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Nayib Bukele says he wants to help enterprises accept El Salvador as a foundation since Bitcoin is tax-free.
Bitcoin (BTC) hodlers who wish to earn BTC tax-free will be helped to stay in El Salvador, according to the country’s president.
In a tweet on Monday, President Nayib Bukele said that his government would “help” settle foreign workers.
“We’ll help with this” El Salvador says
The declaration is one of several that have come unofficially from Bukele, who is now well-known for wanting to place El Salvador on a “Bitcoin standard.”
He informed the audience in a taped video address at last week’s Bitcoin 2021 conference in Miami that he will present a bill to lawmakers urging that Bitcoin be become legal cash.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021
Now, as part of his social media interactions with well-known bitcoin people, Bukele has hinted that people seeking to move to El Salvador for work will receive governmental help. Bitcoin income would be exempt from capital gains tax if it became legal money.
“We’ll help with this,” he said, arguing the subject with podcast presenter Stephan Livera.
Tu tienes Bitcoin? tu tienes residencia en el Salvador 😉 yo en cualquier momento caigo … 😅 https://t.co/drpnIQ1lAj
— MARCIANOTECH (@MARCIANOPHONE) June 6, 2021
In a separate tweet came promises of “immediate permanent residence for crypto entrepreneurs,” a move that spurred interest from figures such as Tron CEO Justin Sun and Binance CEO Changpeng Zhao, among others.
Bitcoin is becoming popular in Latin America.
Meanwhile, as previously reported, El Salvador’s proposal has prompted Paraguay to follow suit.
Similarly, using Twitter to publicise still-unofficial government intentions, one congressperson intimated that Asuncion would soon announce an agreement including PayPal.
This, too, was met with enthusiasm.
“Now Paraguay? The sovereign level game theory starting to take shape just like many have been talking about for years,” podcast host Preston Pysh responded.
Criticism has nonetheless come mixed with concern for El Salvador. The political structure of the country has worried some, while others believe that there would be international backlash over a Bitcoin standard.
Bukele, however, has already pledged to rise above external pressure.
“Some powerful interests will try to make this historical #Bitcoin move fail,” he wrote.
“They know what it means if it succeeds. It will.”
Plan B Passport, a dedicated service helping Bitcoin owners move to more appealing jurisdictions such as Portugal, has yet to add El Salvador to its list of destinations.