinex Securities can legally offer its services to customers in El Salvador. Which has set another example to the whole world. El Salvador has also begun to have a positive impact in the cryptocurrency space as well. Interestingly, El Salvador has already established a framework for issuing bitcoin-backed bonds, and more importantly, they have waived taxes on all technological advances to attract businesses and investors to the digital asset, it is obviously a landmark move. I think El Salvador is making significant contributions to serve as a global hub for crypto. The negative comments of some countries about them and the adverse attitude of the IMF did not stop them. El Salvador is the first country to embrace blockchain technology and cryptocurrency. Such exemplary actions by them will increase people's interest in digital currency in future.

Getting a job is not the main goal of an education, even though a good education will make it easier for someone to get into a job. But according to me personally the main goal of education is to make humans more controlled, so that they have a good attitude, so that they are broad-minded, in essence, so that humans have good and intelligent character.

When it comes to work, of course everyone has to work, so they can make ends meet, so that their survival is more comfortable and safe. Those who are educated or those who are not, of course, all of them need money (which is generated through work).

In El Salvador the unemployment rate is very high, but the majority of people are educated, the problem is not in their education, but the problem lies in the lack of jobs. This factor causes a lot of unemployment. So actually it's not a question of education or not, but a problem of whether or not there are jobs.

And I'm sure, if there are a lot of jobs in a country, it will make the country free from the large number of unemployed, with this for sure, whether those who have formal education or not, it will definitely make it easier when looking for work. Because from my experience, many people work but not in their field (school major), with this it can be concluded that the world of work can be carried out by anyone, whether they have formal education or not, indeed those who have formal education maybe it will be easier to run it, because at least those who have formal education already have a good foundation, and for those who don't go to school or who don't have formal education, of course they can too, the most important thing is there is a will to be able to do the job.

This means that businesses and individuals in the country can use Bitcoin to pay for goods and services, and taxes can also be paid in Bitcoin. The move has generated a lot of interest and debate around the world, as it represents a significant step forward for cryptocurrency adoption and could have implications for other countries considering similar measures.

El Salvador grants first digital asset license to Bitfinex. And Bitfinex gets a license to operate in El Salvador's cryptocurrency market.
The country has established a framework for issuing bitcoin-backed bonds known as Vulcano Bonds. Bitfinex Chief Technology Officer Paolo Arduino said, We are delighted to be the first company to be awarded this license. This will enable Bitfinex Securities to facilitate the issuance and secondary trading of assets with clearly defined rights and obligations outlined in the new digital asset regulatory regime. Ardoino will work closely with El Salvador on the Bitcoin Bond project.

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El Salvador Become the first country in the world to add Bitcoin as their own currency. Earlier their currency was USD but they have adopted Bitcoin as their currency to improve their economic status along with USD. And they have taken various steps centered on Bitcoin.

El Salvador's Bitcoin-centric gambling has made tourists more attracted to Bitcoin. Officially, a survey of them showed that the tourism industry in their country increased by 30% after the implementation of the Bitcoin law. Where about 60% of the tourists in their country come from the United States. So they want to use this opportunity to enrich their tourism sector. And they have taken several other Bitcoin-centric initiatives that, if successful in reaching people, will further increase the number of tourists in their country.

You cannot compare a country's total educational attainment rate with its unemployment rate. Because they are two different things. Just because you have an educational qualification doesn't mean you have to get a job. The government is adopting various methods to reduce unemployment so that the unemployment rate of the country is relatively reduced. It is not the case that the educational qualification is decreasing every year while the unemployment rate is relatively high. Every year their country is improving in educational qualification.

The most important is breaking news. Bitcoin bonds issuer Bitfinex granted full license. Everyone was waiting for this bonds sanction and finally it was implemented. In this implementation this El Salvador has won and will always be on the side of Bitcoin.


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El Salvador is the smallest country in the Americas. They are very interested in Bitcoin. A really admirable country, they have always started using Bitcoin everywhere.

I point out that that graph shows the date 1992 and that 30 years have passed since then, which is equivalent to saying that only the new generations are literate, but a population is also made up of people aged 50/70/70/80 and they are quite sure that in those years in those latitudes education was not necessary.  Therefore it is a false fact and to claim that El Salvador is a country with an education means not seeing reality or not wanting to see it, or you live in places where education is similar to El Salvador so I advise you to read up on what an education is. real education at European level.

Its happening because El Savador ever purchased when Bitcoin around $52,000 but have positive side because they invested when Bitcoin drop under $20,000. I sure with El Savador investment right now on the profit situation due they have invested Bitcoin with several price and keep investing when Bitcoin around $15K until $20k.

Waiting with new announcement from El Savador government about current their Bitcoin investment condition, are profitable or still holding with drop several percent, but have chance for Bitcoin will back to higher price and El Savador most loyal for long term holding in Bitcoin.

The government of El Salvador is implementing every functionality with Nayib Bukele Bitcoin. He is leading his country in technology in a way that has surprised the whole world. At one time no one knew El Salvador very well. But Nayib Bukele has become known as EL Salvador to the world because he technically legalized Bitcoin in his country. Many popular media and various social media are writing about EL Salvadar. Indeed, my love for this El Salvador government increased. If he can rule his country for a long time, surely he can take his country to the peak of development.

As far as I understand, this is one of the reasons why the Salvadoran government wants to attract high-tech companies to the country. Bitcoin City in the future should ensure the opening of a significant number of vacancies that will require young educated personnel. Of course, it is impossible to instantly solve all the accumulated problems, but it is possible to lay the foundation for further growth and engage in development.

Since Nayib-Bukele Bitcoin was legalized in 2021, there has been a form of employment for the youth.  And since Bitcoin has become free of all taxes, Bitcoin has received a huge response among investors and entrepreneurs, a move that is a boon for El Salvador.  Dream city will be built in El Salvador through cryptocurrency.



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Considering the education rate, El Salvador has a 90% education rate but you can definitely see that no matter how educated you are, El Salvador has a high unemployment rate.  Youth unemployment is already on the rise.  In 2018, the youth unemployment rate was 9.82%, but the following year in 2019, the unemployment rate rose several notches to 13.28%.  As much as the nation advances in education, if jobs are not created, unemployment will continue to rise.

Bitcoin is Rallying but EI Salvador's Holdings still down 29%



Bitcoin hit $30,000 yesterday, breaking a nine-month high.  But EI Salvador's bitcoin holdings are still 29% below the price of invested bitcoins, despite a nine-month market high. All this information has been brought from the Bukele Twitter account researched by Bloomberg. In September 2021, Salvador began buying bitcoins by announcing it was legalized and according to the president, bought a total of 2,546 bitcoins with an invested market value of $108 million. But after yesterday's $30,000 rise, the market value of 2,546 bitcoins is $77 million, which is $31(29%) million dollars less than the invested market value.


News cover: https://www.bloomberg.com/news/articles/2023-04-11/bitcoin-is-rallying-but-el-salvador-s-holdings-are-still-down-29

El Salvador is a Central American country. whose language is Spanish and their currency is the United States dollar (USD; since 2001) and in 2021 they added another digital currency as their official currency, which is Bitcoin (BTC; since September 2021).

According to the World Bank, their country's education rate is close to 90%. That is, the majority of people in the country are educated. On what basis do you think El Salvador is an uneducated country even though 90% of the people in a country are educated? And majority of people in that country are illiterate. 
Ninety percent people of a country are educated means that country is an educated nation. May be rest 10% people are connected with some other profession so it will never be reasonable to call 10% as majority.

The education rate in their country has increased steadily every year. That is, the prevalence of education in their country has increased and continues to increase.  And in the years to come, the World Bank statistics can be seen to record the increase in their education rate. They are an educated nation and the steps they have taken as an educated nation are undoubtedly commendable. And I think they will reach their goal regardless of the hundred obstacles they have taken.
World bank

Well, everything is still going on there and of course requires a long process before achieving greater success. and we certainly cannot conclude that there is some indication of failure there. it's still a bit early. considering that the people there, from the start of the adoption, still lacked knowledge regarding bitcoin, it's only natural that everything went a little slow there. but with the incessant education carried out by the government there regarding bitcoin. then sooner or later everyone will start to benefit from the policy of legalizing bitcoin in the Elsalvador country as a legal tender.

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here's another great piece of news. everyone will really start to be interested in joining El Salvador if everyone sees the many advantages that El Salvador will get one day. and actually I'm pretty sure right now many countries are monitoring developments in El Salvador. that's why every news related to El Salvador is always widely reported in the media. different from in the past where not many countries were interested in glancing at this one country. now El salvador is always the center of attention, especially when talking about bitcoin. I like the fire lit by Nayib Bukele which turns out to be able to make the world pay attention to him.

🇸🇻 Bitfinex receives full license to issue Bitcoin Bonds in El Salvador🌋

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El Salvador is allowed to issue Bitcoin bonds. People will get many benefits from these bonds. They can buy a minimum of $100 in bonds. They also made Bitcoin the official currency. They use Bitcoin in business.
One day Bitcoin may achieve El Salvador's desired goal. Seeing their success, other countries will become more interested in Bitcoin. Slowly one day bitcoin will influence the whole world.

You are too quick to jump to conclusions, and you always average all conclusions that bitcoin adoption in el Salvador has the potential to fail. I do not blame it, because it is your right and opinion. But if you say that el Salvador has the potential to fail for the adoption of bitcoin, in my opinion it is too hasty a conclusion, because keep in mind, the adoption of bitcoin in El Salvador has just been more than a year, so it is certain that the impact has not been too prominent. and if you pay attention government of El Salvador seems to be very enthusiastic and very excited about this bitcoin adoption process, the proof is that it makes laws for digital assets.

source: https://finance.detik.com/fintech/d-6513674/pengguna-bitcoin-cs-di-el-salvador-diperjuangan-transaksi-makin-mudah

I believe all of this will have a good and positive impact on the continuity of the bitcoin adoption process in El Salvador. Because if the law has been passed and the people don't object to it, it means that it is very likely that many people in El Salvador agree with the decision.

🇸🇻 El Salvador has seen the most changes since Nayib Bukele was president. In particular, one of the areas that have changed is -
1. Population
2. Economy
3. Trade
4. Health
5. Education
6. Development
7. Labor Force
8. Environment
9. Crime
10. Immigration
11. Other

EL Salvador reported by population.
1. Population-
Chart and table of El Salvador population from 1950 to 2023. United Nations projections are also included through the year 2100.
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2. Economy
In terms of economy, El Salvador has progressed more than the previous years.
GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

3. Trade
External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars.


4. Health
Current expenditures on health per capita in current US dollars. Estimates of current health expenditures include healthcare goods and services consumed during each year. Healthcare has changed a lot since Nayib Bukele became president.


5. Education
Education rates are constantly increasing in El Salvador and they are making many strides in education. El Salvador did not have that much education rate before but since Nayib Bukele was the president, EL Salvador has been progressing in the field of education and technology.
Adult literacy rate is the percentage of people ages 15 and above who can both read and write with understanding a short simple statement about their everyday life.

6. Development
Poverty headcount ratio at $5.50 a day is the percentage of the population living on less than $5.50 a day at 2011 international prices. As a result of revisions in PPP exchange rates, poverty rates for individual countries cannot be compared with poverty rates reported in earlier editions.

7. Labor Force
Unemployment refers to the share of the labor force that is without work but available for and seeking employment.
But compared to the previous years, the unemployment rate is decreasing as time goes on. And El Salvador is advancing in various technological and economic fields. El Salvador has long been known to have one of the highest unemployment rates and people involved in various vices. and they were involved in various illegal activities and murders, mafia gangs etc. But now with such unemployment and dishonesty people are turning to economy and technology to advance their country.


8. Environment
Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.


9. Crime
Intentional homicides are estimates of unlawful homicides purposely inflicted as a result of domestic disputes, interpersonal violence, violent conflicts over land resources, intergang violence over turf or control, and predatory violence and killing by armed groups. Intentional homicide does not include all intentional killing; the difference is usually in the organization of the killing. Individuals or small groups usually commit homicide, whereas killing in armed conflict is usually committed by fairly cohesive groups of up to several hundred members and is thus usually excluded.
The number of illegal activities in El Salvador is constantly decreasing. Earlier, most of the people used to do illegal activities like torturing people in various ways. but Nayib Bukele reduced the rate of all these crimes after coming to the presidency. and EL Salvador is leading the way in development and technology and leading the country to progress with cryptocurrency in all areas.

10. Immigration

International migrant stock is the number of people born in a country other than that in which they live. It also includes refugees. The data used to estimate the international migrant stock at a particular time are obtained mainly from population censuses. The estimates are derived from the data on foreign-born population--people who have residence in one country but were born in another country. When data on the foreign-born population are not available, data on foreign population--that is, people who are citizens of a country other than the country in which they reside--are used as estimates. After the breakup of the Soviet Union in 1991 people living in one of the newly independent countries who were born in another were classified as international migrants. Estimates of migrant stock in the newly independent states from 1990 on are based on the 1989 census of the Soviet Union. For countries with information on the international migrant stock for at least two points in time, interpolation or extrapolation was used to estimate the international migrant stock on July 1 of the reference years. For countries with only one observation, estimates for the reference years were derived using rates of change in the migrant stock in the years preceding or following the single observation available. A model was used to estimate migrants for countries that had no data.


11. Other
Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are judged to be trained and equipped for military operations and military space activities. Such expenditures include military and civil personnel, including retirement pensions of military personnel and social services for personnel operation and maintenance; procurement; military research and development; and military aid (in the military expenditures of the donor country).
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