Tag: El Salvador

While many countries have sped up their efforts to regulate cryptocurrencies following a crisis-filled 2022, most still lack a clear framework for the industry to build around. As cryptocurrencies continue to become a bigger part of the global economy, more and more governments are exploring ways to regulate the industry and construct rules for firms…

Technology innovations such as software programming, coding, apps and AI development, and computing and communications hardware manufacturing will be exempted from taxes in El Salvador. El Salvador, the first country to establish Bitcoin as a legal tender, made another historic decision to eliminate all taxes on technology innovations. The move runs parallel to the establishment…

El Salvador has recently hosted a conference of several dozen developing countries’ heads of financial departments. They discussed the digital economy, servicing the unbanked citizens, and the integration of cryptocurrency into the financial system. For several days, El Salvador welcomed representatives of central banks and economic authorities from 44 countries (32 heads of central banks…

A few months ago, El Salvador became the first country in the world to accept bitcoin as a legal tender. Everyone understood at the time that it would be a kind of experiment to show all the pros and cons of such a “financial revolution” in practice.  Today, we can take a look at the…

El Salvador announced the country is looking to exempt foreign investors from taxes on Bitcoin profits to encourage foreign investment. While “over half a million users” have registered in the country’s Chivo Bitcoin wallet, President Nayib Bukele said. According to Javier Argueta, the legal advisor to El Salvador’s President, the policy aims to encourage entrepreneurs…

In Venezuela’s economy, disrupted by hyperinflation and United States sanctions, cryptocurrency is a way to provide services and a tool to send remittances, protect wages from inflation and help businesses manage cash flow, Al Jazeera reported. Cryptocurrency in Latin America has attracted attention again in June after El Salvador adopted Bitcoin as legal tender. Its…