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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