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HomeBitcoin NewsEl Salvador Continues to Make Big Bitcoin Waves

El Salvador Continues to Make Big Bitcoin Waves

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El Salvador is really gaining traction as a leading bitcoin haven.

El Salvador was Smart to Implement Bitcoin

Not long ago, professional surfer Kelly Slater commented on social media:

The government has really put an emphasis on surfing (and bitcoin).

A crypto winter and bear market were both responsible for bitcoin shedding quite a bit of value in 2022, and while we’re not entirely out of the woods yet, El Salvador continues to gain a lot of talent and business in terms of bitcoin companies that want to make the Central American nation the land of their homes.

El Salvador has made a partner out of Fold, for example, a bitcoin rewards app. That company is now working hand in hand with Visa to help boost crypto payment options throughout Central and South America. Will Reeves, the CEO of Fold, explained in a recent interview:

El Salvador really was the shining option for us there. There was no second-best option. Bukele has announced and implemented some very serious benefits to entities operating out of El Salvador. Not only protections, but incentives that are almost unmatched and especially unmatched in North America, Central America, and South America.

U.S. ambassador to El Salvador Milena Mayorga also threw her two cents into the mix, claiming that the notions of bitcoin have attracted huge investments into the country thanks to the fact that crypto is now getting integrated into the nation’s politics.

For example, in April of this year, a new law was developed for crypto and tech companies. These businesses become exempt from both income and capital gains taxes for 15 years granted they invest funds into the nation’s infrastructure. Mayorga said:

Every day, companies are calling us here at the embassy to ask us how they can transfer their operations. We try to get rid of the bureaucracy. We try to accompany them in different meetings, according to the needs of each company.

Stacy Herbert – an advisor with Bitcoin Office – further mentioned that forming crypto companies in nations like El Salvador is quite easy, and the group is considering setting up shop there as a means of avoiding all the red tape and other troubles that come with the current U.S. landscape. She stated:

Company formation is also a lot easier now, as is the process of returning or moving to El Salvador with the removal of red tape and taxes.

So Many People Want to Move There

According to Mayorga, several Americans are also looking to make their homes in the nation she represents. She says the country can offer them a lot of benefits and mentioned:

Many North Americans are asking for Salvadoran citizenship, and it’s one of the greatest interests worldwide. How can they obtain a residence or citizenship; how can they become Salvadoran.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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