Tag Archives: El Salvador

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 the company teamed up with Tether to support El Salvadoran families who have been hit by the violence...

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 heads of other US federal departments and agencies to study the adoption of bitcoin in the Pacific Central...

The U.S. isn’t crazy about the bitcoin agenda implemented by El Salvador. As a result, several members of Congress are now working to create a new law that would require El Salvador to report to American officials regarding its bitcoin use to ensure accountability. El Salvador Is the Object of America’s Bitcoin Suspicions The law is called the Accountability for Cryptocurrency in El Salvador (ACES) Act. It was written and introduced by Norma J. Torres, a democrat from...

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 and development received a significant boost last year when El Salvador became the first country to embrace the asset...

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 digital asset – Nayib Bukele. In a letter, El Salvador’s president said he has made “the hard decision of canceling his participation” in...

It looks like Bitcoin City – a project set to come to fruition in El Salvador – is encountering a few problems. While it’s unclear if plans for the city are on hold, many officials believe that President Nayib Bukele will not be able to fulfill his promises. Bitcoin City Is Garnering Mixed Reactions Bitcoin City was announced some time ago as part of the country’s ongoing bitcoin initiative, which ultimately began in September of 2021. Thus, it can be said that bitcoin...

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 nation’s new law on itself and the United States. Keeping an Eye on El Salvador The bill was introduced back on February 18th, but entered the...

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 Conditions The El Salvadorean central bank was previously scheduled to launch the long-awaited Bitcoin Bonds between...

As a means of avoiding assistance from the International Monetary Fund (IMF), the Central American nation of El Salvador is looking to sell debt that’s fully backed by bitcoin. The IMF has already asked the country to avoid all bitcoin activity in the future, though El Salvador graciously responded by giving the global organization the finger, claiming on social media that it would never step away from crypto. El Salvador Will Sell Bitcoin-Backed Debt The bitcoin-backed...

The bitcoin agenda in El Salvador has produced some unexpected side effects. The country is experiencing a huge boom in tourism thanks to its newfound love of crypto. El Salvador Is Seeing a Lot More Visitors El Salvador announced last year that it was going to make bitcoin legal tender. It was the first nation to do so, and right now, someone can walk into a store or organization and purchase items and services with digital currency along with fiat. While the use of...