{"id":555734,"date":"2021-06-07T15:36:26","date_gmt":"2021-06-07T19:36:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=555734"},"modified":"2021-06-07T15:36:30","modified_gmt":"2021-06-07T19:36:30","slug":"el-salvador-seeks-to-adopt-bitcoin-as-legal-tender","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/el-salvador-seeks-to-adopt-bitcoin-as-legal-tender\/","title":{"rendered":"El Salvador Seeks To Adopt Bitcoin As Legal Tender"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fel-salvador-seeks-to-adopt-bitcoin-as-legal-tender%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=555734&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-887657568-1200x800-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>El Salvador is attempting to become the first nation to use bitcoin as legal tender.<\/span><\/p>\n<p><span>President Nayib Bukele announced that he would submit a bill to the Salvadoran legislature \u2014 which his \u201cNuevas Ideas\u201d party presently controls \u2014 to make the cryptocurrency a valid medium of exchange in the small Central American nation.<\/span><\/p>\n<p><span>As a cryptocurrency, bitcoin is neither managed by a central government nor tethered to a commodity such as gold or silver. It is transmitted digitally and protected from counterfeiting via encryption.<\/span><\/p>\n<p><span>\u201cNext week, I will send to Congress a bill that will make bitcoin a legal tender in El Salvador,\u201d said Bukele in a video debuted at the Bitcoin 2021 conference in Miami. \u201cThis will generate jobs and help provide financial inclusion to thousands outside the formal economy.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"4.9075630252101\">\n<p lang=\"en\" dir=\"ltr\">Welcome to the future \ud83c\uddf8\ud83c\uddfb <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/j30vcZVXvJ\">pic.twitter.com\/j30vcZVXvJ<\/a><\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1401327906178191366?ref_src=twsrc%5Etfw\">June 5, 2021<\/a><\/p>\n<\/blockquote>\n<p><span>Bukele later announced that the nation would not charge capital gains taxes on bitcoin and offer \u201cimmediate permanent residence for crypto entrepreneurs.\u201d&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"11.39367816092\">\n<p lang=\"en\" dir=\"ltr\">1. Great weather, world class surfing beaches, beach front properties for sale.<br \/>2. One of the few countries in the world with no property tax.<br \/>3. No capital gains tax for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, since it will be a legal currency.<br \/>4. Immediate permanent residence for crypto entrepreneurs. <a href=\"https:\/\/t.co\/j3eugJQCMd\">https:\/\/t.co\/j3eugJQCMd<\/a><\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1401622548396314631?ref_src=twsrc%5Etfw\">June 6, 2021<\/a><\/p>\n<\/blockquote>\n<p><span>El Salvador is one of a few countries \u2014 such as Ecuador and the Federated States of Micronesia \u2014 to use the United States dollar as their official currency. Other countries \u2014 such as Panama and Belize \u2014 peg the value of their own currencies against the dollar. Upon passage of the legislation, El Salvador would continue to use the dollar alongside bitcoin.<\/span><\/p>\n<p><a href=\"https:\/\/www.forbes.com\/profile\/jack-mallers\/?sh=2d06568ed4ca\"><span>Jack Mallers<\/span><\/a><span> \u2014 CEO of bitcoin wallet company Zap \u2014 stated during the conference that his firm had been improving El Salvador\u2019s GDP \u201cin real time\u201d by helping citizens join the platform.<\/span><\/p>\n<p><span>\u201cOver 70% of the active population in El Salvador doesn\u2019t have a bank account,\u201d explained Mallers. \u201cThey\u2019re not in the financial system. They had a huge problem of financial inclusivity and providing their citizens with basic human freedom.\u201d<\/span><\/p>\n<p><span>More than 20% of economic activity in El Salvador is driven by <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/06\/05\/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html\"><span>remittances<\/span><\/a><span> \u2014 funds sent home by migrant workers that are often subject to large international transfer fees. Mallers stated that bitcoin would help Salvadorans keep more of their wages.<\/span><\/p>\n<p><span>In a particularly emotional portion of the speech, Mallers informed his audience that he had been helping officials in El Salvador to develop legislation \u201cto help these people, to give them hope, to give them a quality of life and that you can live where you\u2019re born in \u2014 you don\u2019t have to leave, and when you send money home, they\u2019re not going to take f*cking half of it.\u201d<\/span><\/p>\n<p><span>Reading aloud from a draft of the legislation, Mallers also emphasized that bitcoin is decentralized from fiat currencies \u2014 such as the dollar.<\/span><\/p>\n<p><span>\u201cCentral banks are increasingly taking actions that may cause harm to the economic stability of El Salvador,\u201d reads the bill. \u201cIn order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria.\u201d<\/span><\/p>\n<p><span>Indeed, the inflation rate for the dollar has <\/span><a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-highest-levels-since-great-recession-follows-disastrous-jobs-report\"><span>surged<\/span><\/a><span> in the wake of aggressive quantitative easing from the Federal Reserve \u2014 the central bank of the United States \u2014 and massive federal spending proposals from the Biden administration.<\/span><\/p>\n<p><span>At the time of publication, the price of bitcoin is roughly $35,000. The cryptocurrency traded for over $60,000 in April.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador is attempting to become the first nation to use bitcoin as legal tender.President Nayib Bukele announced that he would submit a bill to the Salvadoran legislature \u2014 which &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1891862,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-555734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/555734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=555734"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/555734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1891862"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=555734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=555734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=555734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}