Nayib Bukele – the Bitcoin-bullish President of El Salvador – has predicted that the central banking model of today’s western economies will eventually give way to a more trustworthy, decentralized system. In an interview with Tucker Carlson that aired on Tuesday, Bukele criticized both the Federal Reserve and the media’s reaction to his country’s Bitcoin...Read More
A recent survey conducted by the University of Central America (UCA) estimated that 77% of the polled Salvadorans think adopting bitcoin as a legal tender 13 months ago was a mistake. However, nearly 76% of the locals remain supportive of their BTC-loving President Nayib Bukele, who has initiated numerous reforms and waged war on domestic...Read More
The small Central American nation made history exactly a year ago when it officialized BTC as a legal tender, becoming the first-ever country to do so. Since then, another one has followed El Salvador’s example, while the Bukele-led country has seen a lot of developments on the bitcoin front, some positive and some negative. How...Read More
Morgan Stanley called El Salvador-issued Eurobonds at their current price levels a buying opportunity partly due to the recent crypto crash that has battered the value of the country’s bitcoin holdings. Despite its severe debt, the government could continue “muddl[ing] through” for at least a year without failing to meet its bond payments, said the...Read More
According to a study carried out by the global hiring platform Deel, residents of Latin American nations are most likely to say “yes” to receiving salaries in cryptocurrencies. Citizens of the EMEA (Europe, the Middle East, and Africa) area ranked second. Crypto Flourishes in Troubled Economies Deel’s research estimated that 67% of the cryptocurrency payments...Read More
The government of El Salvador purchased 80 BTC amid the cryptocurrency market crash. The country spent over $1.5 million to acquire the assets. El Salvador made the headlines last year, becoming the first nation to make bitcoin legal tender inside its borders. Apart from its entrance into the ecosystem, the Central American country has also...Read More
The first nation to legalize BTC inside its borders sits on a substantial unrealized loss from its bitcoin stack. However, its Finance Minister, Alejandro Zelaya, reassured that the most recent market crash will not hurt the country’s fiscal health. No Worries in El Salvador The small Central American country made history approximately a year ago...Read More
The Government of El Salvador keeps delaying the issuance of the much-expected bitcoin bonds due to the falling prices, as indicated by the Minister of Finance during an interview. On June 01, Alejandro Zelaya, El Salvador’s Finance Minister, said that it was not yet time to launch the Vulcano Bonds (bitcoin bonds) because the price...Read More
El Salvador President Nayib Bukele has clarified that the nation’s Bitcoin law only mandated Bitcoin acceptance among large corporations, rather than small merchants. When the law took effect, its contentious Article 7 hadn’t actually been enforced on anyone. The Nature of Article 7 The Bitcoin law – which made Bitcoin legal tender in El Salvador...Read More
After buying the dip and adding 500 BTCs to the state coffer, El Salvador President Nayib Bukele has another surprise up his sleeves. The country is organizing an international conference of central bank representatives today, Bukele announced less than 24 hours before the event. El Salvador’s Conference of Central Banks El Salvador will host an...Read More
Cryptocurrency exchange Bitfinex, in collaboration with USDT issuer Tether, recently launched a digital asset fund and donated over $1 million in bitcoin to assist families in El Salvador affected by the ongoing gang violence in the country. Crypto Relief Fund Initiative is Bootstrapped With 25 BTC Bitfinex chief technology officer (CTO) Paolo Ardoino revealed that...Read More
US Rep. Norma Torres (D-CA) introduced the Senate Accountability for Cryptocurrency in El Salvador Act (ACES) Monday. Rep. Rick Crawford (R-AR) co-sponsored the bill. Rep Torres averred: “El Salvador’s adoption of Bitcoin is not a thoughtful embrace of innovation, but a careless gamble that is destabilizing the country.” The bill instructs the State Department and...Read More
The autonomous region of Portugal – Madeira – and Prospera – a jurisdiction on Honduras’ Roatán island – will reportedly adopt bitcoin as an official payment method inside their borders. Residents from both territories won’t have to pay capital gains tax when buying or selling the primary cryptocurrency. Following El Salvador’s Path Bitcoin’s global popularity...Read More
The president of El Salvador – Nayib Bukele – canceled his appearance at the Miami Bitcoin conference. The leader explained that “unforeseen circumstances” in his home country require his presence. State of Emergency in El Salvador The ongoing Miami Bitcoin Conference will not see the presence of one of the biggest proponents of the leading...Read More
It would appear that the U.S. Congress is starting to become interested – or concerned – with El Salvador’s adoption of Bitcoin as legal tender. Senators James Risch, Bob Menendez, and Bill Cassidy have introduced a bill titled the ‘‘Accountability for Cryptocurrency in El Salvador Act’’ (or ‘ACES’ act) to monitor the effects of the...Read More
Retail and institutional investors will have to wait further for the $1 billion Bitcoin Bonds as El Salvador has postponed its planned offering. Amidst geopolitical turmoil, the country’s Finance Minister Alejandro Zelaya said they would wait for favorable conditions in the financial market, and the hold-up be could be as late as September. Unfavorable Market...Read More
Nayib Bukele’s administration announced that the veterinary hospital built by bitcoin profits will open on Saturday (February 26). The President revealed that each treatment will cost $0.25 worth of BTC. Not Just Daydreaming Apart from becoming the first county to embrace bitcoin as legal tender, El Salvador has also purchased the primary cryptocurrency on a...Read More
Mexican senator for the State of Nuevo León, Indira Kempis, has stated that she wants to make the country second after El Salvador to adopt Bitcoin. However, the chances of this actually happening are slim at best. Speaking to local media this week, she noted that she aims to promote the use of Bitcoin in...Read More
“We are not your colony, your back yard, or your front yard. Stay out of our internal affairs.” This is what El Salvador’s President Nayib Bukele tweeted after US Senators introduced new legislation that sought to investigate the Central American country’s Bitcoin Law. El Salvador President Reaction on US Interference Since El Salvador’s government passed...Read More
Fitch cited policy unpredictability stemming out of the increased concentration of power in the presidency, weakening institutions, and the legalization and adoption of Bitcoin as the reason for lowering the rank. Reasons Behind The Move As per the official post, “heightened” financing risks arising from growing dependency on short-term debt reflects Fitch’s move of downgrading...Read More
El Salvador – the first country to make Bitcoin legal tender – is now home to a Bitcoin education center. It aims to boost familiarity with the technology and benefits of cryptocurrency among a population still scratching their heads over it. Educating El Salvador The new center has been launched by Paxful – a peer-to-peer...Read More
The government of El Salvador and the American financial technology provider – AlphaPoint – joined forces to improve the technology for the Chivo wallet. The feature allows access to bitcoin for millions of Salvadorans. Chivo Wallet With an Upgraded Version Last year, El Salvador put its name in the spotlight after becoming the first state...Read More
On Jan. 31, El Salvador Treasury Minister Alejandro Zelaya indignantly said that “no international organization is going to make us do anything, anything at all.” He said that Bitcoin was an issue of sovereignty, adding: “Countries are sovereign nations and they take sovereign decisions about public policy,” The comments and critique continued with Mr. Zelaya...Read More
The International Monetary Fund (IMF) recently urged El Salvadoran authorities to remove Bitcoin’s legal tender status. They called it a threat to market integrity, financial stability, and consumer protection. Criticizing the Bitcoin Law The IMF publicly revealed its warning in a website statement earlier today, after concluding its Article IV consultation with El Salvador on...Read More
It’s been less than half a year since El Salvador’s bitcoin experiment began. So far, though, it’s not going as well as the small Central American nation has hoped, at least in terms of its investments in the cryptocurrency. El Salvador’s Historic Bitcoin Endeavor It’s safe to say that El Salvador and its president Nayib...Read More
El Salvador’s president – Nayib Bukele – was recently worried that his country missed out on buying cheaper bitcoin. However, the latest dipped allowed the nation to accumulate 410 more BTC. The small Central American country made history last year when it became the first nation to adopt the primary cryptocurrency as legal tender inside...Read More
Moody’s Investors Service recently claimed that El Salvador’s Bitcoin trading activity is boosting the nation’s risk of default. Like most other groups to speak out against the experiment, President Nayib Bukele publicly disregarded their opinion. Moody’s Take On El Salvador The ratings agency discussed El Salvador’s Bitcoin-related risks in conversation with Bloomberg last Wednesday. Analyst...Read More
Former member of parliament of Tonga, Lord Fusitu’a, revealed that the country’s legal tender bill for Bitcoin is “modeled on” and is “almost identical” to that of El Salvador. Bitcoin and Tonga According to the latest tweets, Lord Fusitu’a hinted at the tentative arrival of Bitcoin as a legal tender for the Pacific island nation...Read More
The Central American nation of El Salvador entered into the pages of history as the first country to officially adopt bitcoin as a legal tender on June 9, 2021. Subsequently, the country went on a bitcoin buying spree, taking advantage of every opportunity to acquire more of the popular “digital gold” since it considers it...Read More
In a bid to bring in regulatory clarity and a framework for the issuance of Bitcoin Bond and securities in the cryptocurrency, El Salvador’s finance minister, Alejandro Zelaya, has revealed plans to send approximately 20 bills to Congress. The Ambitious Bitcoin City According to reports, the aforestated bills will encompass regulations about securities issuance and...Read More
