Bitcoin News

Peter McCormack interview with the President

Peter McCormack interview with the President

Peter McCormack tweeted that he was honored to be invited to the El Salvadorian Presidential Palace. He met the president Nayib Bukele. They discussed several aspects of Bitcoin. Moreover, they also discussed volcano mining and various opportunities for the people of this great country. Peter says that the project is the real deal.

El Salvador bitcoin legalization

El Salvador is a small Central American coastal country. The country is the first in the world to make Bitcoin legal. Bitcoin got Parliament approval with a supermajority of 62 out of 84.

Let us explore what this means in the Indian context

The development in El Salvador changes little in terms of monetary calculations around cryptocurrencies in India. However, El Salvador has no economic policy of its own. Hence no local currency to protect. The country was officially dollarized in 2001.

The president Nayib Bukele

The country runs on the monetary policy of the US Federal Reserve. President Nayib Bukele, however, clarified that the dollar would continue to remain the dominant currency. He also said that Bitcoin and the dollar would exist side by side.

There is no capital gains tax for Bitcoin since it’s a legal currency. The President also tweets that they offer immediate permanent residence for crypto entrepreneurs.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.