Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 82. (Read 43241 times)

Yes thank you. In this news, my attention was more drawn to the data on the improvement of the economic situation of El Salvador, on their success in the financial and tax spheres, and so on. This shows that there are enough experienced and smart people in the leadership of the country to be expected to be able to cope with the development of the bitcoin industry. The pessimism of the media in this regard just seems completely unexpected and unjustified, if based on their own analytics.

Things like that are commonplace, because all of that is a form of media imagery, so that more people are interested and ask questions.
don't get carried away by negative news, because everyone has a different mindset. there will always be a handful of people who hate bitcoin, even though bitcoin has a positive impact, there will definitely still be haters, because it is a natural system implemented by the almighty for this world, so that this world is stable and developing.

El Salvador is in the world's spotlight after adopting bitcoin as legal tender in the country. many media reported on it, many responses and many reactions were conveyed by these media. but most importantly, we as readers, don't focus too much on the author's personal opinion. the most important just read the main news (news content).

Based on the statistics available on the Crime rate statistics-El Salvador it is clear that the crime rate have increased during the year 2015 and from there it had decreased gradually. Many people using crime as a source of income is happening around, but the number have decreased. In the past when it is discussed about El Salvador people used to talk about the gangster culture and now this has changed. When it comes to El Salvador, everyone talk about tourism and bitcoin which too indicate the growth and the decline in the gangs that involve into criminal activities.

Prison never eliminate crime, and that reminds me about Lucky Dube song "I am a Prisoner", because of the crime rate in South Africa, the government promised not to build schools but only prisons yet the crime rate increasing day and night. What am I trying to say is that prisons never stop crime either it increases crime, because if the El Salvador government does not address poverty, hunger, unemployment there must be crimes in the country. Because many bad boys uses crime to survive and many of them even prefer to stay in the prison than the society because in the prison foods are provided, house are provided and they even make money in the prison than out . Crime is not hard to eliminate in the country if only the government fullfil all his promises then the rate of crime will drastically reduce.

The Financial Times published an article where it said that El Salvador has good economic indicators, it is successfully paying off obligations on bonds, but still the newspaper is trying to put it in a negative light because of bitcoins. This is despite the fact that they themselves note that the negative forecasts that predicted El Salvador's decline and default have not come true, and its credit ratings have grown. It seems that they will persist in their bitcoin hate to the last, no matter how well El Salvador develops.

I'm going to look into taking a trip to El Salvador this year, i would like to see how modernize the major city is new, and gauge whether the bitcoin city will be a vacation attraction or a place to possibly relocate.

Yes, it's how economy works: in one hand you cut taxes for some prospective branch and get less money to a country budget, but in another hand you get new companies which need some service, some goods, some employees, etc. And companies providing that pay taxes and start working better because of new clients. People who got a better job can afford more and but in the local shops which pay taxes, etc. When some work abroad and send money to families they pay fees to a cash transfer company, when they start using bitcoin instead of that and pay less fees they can spend more money (saved on fees) inside the country. If only one saves it gives a little impact, but when many save their money, get new jobs, get new clients, then economy grows better and there will be more taxes from some other sources than directly from technological companies.

of course nayib bukele planned all of this very carefully, by building the world's first bitcoin city, making el Salvador a special attraction. especially for bitcoiners, if the project is finished it is possible that many people will come there when the bitcoin city is finished.

a few months ago the bitcoin city design that will be made in el Salvador has also received an award by LOOP design awards in the field of architecture and interior design
reading source: https://blockchainmedia.id/design-kota-bitcoin-el-salvador-diganjar-penghargaan/

with this award it will certainly add to the interest and curiosity of the bitcoin city, hopefully everything goes for its development.
and hopefully bitcoin will continue to grow and become a digital asset/money that has a positive impact on this world.

According to this @Bitcoinbeach account on Twitter, El Salvador's Chivo wallet has been blocking transactions that are being received from Wasabi. I am not quite certain if this should be considered bowing to US pressure, however. It appears that they are being too quick on their assumption.



Breaking ⁦@chivowallet is flagging & freezing wallets who receive transactions from ⁦@wasabiwallet - apparently they are bowing to US pressure to thwart privacy-We talk about this & ⁦@beefbackbetter⁩’s quest 4 better beef in #ElSalvador

Source https://mobile.twitter.com/Bitcoinbeach/status/1642878147472527362



This is an interview on youtube where they talk and speculate about Chivo's decision. I will watch this
later and report.

https://m.youtube.com/watch?v=Ck_g1kWKAwc

meanwhile, the president of El salvador is raising over $1 billion to finance his Bitcoin city project.
what a smart move for a developing country.

Of course, this will take some time, and large companies will want to test for themselves how profitable El Salvador's offer is for their business. In addition, the bill affects a fairly large industrys, from software to the development of AI. Therefore, the prospect for the development of the economy of El Salvador is very large.

You are right, in the end it can become an avalanche effect, after a few pioneers who decide to be the first, if everything is really so positive, then a lot of companies will want to benefit from loyalty in taxation. But let's not get ahead of ourselves, there is still a lot of work to be done to realize this great idea.

I was considering how much tax El Salvador will lose from this policy when implemented. The country needed all the income it can get because every sector of its economy is going through a positive resolution. But @Jay just opened up an important advantage of this policy. Bukele's policies on Bitcoin and other ICT facilities have attracted companies like VISA investing about $270 million in three countries which includes El Salvador. MasterCard has the plan to support more than one million, OfficePartners360, Pronto BPO, and Worldwide Call Centers all have large operations in El Salvador.

All these investments will create massive job opportunities and other local businesses will also partner with these international companies which will lead to the transfer of technology and skills.




https://www.bizlatinhub.com/el-salvador-tech-industry-no-taxes-on-software-hardware-and-ai-development/

Removing all income taxes to the technology company tax is really a very brave step made by the Nayib President, there is a high probability that this will make the investment in technology company flood to El Salvador.  reportedly congress is still evaluating this submission and it will soon be ratified if it has passed.

Why do you use this expression:  "El Salvador's president has appointed two US crypto investors to lead it."

Seems pretty lame to be characterizing Max Keiser and Stacy Herbert as two "crypto investors" when we are talking about bitcoin - because that dumb ass "crypto" descriptor is vague and carries baggage... so why say it like that?


Surely it does not take too much creative thinking to be able to realize that taxes are not being completely eliminated, but only reduced or eliminated in various sectors that are being named that relate to bitcoin innovation (and perhaps some related technological innovation in order to have some broader appeals), and so if there is some success (or even a lot of success) in terms of attracting certain businesses (bitcoin related and/or technological related) to come to the country, then there are likely known (or at least hypothesized) snowballing effects that take place in which new business ends up attracting ancillary businesses too.. and so even if their might be some costs that are involved when tax breaks are given to some businesses, whatever those extra costs might be can be made up by the increased tax revenues that would end up coming into the country through ancillary businesses... that is so long as there is some level of success in terms of attracting the businesses and that the businesses are seeing that the practices match the words.. because surely as some members have already mentioned (in this thread) that it can take a bit of time for businesses to develop some confidence that the rule of law is going to hold or that they are not going to end up getting rug pulled, so even if El Salvador is making promises, there could be situations in which the promises do not end up materializing into a sufficient amount of concrete an meaningful follow through.. which then ends up interferring with any kind of development momentum because some BIG name businesses end up either not entering the space or they end up leaving the space.

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El Salvador has introduced a 0% tax on cryptocurrency transactions under the current bold President Nayib Bukele Nayib Bukele will have his name written in gold letters for this bold move as El Salvador exists as the first tax-free city in history. The demand of entrepreneurs for tax exemption has increased because other countries in the world are not tax exempt. That's why the demand for crypto entrepreneurs is currently the highest in the city of El Salvador.

The idea is good, although it may seem that El Salvador will not benefit from this, since the treasury will not receive taxes from this business, but Bukele sees this as a different benefit, it will still bring money into the country and improve the state of the economy as a whole. If we are talking about the fact that many scammers use cryptocurrency for their crimes, then I can say the same about fiat money.

Bukele is a man of ideas and I can imagine how difficult it is for him to promote this idea, but in the end it is the dreamers who are able to change the future. I understand that a person who will not be so loyal to bitcoin can take the place of Bukele, but by then he needs to build a system so that everyone sees the benefits from it, both for tourism and for the economy.

In fact, I was very happy when El Salvador first adopted Bitcoin as legal tender. So I always hope that Nayib Bukele always innovates to make their program a success. This is because El Salvador will inspire many countries around the world that Bitcoin is not dangerous or even profitable.

Actually, I am also happy to see this news, it means that they are able to survive without the help of the IMF and pay off debt. Indeed, there is not much news I get about El Salvador right now. But today I got news if they created a National Bitcoin Office. El Salvador's president has appointed two US crypto investors to lead it. 

Source: https://english.elpais.com/international/2023-04-02/crypto-evangelists-enter-the-bukele-government-the-dark-business-of-bitcoin-in-el-salvador.html

News reports on whether or not El Salvador will implement a free tax on technological innovation for cryptocurrencies. This will depend on a careful balance and assessment of potential risks and benefits. There are pros and cons to the idea of ​​a free tax to encourage greater adoption of innovative crypto technologies. but there are many loopholes to tax-free innovation of crypto technology. As in this concept, cryptocurrency is most commonly used by criminals for various illegal purposes and misuse of crypto and various illegal activities for money laundering and other illegal activities. But Nayib Bukele's idea of ​​a free tax on technology innovation for crypto has many advantages. Nayib Bukele for inventing this idea thinks it will encourage space and all kinds of business. and will increase EL Salvador's economic and global standards and lead to prosperity...
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Stanford University study found that many citizens living in El Salvador have relatives living in different countries. They send huge amount of remittance every year. In 2021, citizens of El Salvador from abroad sent 6 billion dollars in remittances, which is about 22 percent of their total GDP. But the most important point is that the remittance fee for this money transfer is almost 50 percent in some cases. This is certainly not a simple issue and considering the importance of the matter, the Government of El Salvador has taken a logical decision to adopt bitcoin. Gradually people will now be encouraged to set up their businesses in El Salvador.

We see that crypto projects which want to stay in a legal field usually choose very few countries where there is at least some crypto legislation. So El Salvador can attract startups and exchanges in this field being known bitcoin friendly country. Of course carving out a new niche in the economy is risky but is some of startups succeed it can give additional impetus for economy development of not too huge country. Anyway for me bitcoin and innovations sound connotative and I think that not only for me, so I hope some other IT companies will choose El Salvador as well.