Archives for: January 12th, 2023

El Salvador approves new law to offer cryptocurrency-based bonds

Written by: ( January 12, 2023 )

El Salvador has approved a new special bond backed by Bitcoin called the “Volcano Bond.” The objective is to pay the sovereign debt and finance the construction of the so-called Bitcoin City. The project was approved with 62 votes in favor and 16 against. Following the approval,  El Salvador’s National Bitcoin Office announced the approval […]

El Salvador to buy one Bitcoin a day starting Friday

Written by: ( November 17, 2022 )

On Thursday, Nayib Bukele, the president of El Salvador, said that his country would start purchasing one Bitcoin (BTC) per day starting tomorrow, Friday, November 18. This announcement comes as cryptocurrencies are under constant price pressure due to a liquidity crisis on the crypto exchange FTX. In a tweet, Bukele confirmed the purchase, coming at […]

El Salvador neighbor of Honduras now has its own cryptocurrency city

Written by: ( August 1, 2022 )

Honduras has launched a “Bitcoin Valley” in Santa Lucia, a popular tourist destination. It is a way to promote more tourism, and 60 businesses will initially offer the payment option. The move comes following El Salvador’s creation of a cryptocurrency city and as the two countries, along with Guatemala, discuss becoming a single country. The […]

14% of businesses in El Salvador have used cryptocurrency in the past year

Written by: ( March 21, 2022 )

According to a survey conducted by the Salvadoran Chamber of Commerce, El Salvador’s retail industry is slowly adopting Bitcoin (BTC). This is despite the fact that the country recognized the digital asset in September 2021 as legal tender. 14% of the 337 companies that were surveyed between January 15 and February 9, said they have […]

El Salvador takes advantage of Bitcoin slip to make huge purchase

Written by: ( November 29, 2021 )

Nayib Bukele, President of El Salvador, purchased the Bitcoin (BTC) dip again and invested more than $5 million in Bitcoin, as the price fell below $54,000 on Friday. El Salvador’s president tweeted Friday that he purchased 100 BTC after a global market selloff due to the discovery of a COVID-19 variant in South Africa. Data […]

El Salvador’s Bitcoin City close to being inaugurated

Written by: ( November 22, 2021 )

El Salvador is still leading the Bitcoin (BTC) adoption drive. President Nayib Bukele announced the launch of Bitcoin City. It will be funded initially with $1 billion in Bitcoin bonds. Bitcoin City will be developed with the active participation of prominent crypto companies such as Bitfinex and Adam Back’s Blockstream. Bukele announced the initiative at […]

Protestors set cryptocurrency ATM on fire in El Salvador

Written by: ( September 16, 2021 )

Bitcoin opponents and those fighting the approaches of El Salvador President Nayib Bukele have obliterated a cryptocurrency ATM in the country’s capital city. Media source Teleprensa and others posted recordings via social media showing a Chivo-supported teller in San Salvador consumed by flames in the midst of a horde of columnists and dissenters on Wednesday. […]

Cryptocurrency investors won’t pay capital gains tax in El Salvador

Written by: ( September 13, 2021 )

El Salvador will purportedly absolve financial investors from paying capital gains and income taxes on Bitcoin (BTC), per official legal guidance. Javier Argueta, a legal counsel to President Nayib Bukele, is hoping to empower foreign investment through significant tax cuts on BTC, according to French media outlet Agence France-Presse. In the event that an individual […]

El Salvador appears ready to embrace Bitcoin as legal tender

Written by: ( June 7, 2021 )

During the Bitcoin 2021 conference last week, the president of El Salvador, Nayib Bukele, made an appearance. Not in person, but through a recorded video message that has the cryptocurrency community busy trying to figure out what’s next. Bukele announced that El Salvador could soon pass legislation that would make Bitcoin (BTC) legal tender in […]