Cryptocurrency Entrepreneurs to Get Permanent Residency: El Salvador President Nayib Bukele
Bitcoin investors won’t face any capital gains tax, immediate permanent residency for cryptocurrency entrepreneur. El Salvador President Nayib Bukele’s incentives for the crypto community has attracted attention from investors and entrepreneurs.
Retweeting cryptocurrency entrepreneur Justin Sun’s tweet, “Crypto investors and entrepreneurs will start to move to El Salvador!”, President Bukele listed out four perks and benifits, especially for the cryptocurrency community, for those who move to El Salvador. The other reasons include the absence of property tax as well.
The tweet comes after President Bukele stated that El Salvador will be making the cryptocurrency a legal tender. This will make it the first country 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.
Consequences of El Salvador’s decision on Cryptocurrency
If President Bukele’s aims to make Bitcoin an official currency were to be successful. It would also secure his promise of there being no capital gains tax on the cryptocurrency. It would no longer be simply an asset but an official national currency of El Salvador. A move like this is expected to create major waves in the global economic framework.
President Bukele’s tweet received an enthusiastic response from investors and entrepreneurs. From cryptocurrency platform Tron founder Justin Sun, and Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance.
While Sun tweeted “Amazing! Packing now!”, Zhao posted a GIF of Mickey Mouse packing clothes into a trunk, with the caption “Enticing.”
El Salvador’s decision comes as a welcome comfort to the cryptocurrency community, especially after China recently bannedChinese banks and financial institutions from offering any service regarding cryptocurrency transactions.