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.
