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El Salvador

El Salvador Is Finally Set to Make Bitcoin an Official Currency

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El Salvador’s President Nyb Bukele announced the purchase of 400 bitcoins by the country’s authorities. The first transaction of 200 bitcoins was made on September 6, on the eve of the entry into force of the law on the legalization of cryptocurrency. Bukele also said brokers will buy more bitcoins shortly.

“El Salvador bought 200 new coins. We now hold 400 bitcoins,” wrote Bukele on his Twitter.

In early September, the Financial Commission of El Salvador’s Legislature approved a $150 million trust fund to support a plan to legalize bitcoin. The funds will also be used to pay bonuses in the amount of $30 in bitcoins, which citizens of the country will receive when activating the state crypto wallet Chiva.

In the summer of 2021, El Salvador passed a law recognizing Bitcoin as an official means of payment, along with the US dollar already used as the country’s currency. What is more,from September 7, prices in the country can be set in bitcoins, and taxes can also be paid in crypto. Bitcoin exchanges are not subject to capital gains tax.

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LATOKEN, an international cryptocurrency exchange and IEO platform with over 1.3 million users across the world.

It a leading crypto exchange, makes trading and payments easy and safe worldwide. LATOKEN brings trading and banking to blockchain technology to automate transaction processing and save billions of work hours per year. A single year after its initial launch, LATOKEN got over 850k downloads on Google Play and over 1 500 000 followers on socials. Entrepreneurs looking for funding can consider the LATOKEN IEO Launchpad. There are 240+ digital assets available for traders with the option to connect using RESTful or WebSocket APIs on the LATOKEN platform. In addition, LATOKEN is planning to launch its own NFT Marketplace.

LATOKEN does not provide investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like many other assets, cryptocurrencies are subject to high market risk. Please trade with caution.