• Home
  • News
  • AMA’s
  • Calendar
  • Tutorials
  • Videos
  • Advertising
  • Contact Us
  • Disclaimers
    • Careers
    • About BSCTimes
    • Privacy Policy
    • CCPA
    • DMCA
    • Terms of Use

Featured Articles

Press Releases

Win Prizes for Hockey Bets in a New 1xBit Tournament!

May 13, 2022By BSCTimes4 Mins Read
News

Dubai License Expands Binance MENA Presence

May 13, 2022By BSCTimes1 Min Read
Press Releases

TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas

May 11, 2022By BSCTimes2 Mins Read
News

Venus Finds its Way Back to the Top

May 10, 2022By BSCTimes2 Mins Read

Subscribe for Updates

Get the latest cryptocurrency news, information and updates.

Tuesday, May 17
Latest
  • Win Prizes for Hockey Bets in a New 1xBit Tournament!
  • Dubai License Expands Binance MENA Presence
  • TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas
  • Venus Finds its Way Back to the Top
  • BNB Chain Announces Opera’s Crypto Browser Integration, Giving Opera Users Access to Its dApp Ecosystem
  • Binance Receives Unregistered Trading Warning from Canada
  • PancakeSwap is First Project to Launch on Binance Mini-Program
  • A Good Week for Binance Regulations
  • ApeSwap Introduces Treasury Bills
  • Fortress Sees 100% Price Spike
Twitter YouTube Reddit RSS
BSC🔶Times BSC🔶Times
Switch to PolygonTimes
  • Home
  • News
  • AMA’s
  • Tutorials
  • Token Prices
  • Get In Touch
    • About BSCTimes
      • Contact Us
      • Careers
    • Advertising
      • Press Kit
    • Publisher Center
      • Cart
      • Checkout
    • Disclaimers
      • Cookie Policy
      • Privacy Policy
      • CCPA
      • DMCA
      • Terms of Use
BSC🔶Times BSC🔶Times
Home»News»General Market News»Foreign Investors’ Bitcoin Profits Tax-Free: El Salvador
General Market News

Foreign Investors’ Bitcoin Profits Tax-Free: El Salvador

Ranjan YadavBy Ranjan YadavSeptember 17, 20213 Mins Read
bitcoin illustration
Share
Reddit Twitter Email Facebook

No tax payable by foreign investors on their Bitcoin capital gains in El Salvador

El Salvador Bitcoin

El Salvador literally translates to “The Saviour.” As for the cryptoverse, El Salvador rather resonates to being “the Crypto Saviour.” A recent law pertaining to making Bitcoin El Salvador’s “legal tender” gave a fitting answer to crypto sceptics globally. Javier Argueta’s (President’s legal adviser) announcement on tax-free Bitcoin profits for foreign investors in El Salvador is delighting bitcoiners.

In a recent interview given to AFP, Argueta quotes the following:

If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment. There will be no taxes to pay on either the capital increase or the income.

The decision to make foreign investors’ Bitcoin capital gains tax-free in El Salvador intends to invite foreign capital. While the current capital gains tax in El Salvador is net profits’ 10%, securities are taxable, as well. 

Bitcoin Law

The Bitcoin Law’s (the Law) Article 5 mentions specifically that capital gains tax won’t be attracted by bitcoin exchanges. Although, the Law doesn’t state exemptions, if any, for foreign industries, businesses, or traders. Incentives for companies to establish their base in El Salvador are planned. President Nayib Bukele has expressed great inclination towards developing services surrounding Bitcoin, fuelled by foreign capital.

Note that no executive order has been passed yet to support Argueta’s statements. An air of contradiction flows as the President seems to be having a notion that using Bitcoin will be optional. Whereas the Bitcoin Law specifies that accepting Bitcoin will be mandatory.

Bitcoin Concerns

Concerns of policymakers and regulators have emerged for Bitcoin’s national usage, so also have fears of the people. These pertain to volatility, price inflation impact (given the unemployment and security issues), and its illegal (money laundering, drug trafficking and arms’ financing) use. Although the government is keenly implementing international institutions’ anti-money laundering suggestions.

Protests took place against BTC as a legal tender in El Salvador wherein a Bitcoin ATM was burned, BBC reports. These stem from the fears of “instability and inflation” in the protestors. Protesters don’t understand the benefits to Salvadorians working abroad using remittances to send Bitcoin home. On the 200th anniversary of El Salvador’s independence, capital San Salvador saw placards reading “No to Bitcoin” and “Respect the Constitution.”

Businesses Start Accepting Bitcoin

McDonalds, though, has begun accepting Bitcoin as a payment mode in El Salvador. Bitcoin, as a legal tender, would give for the first time ever a bank access to many Salvadorians.

Join @BSCTimes on Telegram
bitcoin El Salvador Foreign Investors Tax Free

Related Posts

News

A Lawsuit May Determine Who is Behind the Invention of Bitcoin

March 24, 2022By BSCTimes
Read More
News

$100 of BTC Stashed Away for 100 Years

March 16, 2022By BSCTimes
Read More
Press Releases

1xBit Presents the BIG 5 Betting Competition with Amazing Prices

February 3, 2022By BSCTimes
Read More

Comments are closed.

en English
af Afrikaanssq Shqipam አማርኛar العربيةhy Հայերենaz Azərbaycan dilibe Беларуская моваbn বাংলাbg Българскиca Catalàzh-CN 简体中文zh-TW 繁體中文hr Hrvatskics Čeština‎da Dansknl Nederlandsen Englisheo Esperantotl Filipinofi Suomifr Françaiska ქართულიde Deutschel Ελληνικάgu ગુજરાતીht Kreyol ayisyeniw עִבְרִיתhi हिन्दीhu Magyaris Íslenskaig Igboid Bahasa Indonesiaga Gaeligeit Italianoja 日本語kn ಕನ್ನಡko 한국어ku كوردی‎lo ພາສາລາວla Latinlv Latviešu valodalt Lietuvių kalbalb Lëtzebuergeschmk Македонски јазикms Bahasa Melayuml മലയാളംmr मराठीmn Монголmy ဗမာစာne नेपालीno Norsk bokmålps پښتوfa فارسیpl Polskipt Portuguêspa ਪੰਜਾਬੀro Românăru Русскийsm Samoansr Српски језикsd سنڌيsk Slovenčinasl Slovenščinaso Afsoomaalies Españolsu Basa Sundasw Kiswahilisv Svenskata தமிழ்te తెలుగుth ไทยtr Türkçeuk Українськаur اردوuz O‘zbekchavi Tiếng Việtcy Cymraegyi יידישyo Yorùbázu Zulu

Featured Articles

Press Releases

Win Prizes for Hockey Bets in a New 1xBit Tournament!

May 13, 2022By BSCTimes
News

Dubai License Expands Binance MENA Presence

May 13, 2022By BSCTimes
Press Releases

TCG World partners with Shark Tank backed Jigsaw Puzzle International Convention (JPiC) to co-host The Metaverse Expo 2022, Las Vegas

May 11, 2022By BSCTimes
News

Venus Finds its Way Back to the Top

May 10, 2022By BSCTimes
BSC🔶Times
  • Homepage
    • News
      • AMA’s
        • Tutorials
  • BSCT Twitter
    • BSCT YouTube
      • BSCT Telegram
        • BSCT Reddit
          • BSCT Google News
  • Advertising
    • Publisher Center
      • Checkout
        • Cart
  • Disclaimers
    • Privacy Policy
      • Cookie Policy
        • Terms of Use
  • About BSCTimes
    • Contact Us
      • Press Kit
Copyright © Crypto Times Network 2022. All Rights Reserved.
BSCTimes.com | PolygonTimes.com

Type above and press Enter to search. Press Esc to cancel.