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Search Results for: El Salvador

El Salvador Vaults $400 Million in Bitcoin: A Landmark Move?

The Central American nation of El Salvador, led by President Nayib Bukele, has ramped up its cryptocurrency reserves by transferring a staggering $400 million worth of Bitcoin (BTC) into a cold wallet. This significant maneuver, described by Bukele as “a big chunk,” marks a notable milestone in the country’s ongoing

March 16, 2024 2 mins read

El Salvador Drops Income Taxes on Foreign Investments

President Nayib Bukele of bitcoin-friendly El Salvador has done away with income taxes on foreign investments entering the country. Bukele stated in a post on X: “Congress has reformed our income tax law, for international investments and money transfers, dropping the rate from 30% to 0%,”  Since September 2021, when

March 13, 2024 2 mins read

Nayib Bukele Reelected in El Salvador. Win For Bitcoin?

President Nayib Bukele of El Salvador appears set to continue his presidency for another five-year term, with exit polls indicating an overwhelming lead shortly after voting concluded on Sunday. The outcome was widely anticipated, given Bukele’s substantial popularity and a significant lead in pre-election polls. “According to our numbers, we

February 5, 2024 2 mins read

El Salvador’s Volcano Bonds Secures Approval, Set for Q1 2024 Debut

The long-awaited Bitcoin bonds from El Salvador, dubbed “Volcano Bonds,” are reportedly set to emerge in early 2024, according to reports. A statement from The National Bitcoin Office (ONBTC) dated December 11th said that the Volcano Bond is expected to debut in the first quarter of 2024, after recently being

December 12, 2023 2 mins read

El Salvador Offers Citizenship on $1M Investment in Bitcoin or USDT

A new citizenship-by-investment scheme in El Salvador has been created. It offers a residence permit and a road to citizenship to 1,000 individuals who are ready to shell out $1 million worth of investment in the nation in Bitcoin or USDT. The cost of citizenship in the Bitcoin-friendly nation starts

December 8, 2023 1 min read

El Salvador’s President Nayib Bukele Steps Down Amidst Upcoming Re-election

Nayib Bukele, the president of El Salvador, has resigned from office to run for office again. He was the driving force behind the bill that made Bitcoin legal money in El Salvador. After receiving the green light from El Salvador’s legislative assembly, Bukele stepped down as president on December 1st.

December 2, 2023 1 min read

El Salvador’s Crypto Landscape Set To Soar With NAKA’s Self-Custodial Crypto Card (EMV)

 NAKA, the European fintech powerhouse, unveils the world’s first EMV-compatibleon-chain payment scheme and self-custodial card during the “Adopting Bitcoin 2023” conference in the capital. As the first country in the world to adopt Bitcoin as legal tender, nearly 70% of El Salvador’s population remains unbanked. The NAKA card seamlessly integrates

November 8, 2023 3 mins read

VanEck’s Strategy Advisor Foresees El Salvador as Key Financial Hub

Strategy consultant at investment management company VanEck, Gabor Gurbacs, believes that El Salvador may follow Singapore’s model and become a financial hub in the Americas. Gurbacs on a twitter post stated: “I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore

October 29, 2023 2 mins read

El Salvador’s Volcano Energy Launches First Local Bitcoin Mining Pool

The Volcano Energy initiative in El Salvador, in conjunction with Lava Pool and Luxor Technology, has built the country’s first local Bitcoin mining pool. Bitcoin-friendly El Salvador is planning to produce electricity from renewable sources to support future Bitcoin mining operations, and the country’s $1 billion renewable energy initiative grabbed

October 4, 2023 1 min read

El Salvador All Set To Include Bitcoin Education in Schools

El Salvador’s Ministry of Education collaborated with the non-profit group Mi Primer Bitcoin (MPB), to include Bitcoin teaching into the national curriculum by 2024. MPB’s founder, John Dennehy, has stated that the initiative is a Ministry of Education initiative. And that MPB is contributing to it together with Bitcoin Beach.

September 6, 2023 1 min read