Bitcoin and now the cryptocurrency industry in the sights of El Salvador?
Is Bitcoin good, are cryptocurrencies good? – Far from fearing the confusion of this turbulent bear market, El Salvador is preparing to double down on its bets. It became famous for being a small country Bitcoin (BTC) has been legalized is about to make a new breakthrough. All details.
Is El Salvador Breaking New Ground in Cryptocurrency Regulation?
the Salvador surprised the world Accepting Bitcoin as legal tender In September 2021. Since then, the bear market does not seem to have dampened its president’s enthusiasm. Deputy Bukele. Instead, we learn that El Salvador has not stopped shouting its love for Bitcoin, but will now be eyeing its crypto neighbors. All the neighbors. Could El Salvador be the Don Juan of cryptocurrency?
According to official documents available on the website of the National Assembly of El Salvador, the government is working on a law to regulate the issuance of cryptocurrencies. And behind this new arrangement lies the real innovation.
Indeed, in this crypto assets will be completely separate from other existing financial assets. Therefore, the applicable law will be specific to them. Advocates of cryptocurrencies are advocating for European organizations for just such a distinction. This is to encourage the creation of appropriate regulation As part of MiCA.
With its brand new look, Bitcoin and cryptocurrencies require special regulation. From Real legislation high fashion. Indeed, the goal is to allow this inherently free and open source ecosystem to thrive without limiting its ability to innovate. A technology so new and so promising must have the opportunity to fail, to reinvent itself, to evolve. Only then will he be able to change the world. Could El Salvador understand this by adopting special regulations?
Indeed, for a digital asset to be so categorized by El Salvador, it must involve a distributed ledger or similar technology. The scope of this law excludes MNBC (Digital Currencies of the Central Bank). It also includes assets and bonds that cannot be traded or exchanged (securities).
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special rules for bitcoin and cryptocurrencies
According to the lawyer Mother Ojeda CaracasThe ambitions of this law for El Salvador are multifaceted:
- Create a directory of digital partners
- Legalize cryptocurrencies
- Provide a legal definition of stablecoins and tokens,
- Regulate public offerings for the issuance of new tokens
- Allow tax exemption under certain conditions
Of course, not all Salvadorans are very positive about the implementation of this law. For them, Nayib Bukele only serves the interests of foreign conglomerates. His goal would simply be to attract crypto companies to his territory. The text actually hides the commercial issues and immediate economic benefits from the mentality dear to Bitcoin. Recently, Vitalik Buterin has expressed certain critical opinions About El Salvador’s way to legalize bitcoin.
We know how quickly Nayib Bukele can enforce laws in his country. If a pattern similar to Bitcoin legalization happens again, this new crypto legislation should see the light of day soon. For the best or for the worst? It is difficult to separate the truth from the lies behind these new crypto intentions of President Nayib Bukele. Hopefully, this lifetime pattern of Bitcoin and cryptocurrency adoption will not return. another fiasco.
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