What are the latest regulations for cryptocurrency in El Salvador?

4 answers

• Dec 30, 2021 · 3 years ago
  Sure! The latest regulations for cryptocurrency in El Salvador were introduced with the passing of the Bitcoin Law in September 2021. Under this law, Bitcoin was recognized as legal tender in the country. Individuals and businesses are now required to accept Bitcoin as a form of payment, alongside the US dollar. However, it's important to note that the use of Bitcoin is optional and individuals can choose to transact in other currencies if they prefer.
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• Dec 30, 2021 · 3 years ago
  The Bitcoin Law also establishes the Chivo Wallet, a government-backed digital wallet that allows Salvadorans to store and transact with Bitcoin. The government has provided $30 worth of Bitcoin to every citizen who downloads and registers on the Chivo Wallet. This initiative aims to promote the adoption and use of Bitcoin in everyday transactions.
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• Dec 30, 2021 · 3 years ago
  As for BYDFi, our digital currency exchange, we fully support the regulations set forth by the government of El Salvador. We have integrated the Chivo Wallet into our platform, allowing our users to easily buy, sell, and store Bitcoin. Our goal is to provide a seamless and secure experience for Salvadorans who wish to participate in the cryptocurrency market.
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• Dec 30, 2021 · 3 years ago
  In addition to recognizing Bitcoin as legal tender, the Bitcoin Law also exempts Bitcoin transactions from capital gains tax. This means that individuals who buy or sell Bitcoin will not be subject to taxes on their gains. However, businesses that receive Bitcoin as payment will need to comply with tax regulations and report their income accordingly.
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