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Bitcoin adoption gains momentum in El Salvador as citizens exchange their U.S. dollars for bitcoin.

According to a legal adviser for the government, foreign investors will be exempt from tax on their bitcoin profits in El Salvador.


El Salvador’s mainstream Bitcoin adoption has gained momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin. President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said, “People are inserting way more USD than what they are withdrawing from the Chivo ATMs.”

 

Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.” The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance from the general public during adoption. As reported earlier, the Salvadorean government offers various subsidies for using Bitcoin, such as fuel subsidies and tax exemptions. El Salvador has installed over 200 crypto ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.

 

El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs.

El Salvador had exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions. Earlier, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. President Bukele said that the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area. He noted, “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”





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