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20 September 2021

El Salvador Won't Tax Foreign Investors on Bitcoin Profits

El Salvador Won't Tax Foreign Investors on Bitcoin Profits

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Days after becoming the first country in the world to make Bitcoin legal tender, El Salvador is reportedly moving to exempt foreign investors from paying taxes on their Bitcoin gains.  .

El Salvador plans to make foreign investors exempt from paying taxes on Bitcoin gains, Javier Argueta, legal adviser to the Salavadoran President Nayib Bukele reportedly told Agence France-Presse (AFP). .

This is done obviously to encourage foreign investment,” Argueta reportedly told AFP, adding that foreign Bitcoin investors would not have to pay capital gains or income taxes on Bitcoin transactions. .

Concerning potential volatility issues, Argueta said that the Chivo wallet would also temporarily halt Bitcoin transactions if Bitcoin’s value collapses to subdue the impact of extreme volatility or price fluctuations

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