Bitcoin has been dominating headlines in the last few weeks. This week, the government of El Salvador said it will offer a tax amnesty for people with bitcoin (BTC) who haven’t paid taxes on their cryptocurrency assets. However, this announcement has been met with mixed reactions from traders and analysts. Here is a round up of what people think.
El Salvador is the current hotbed for Bitcoin trading in Central America, and it looks like the country has done it again. Following a recent meeting, the Central Bank of El Salvador (BCE) announced that it would be issuing their own cryptocurrency to be used within the country and internationally. The country has been planning this for a while now, and as a result the Central Bank has issued a press statement on the matter. The full details of what they are announcing will be announced in the coming weeks, but the main thrust of the announcement is the intention for the new currency to be used by both individuals and businesses in the country.
The Central American country of El Salvador has announced that it will use bitcoin as official currency, with the goal of beating the U.S. dollar in value. The move comes after increasing interest in cryptocurrencies during the country’s presidential election, and follows a similar announcement by Philippines President Rodrigo Duterte last year. The central bank of El Salvador recently issued a report on bitcoin and other cryptocurrencies, concluding that, like all other financial assets, bitcoin is a speculative investment. While the report was published in June, it has received very little attention in the press since, and it is unclear how the Central Bank of El Salvador will implement its currency swap plan.While the announcement was hailed as one of the most important in bitcoin history, the market seems confused by the groundbreaking announcement that the current president of El Salvador will introduce a law to recognize bitcoin as legal tender. During a presentation on Bitcoin 2021 by Zap CEO Jack Mullers – developer of a previously little-known Lightning Network wallet app called Strike – Mullers showed a short video of El Salvador’s President Nayib Buquele announcing historic legislation by the leader of the world’s 104th largest economy. Strike is currently rated 3.2 out of 5 stars in the Google Play Store. Next week I will send a bill to Congress that will make bitcoin a legal tender, Bukele said in a video. Welcome to the future of #Bitcoin pic.twitter.com/j30vcZVXvJ – Nayib Bukele (@nayibbukele) June 5, 2021 Bukele, described as a strongman and autocrat, consolidated his power last month by dismissing five judges and the country’s attorney general. A recent post on Reddit, written by a self-proclaimed Salvadoran, describes the movement as popular with both Buquelet’s supermajority party and the general population. The move has been welcomed in bitcoin circles, with some suggesting that nation states would accept, unwind and hold the world’s largest digital asset as part of their national reserves. Bitcoin supporter Caitlin Long notes on Twitter that it could be a backdoor for banks to process and store BTC : 1/ ACT ON THE HISTORICAL DAY OF #bitcoin: The president of #ElSalvador has publicly expressed support for a bill to recognize #BTC as legal tender. When *if* it becomes law, it will have many side effects. Prepare yourself, because there could be a big fight coming up on this site https://t.co/BrrNxaLzpZ0. – Caitlin Long (@CaitlinLong_) June 6, 2021 Although the announcement garnered much applause at the conference, market reaction was slow. BTC was virtually unchanged in 24 hours and has lost 3.5% in 14 days. Part of this reluctance may be due to the fact that the exact nature of the ad is not clear. On Twitter, a self-proclaimed hacker pointed out that Strike is unreliable and can be censored, meaning that the introduction of BTC as legal tender will not be the anarcho-capitalist utopia some hadlers dream of. I tried to install Strike, an app that allows you to pay with bitcoins in El Salvador. It looks like it’s not turned on and held, which means they can freeze your account and money at any time. https://t.co/9wRD5w8DVo pic.twitter.com/wy6N1nIgp0 – Patrick Algjord (@patcito) 6. June 2021 Although it did not stir the markets, Buquelet noted in a recent tweet that the new policy could be a boon for many Salvadorans, especially the 70 percent of the population that does not have a bank account, regardless of the technicalities of implementation: Financial inclusion is not only a moral imperative, but also a means to grow a country’s economy by providing access to credit, savings, investment and safe transactions.In the wake of the Honduran government’s recent decision to permit access to Bitcoin for income without having to report to tax authorities, we’ve seen a flurry of activity from the crypto community in all corners of the world. Starting with the El Salvador Central Bank’s (CNB) announcement that they are mulling a similar move in the country, the community is buzzing with excitement at the possibility of using cryptocurrency to circumvent the country’s oppressive financial system.. Read more about strike bitcoin stock and let us know what you think.
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