{"id":9772,"date":"2021-09-13T11:03:07","date_gmt":"2021-09-13T10:03:07","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9772"},"modified":"2021-09-13T11:03:12","modified_gmt":"2021-09-13T10:03:12","slug":"el-salvador-to-exempt-bitcoin-investors-from-paying-tax","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvador-to-exempt-bitcoin-investors-from-paying-tax\/","title":{"rendered":"El Salvador to exempt Bitcoin investors from paying tax"},"content":{"rendered":"\n
El Salvador<\/a> is attempting to attract foreign investment by significantly reducing the tax on Bitcoin trading.<\/h5>\n\n\n\n
\"El<\/figure>\n\n\n\n

According to a presidential legal counsel, El Salvador's government\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> will exempt investors from capital gains and income taxes on Bitcoin (BTC).<\/p>\n\n\n\n

As stated by Agence France-Presse, Javier Argueta, a legal adviser to President Nayib Bukele, is seeking to encourage foreign investment through significant tax breaks on Bitcoin<\/a>. \u00a0<\/p>\n\n\n\n

\u201cIf a person has assets in Bitcoin<\/a> and makes high profits, there will be no tax. This is done obviously to encourage foreign investment,\u201dArgueta explained, adding that El Salvador will not tax \u201ceither capital growth or income.\u201d<\/p><\/blockquote>\n\n\n\n

Argueta reportedly stated that the Salvadoran government would actively monitor Bitcoin transactions on El Salvador's official Bitcoin wallet, Chivo, in order to combat potentially illegal cryptocurrency use. <\/p>\n\n\n\n

\u201cWe are implementing a series of anti-money laundering recommendations from international institutions,\u201d he explained.<\/p>\n\n\n\n

Additionally, if the value of Bitcoin collapsed, the Chivo wallet would temporarily halt Bitcoin transactions on the application to mitigate the impact of extreme volatility or price fluctuations.<\/p>\n\n\n\n

El Salvador became the world's first country to adopt Bitcoin as legal tender on Tuesday, requiring all local merchants to accept BTC as payment.<\/p>\n\n\n\n

El Salvador, in collaboration with global companies such as Bitso<\/a> cryptocurrency exchange and Silvergate Bank, launched the official Bitcoin wallet Chivo.<\/p>\n\n\n\n

This enables users to convert BTC transactions into US dollars or withdraw using a special ATM<\/a> without incurring transaction fees.<\/p>\n\n\n\n

As previously reported, the Chivo wallet<\/a> was temporarily unavailable on launch day for maintenance. <\/p>\n\n\n\n

According to multiple social media reports, some Chivo wallet users are reportedly still experiencing significant difficulties transacting or withdrawing from the crypto wallet following El Salvador's fix last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

El Salvador is attempting to attract foreign investment by significantly reducing the tax on Bitcoin trading. According to a presidential legal counsel, El Salvador’s government will exempt investors from capital gains and income taxes on Bitcoin (BTC). As stated by Agence France-Presse, Javier Argueta, a legal adviser to President Nayib Bukele, is seeking to encourage […]<\/p>\n","protected":false},"author":13,"featured_media":9773,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,4371,4305,2239],"class_list":["post-9772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-investors","tag-chivo-wallet","tag-crypto-wallet"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-124.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9772"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9773"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}