The “Digital Asset Issuance” legislation will also create a regulatory body, and establish a legal framework for all digital assets. El Salvador has passed landmark legislation providing the legal framework for a Bitcoin-backed bond — known as the “Volcano Bond” — which will be used to pay down sovereign debt and fund the construction of…
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As sanctioned Russia’s fiat currency soars in value against the U.S. dollar, and crypto markets remain unpredictable, economists and crypto enthusiasts continue to puzzle and debate over what the next market move will be. In spite of this, several influential voices remain unperturbed when it comes to the future of decentralized digital assets, with Salvadoran…
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The International Monetary Fund has mentioned it is providing technical assistance to the government of El Salvador in various ways. According to Gerry Rice, a spokesperson for the organization, the group is having talks with people of the Salvadoran government about tax and money laundering matters, including critical issues that the IMF raised in earlier…
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The date of the launch of the Salvadoran bitcoin bonds, the instrument that would serve to build the announced Salvadoran Bitcoin City, is still unknown. Announced to be released earlier this year, the launch has been affected by the current war in Ukraine, and the deceleration of global markets. According to Treasury Minister Alejandro Zelaya,…
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The adoption of Bitcoin is changing El Salvador’s economic landscape, according to the Salvadoran president. On Thursday, Salvadoran President Nayib Bukele reaffirmed his belief for Bitcoin (BTC) supremacy on Twitter once again, this time stating that after widespread adoption occurs, “it’s game over for fiat.” The Salvadoran president has been a mainstay in news headlines due to…
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El Salvador is looking to bolster adoption of its government-issued Chivo Bitcoin wallet by offering discounts on petrol purchases of $0.20 per gallon to consumers who pay using BTC. Salvadoran president Nayib Bukele has announced that local consumers can enjoy a $0.20 per gallon reduction in petrol prices when paying using the government-backed Bitcoin wallet,…
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The adoption of bitcoin as legal tender in El Salvador has been one of the biggest events in the cryptocurrency world this year. However, Nayib Bukele, president of the country, has taken a course of action many consider mistaken. In any case, the Bitcoin Law has put Bitcoin in the global spotlight as a potential…
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El Salvador didn’t miss the chance to buy the dip as the Bitcoin price fell back to $45,000 after a bullish week. Despite warnings from global agencies regarding its adoption of Bitcoin (BTC), El Salvador’s government continues to seize market opportunities. As the Bitcoin price fell below $46,000 on Monday morning, Salvadoran President Nayib Bukele…
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The majority of El Salvadorans are skeptical of the country’s impending Bitcoin Law, with 90% of locals describing their understanding of crypto as poor or non-existent. With less than a week to go before El Salvador’s Bitcoin Law takes effect on Sept. 7, a majority of citizens surveyed are opposed to government-mandated cryptocurrency adoption. A…
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