Bitcoin, which has also become a madness in our country, is still not a currency accepted by many countries. But that seems to be changing with el Salvador’s precedent. El Salvador was the first country in the world to accept Bitcoin as an official currency.
Thus, serious taxes will not be charged on the use of Bitcoin in El Salvador. The decision to formalize this digital currency, which is not accepted in any other part of the world, was recommended by Nayib Bukele, president of El Salvador. Of course, it should be said that this decision can cause minor problems.
But we can see that el Salvador’s residents will be pleased with this decision because 70 percent of El Salvador’s residents do not have a bank account. In fact, 23 percent of the country’s gross domestic product last year consisted of money from abroad. In other words, people living in El Salvador often live off money from relatives who work abroad. Bitcoin being completely digital is a great convenience for everyone. Add to that the fact that the cryptocurrency is fully official, and there will be a significant demand from the residents of El Salvador, Bitcoin.
