Published
2 months ago on
March 15, 2024
Nayib Bukele confirmed that the country shifted Bitcoin holdings to a safe digital place and called it a Bitcoin piggy bank.
El Salvador is the first country in the world which adopt Bitcoin as a currency, in Sep 2021 under the leadership of country president Nayib Bukele. This country is collecting Bitcoin for the government treasury fund via different methods.
On 15 March 2024, the El Salvador president announced that the country’s Bitcoin fund management team decided to transfer all the Bitcoin balance, which is 5,689.68 BTC, to a cold wallet.
That physical Bitcoin cold wallet is in the territory of this country and Bukele named it “Bitcoin Piggy Bank”.
We've decided to transfer a big chunk of our #Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory.
— Nayib Bukele (@nayibbukele) March 14, 2024
You can call it our first #Bitcoin piggy bank
It's not much, but it's honest workpic.twitter.com/dqzedykxT1
Many Bitcoin proponents appreciated such moves and started to talk about the country’s unique strategy for future economic growth & development plans which makes it different from other countries.
“The one main difference between #ElSalvador & any other country I've seen is the optimism. There's optimism here. People are looking into the future with hope, with plans, with visions… this country has regained its collective identity.” @LinaSeiche on @titcoinpodcast#Bitcoin pic.twitter.com/0azLTSvTGE
— Walker(@WalkerAmerica) March 13, 2024
In 2021, For Bitcoin investors, the El Salvador government introduced a 0% tax policy over trading, and holding, Bitcoin.
In 2024, To attract foreign investment in the country, the El Salvador Congress approved the government’s new 0% tax policy for international investments and money transfers, which was earlier 30%.
Congress has reformed our income tax law, for international investments and money transfers, dropping the rate from 30% to 0%.
— Nayib Bukele (@nayibbukele) March 13, 2024
La Asamblea ha reformado la ley del impuesto sobre la renta, para inversiones internacionales y transferencias de dinero, bajando la tasa del 30% al 0%. https://t.co/YRDVegSbb5
To earn Bitcoin for the country’s treasury fund, the El Salvador government started the Bitcoin bond system, to collect public funds to invest in Bitcoin & invest money in Bitcoin mining operations.
In Dec 2023, the El Salvador Government introduced a new citizenship program for foreigners to give lifelong citizenship. Under the new programs, individual applicants can secure El Salvador’s citizens with a transfer of at least 1 million in Bitcoin or U.S. dollars to El Salvador treasury fund.
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