Bitcoin traders will not face any capital positive aspects tax, fast everlasting residency for cryptocurrency entrepreneurs — El Salvador President Nayib Bukele’s incentives for the crypto group has attracted consideration from traders and entrepreneurs alike, following his latest announcement to make Bitcoin a authorized tender within the nation. Retweeting cryptocurrency entrepreneur Justin Sun’s tweet, “Crypto traders and entrepreneurs will begin to transfer to El Salvador!”, President Bukele listed out four perks and privileges, especially for the cryptocurrency community, for those who wish to move to El Salvador. The other reasons include the absence of property tax as well as “nice climate, world class browsing seashores, seashore entrance properties for sale.”
The tweet comes a pair days after President Bukele introduced that El Salvador will likely be making the cryptocurrency a authorized tender. This will make it the primary nation to be accepting Bitcoin as a legal national currency. At the time of writing, Bitcoin price in India stood at over Rs. 24.14 lakhs.
If President Bukele’s ambitions to make Bitcoin an official currency were to be successful, it would also ensure his promise of there being no capital gains tax on the cryptocurrency, since it would no longer be simply an asset but an official national currency of El Salvador. A move like this is anticipated to create major waves in the global economic framework.
1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs. https://t.co/j3eugJQCMd— Nayib Bukele ???????? (@nayibbukele) June 6, 2021
President Bukele’s tweet received an enthusiastic response from investors and entrepreneurs like cryptocurrency platform Tron founder Justin Sun, and Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance.
Amazing! Packing now! pic.twitter.com/rTw99zhANz
— Justin Sun ???? (@justinsuntron) June 7, 2021
While Sun tweeted “Amazing! Packing now!”, Zhao posted a GIF of Mickey Mouse packing clothes into a trunk, with the caption “Enticing.”
Enticing. ????⛱️ pic.twitter.com/c7mvu07v7R
— CZ ???? Binance (@cz_binance) June 7, 2021
El Salvador’s decision comes as a welcome relief to the cryptocurrency community, especially after China recently banned Chinese banks and financial institutions from offering any service concerning cryptocurrency transactions.
Closer home, the Reserve Bank of India recently clarified that the April 2018 circular is no longer valid following the Supreme Court order on March 4, 2020.
In the April circular, lenders regulated by the RBI were banned from “offering any service in relation to digital currencies together with these of switch or receipt of cash in accounts referring to the acquisition or sale of digital currencies.”
