El Salvador reaffirms its commitment to the adoption of digital assets and has recently announced a new bill to legalize cryptocurrencies.
The news has been released after On November 16, Nayib Bukele declared that El Salvador would buy a Bitcoin every day despite the difficult moment that the financial markets are going through and that places El Salvador as one of the countries that has invested the most money in Bitcoin, exceeding 100 million dollars.
El Salvador is close to becoming a crypto paradise.
The new Digital Assets Issuance Bill formally establishes a legal framework for the acceptance of all cryptocurrencies and creates parameters to follow for any digital asset transfer operation to promote the development of an emerging market that does not stop offering opportunities to Salvadorans who sent more than 2,000 bitcoins in remittances in the last half of 2022.
It is important to note that this regulatory framework excludes transactions with CBDCs and transactions involving non-tradeable or non-tradeable assets, transactions involving restricted assets such as securities, and transactions involving sovereign assets subject to foreign law.
Here are some of the most important aspects of the new bill.
- The creation of a registry of digital asset providers is established.
- It comprises full cryptographic legalization.
- Definition of stablecoins and tokens.
- Establishes regulation parameters for public offerings of digital assets.
- Tax exemption in some cases.
With this, El Salvador reaffirms its friendly position with cryptocurrencies and continues working on the development of projects based on blockchain to take advantage of the opportunities offered by the latest technologies and thus take a position at a time that for many seems bleak but that the president of El Salvador Nayib Bukele has expressed “Patience is the key when investing in Bitcoin.”
The entry New bill seeks to legalize ALL cryptocurrencies in El Salvador was first published on bitcoinnewsandreports.com.