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El Salvador President Says Bill to Make Bitcoin Legal Tender Is ‘Simple – Short – Sweet’

source-logo  cryptoglobe.com  + 4 more 08 June 2021 14:08, UTC

On Monday (June 7), El Salvador President Nayib Bukele provided an update on the status on the proposed bill that Zap’s Jack Mallers — who helped with drafting the bill — announced at Miami’s Bitcoin 2021 conference last Saturday (June 5).

Welcome to the future 🇸🇻 #Bitcoin pic.twitter.com/j30vcZVXvJ

— Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021

During his talk, an emotional Mallers, who is the founder and CEO of Zap Solutions (a Bitcoin payments startup that uses the Lightning Network), showed a recorded message from President Bukele and read out a small passage from the proposed bill:

Mallers went on to say that his firm would be opening an innovations centre in El Salvador with the help of Blockstream.

Later that day, the El Salvador president went on Twitter to explain the motivation for this decision to make Bitcoin a form of legal tender in his country:

#Bitcoin has a market cap of $680 billion dollars.

If 1% of it is invested in El Salvador, that would increase our GDP by 25%.

On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.

— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021

He went on to say:

  • By using #Bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year.
  • Furthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy. Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.
  • We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance, potentially helping billions around the world.

The next day, President Bukele gave four reasons why crypto investors and entrepreneurs might want to consider moving to El Salvador.

1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs. https://t.co/j3eugJQCMd

— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021

And yesterday, he had the following update on the status of the proposed bill.

The #Bitcoin Bill proposal that we’ll send to Congress is almost ready.

Simple – Short – Sweet

🇸🇻

— Nayib Bukele 🇸🇻 (@nayibbukele) June 8, 2021

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Image by MichaelWuensch from Pixabay.com

cryptoglobe.com

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