RE: BTC Is Now Legal Tender in El Salvador 06-09-2021, 09:23 PM
#2
The idea that businesses will be forced to accept the coins seems kind of outrageous to me, especially considering the state of the country I doubt many people are in a position to accept the coin and also just bite the bullet on the exchange rate every day. The remittance part will be nice for everyday workers abroad sending money home as it will be far faster though, especially considering it accounts for 25% of their GDP which is insane.
Seems to me though the key reason that this is being passed into law is more than likely the tid-bit where any crypto gains are exempt from capital gains taxes. I'm assuming a lot of the rich El Salvadorians are going to be milking crypto as their new tax haven/money laundering scheme that in some years goes +2000% while many citizens simply won't even have access to a wallet, further driving them into poverty. I suppose we'll see though.
Seems to me though the key reason that this is being passed into law is more than likely the tid-bit where any crypto gains are exempt from capital gains taxes. I'm assuming a lot of the rich El Salvadorians are going to be milking crypto as their new tax haven/money laundering scheme that in some years goes +2000% while many citizens simply won't even have access to a wallet, further driving them into poverty. I suppose we'll see though.


















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