El Salvador’s President Paves Way for Bitcoin Adoption

Pro-Bitcoin President of El Salvador, Nayib Bukele recently announced that he sent 52 legal reforms to Congress in an effort to create tax incentives, new security laws and citizenship in exchange for investments.

Known as a friendly country for the crypto community, El Salvador attracted global attention after the Central American nation accepted Bitcoin as legal tender in the region. Moreover, the country started accumulating Bitcoin in the second half of 2021.

Even after facing extreme criticism from international financial authorities like the IMF and the World Bank, Bukele continued its support for the world’s most dominant crypto asset. Additionally, the President of El Salvador announced tax benefits on Bitcoin holdings for foreign investors.

Through the latest reforms, Bukele aims to establish El Salvador as a hub for global crypto entrepreneurs. “I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc. The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom,” Bukele said.

Crypto Community

The international crypto community welcomed the latest announcement from Bukele and expressed their support for the adoption of Bitcoin in the region. “Nayib Bukele’s actions today are paving the way for El Salvador to become a future hub for the world’s talent and Bitcoin holders… time for a visit,” Richard Byworth, the Co-Founder and former CEO of Eqonex Group, said.

Last year, El Salvador’s economy witnessed strong growth despite some international pressure. The country’s GDP spiked by more than 10% in 2021.

“And now exports (the main driver of economic growth) grew 13% this January, compared to January 2021. Are we looking at another double-digit GDP growth this year? By the way, El Salvador never had a double-digit GDP growth before 2021,” Bukele added.