El Salvador President Frees Taxes For Bitcoin Investors

President of El Salvador, Nayib Bukele (doc. Coindesk)

JAKARTA - President of El Salvador, Nayib Bukele became the center of world attention because of his decision to make Bitcoin a legal tender in his country.

Based on a Bitcoin News report, Bukele even revealed that the government will not tax any profits made by crypto investors in Paraguay. He also plans to provide permanent residency for crypto entrepreneurs who want to move to Latin American countries.

President Nayib Bukele has been in the media spotlight following his appearance in a video at the 2021 Bitcoin Conference taking place in Miami. Currently the government of El Salvador is working on the bill to make Bitcoin a transaction tool.

The absence of a capital gains tax makes crypto entrepreneurs and traders interested in moving their businesses to El Salvador. In response to this, the founder of Tron (TRX), Justin Sun revealed that his party would be the first crypto company to set up an office in the country. Sun commented on Bukele's post via his Twitter account.

In fact, President Bukele went further than the leaders of other countries. He said that his country could offer permanent residency for crypto entrepreneurs interested in investing in his country.

This is considered to make it easier for those who plan to build or introduce their company in El Salvador with a faster office building process and fewer requirements.

Bukele is said to have controlled 70 percent of the Legislative Council because his party had won the parliamentary elections. This suggests any bill that has his backing is likely to be implemented with a faster process.

Bukele intends to make El Salvador a cryptocurrency-friendly country. This decision is contrary to the attitude of other countries that suppress cryptocurrencies.

The United States and China have been pressuring crypto businesses with stricter regulations. El Salvador emerged as a crypto-adopting country and allowed crypto companies to set up offices in the country.

El Salvador's decision to adopt cryptocurrencies has led a number of other countries to consider adopting cryptocurrencies to drive their economies.

Recently, Paraguay is rumored to be following in El Salvador's footsteps. The representative of the Paraguayan National Congress stated that he would present the project to advance Paraguay as a leading country in world innovation.