Bitcoin (BTC) hodlers who want to earn BTC tax-free will get help to stay in El Salvador, the country’s president has said.
In a tweet on Monday, President Nayib Bukele said that his government would “help” settle foreign workers.
El Salvador: “We’ll help with this”
The announcement is one of many that continue to come informally from Bukele, now famous for attempting to put El Salvador on a form of “Bitcoin standard.”
At last week’s Bitcoin 2021 conferwnce in Miami, he told the audience in a prerecorded video message that he would send a bill to lawmakers demanding that Bitcoin be made legal tender.
— Nayib Bukele (@nayibbukele) June 5, 2021
Now, as part of social media engagement with well-known cryptocurrency figures, Bukele suggested that those wishing to travel to work in El Salvador would get official support. Once made legal tender, Bitcoin income would not face capital gains tax.
“We’ll help with this,” he replied while debating the topic with podcast host Stephan Livera.
Tu tienes Bitcoin? tu tienes residencia en el Salvador yo en cualquier momento caigo … https://t.co/drpnIQ1lAj
— MARCIANOTECH (@MARCIANOPHONE) June 6, 2021
In a separate tweet came promises of “immediate permanent residence for crypto entrepreneurs,” a move that spurred interest from figures such as Tron CEO Justin Sun and Binance CEO Changpeng Zhao, among others.
Latin America embraces Bitcoin
As Cointelegraph reported, meanwhile, El Salvador’s plan has already seen Paraguay make a similar move.
Likewise using Twitter as a venue for publicizing still unofficial government plans, one congressperson hinted that a deal involving PayPal would shortly be announced by Asuncion.
This likewise received a warm reception.
“Now Paraguay? The sovereign level game theory starting to take shape just like many have been talking about for years,” podcast host Preston Pysh responded.
Criticism has nonetheless come mixed with concern for El Salvador. The political structure of the country has worried some, while others believe that there would be international backlash over a Bitcoin standard.
Bukele, however, has already pledged to rise above external pressure.
“Some powerful interests will try to make this historical #Bitcoin move fail,” he wrote.
“They know what it means if it succeeds. It will.”
Plan B Passport, a dedicated service helping Bitcoin owners move to more appealing jurisdictions such as Portugal, has yet to add El Salvador to its list of destinations.