El Salvador transfers Bitcoin holdings to “Bitcoin Piggy Bank”
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”.
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.
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%.
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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