El Salvador is improving its bitcoin circulation infrastructure despite warnings from the IMF. It seems that the country is looking for a way to become truly independent.

El Salvador captured attention from around the globe when it launched its Bitcoin wallet. Now Chivo's users are reporting a host of problems.

The post El Salvador’s Chivo wallet keeps breaking, and users are seeking answers appeared first on The Block.

El Salvador adopted Bitcoin as legal tender in September 2021 and wants to build…

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El Salvador bought the dip as the price of bitcoin plunged to a record low. President Nayib Bukele said Friday that his country has purchased 410 more bitcoins. The Salvadoran government has bought a total of 1,801 bitcoins since the cryptocurrency was made legal tender in the country. El Salvador Buys the Dip The president […]

The president of El Salvador, Nayib Bukele announced the purchase of 410 Bitcoin (BTC) for $15 million in the midst of a day of sharp declines in the cryptocurrency markets, as the flagship cryptocurrency trades below $37,000, last seen during July 2021. “I was wrong, didn’t miss the Bitcoin dip. El Salvador just bought 410 BTC for only 15 million dollars, Some guys are selling really cheap,” Bukele said in a Tweet on Friday. Nope, I was wrong, didn’t miss it. El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳 Some guys are selling really cheap 🤷🏻‍♂️ https://t.co/vEUEzp5UdU — Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022 With the latest addition, the total Bitcoin holding of El Salvador stands at 1801 BTC, currently valued at about $66 million. A few hours before the announcement, news was also revealed that the government of El Salvador has planned on offering small and medium-sized companies (SME) for $10 million in crypto loans during the first quarter of 2022. Acumen, a Solana-based lending platform, will be financing the initiative of the National Commission for Micro and Small Businesses (CONAMYPE) with an annual interest between 6 percent and 7 percent with a maximum of 10 percent. The platform will use stablecoins like USDC or USDT to Conamype which would then distribute to entrepreneurs through Banco Hipotecario, a government-owned bank. The entrepreneurs would then pay the loan and its interest in the U.S. dollars to the Mortgage Bank, which would then be in charge of paying the debt to Acumen. In September, El Salvador became the first country in the world to adopt bitcoin as legal tender despite criticisms from global financial institutions like the IMF and World Bank. After the acceptance of BTC, the country announced tax exemption for foreign investors on BTC profits. The President of El Salvador later pledged to build a tax-free Bitcoin City for certain crypto investors in addition to establishing geothermal bitcoin mining facilities to make the Central American country a global crypto mining hotspot.

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Bitcoin Magazine got an exclusive interview with Blockstream's Samson Mow to discuss El Salvador's new Volcano Bitcoin Bond.

Under Act 60 or the Individual Investors Act, non-Puerto Rican residents get exempted from paying capital gains for investments realized, and this is one of the factors attracting crypto investors. (Read More)

These bottom-up “transition agents,” from private business to the freedom ladder, will be what drives us all to hyperbitcoinization.

The credit rating agency believes El Salvador’s Bitcoin experiment has elevated the country’s risk profile and could limit its access to foreign debt markets.

The cryptocurrency market has had a record year in 2021, briefly surpassing $3 trillion in value in November. Two of the most valuable cryptocurrencies i.e., Bitcoin and ether, both reached new highs, while Altcoins like meme-inspired dogecoin grew in popularity. Other digital assets, such as nonfungible tokens, or NFTs, were auctioned alongside fine art for millions of dollars at prominent auction houses like Sotheby’s and Christie’s. NFTs representing in-game assets and digital land, in addition to art, saw a significant increase in value. Retail and institutional investors have shown interest in blockchain-based applications, such as decentralized finance, or DeFi, fueling the expansion of Web3, which is the decentralized version of the internet based on blockchain technology that powers NFTs and underpins cryptocurrencies. All of this contributed to the mainstreaming of cryptocurrency in 2021. People started to read, learn and accept the world of cryptocurrencies on a huge scale. And even though the market is going through a correction it is also a matter of time that the market will bounce back. In the year 2021, the crypto market saw a lot of changes. Large corporations, diverse governments (countries), influential and well-known individuals such as Elon Musk and ex-Twitter CEO and internet entrepreneur Jack Dorsey have all had an impact. This has a significant impact on public awareness, as well as the price of cryptocurrencies like Bitcoin and Ethereum, among others. So let’s take a look at the most happening events this year to do a detailed review of the 2021 crypto market. These events can be held responsible for shaping the crypto market last year. Though there were countless defining moments this year, here are the 6 major highlights from 2021. Bitcoin Reaching Its ATH and the Launch of Taproot  Bitcoin reached its all-time high price of $68,000 in November 2021. And it’s the highest bitcoin price ever recorded. Bitcoin’s recent market pricing demonstrates a continuous increase in market price, despite occasional price drops. Let’s have a look at the price of Bitcoin in 2021. The price of Bitcoin increased to its highest point before falling to its lowest point in the first half of 2021, as indicated in the graph below. However, due to tremendous demand for Bitcoin and the impact of favorable news, the price rose sharply to its all-time high in November. The year 2021 also saw the release of Taproot, a significant technological update to the Bitcoin protocol. Taproot is a three-part upgrade that boosts network security, privacy, and scalability. Since the activation of Segregated Witness’s block capacity boost in 2017, Taproot is the most significant upgrade to the Bitcoin network. Taproot served as a reminder that Bitcoin is a flexible technology that can evolve to improve usability and user experience. The future success of Taproot will serve as proof that Bitcoin can adapt.  El Salvador Made Bitcoin a Legal Tender in the Country El Salvador became the first country to embrace bitcoin as legal cash when it passed a new law in June. El Salvador’s law permits bitcoin to be used to pay for goods and taxes. According to CNBC, businesses can price their products in bitcoin, and exchanges will not be subject to capital gains tax. The government of President Nayib Bukele is banking on Bitcoin to boost the country’s economic growth and investment, given that the price of Bitcoin continues to rise. We’ll go over Bukele’s concept for a Bitcoin city here. The city will be built near the Conchagua volcano to take advantage of the country’s geothermal energy, which will be used to power both the city and cryptocurrency mining, which is an energy-intensive process of solving complex mathematical calculations 24 hours a day, 7 days a week to verify and add crypto coins to the Blockchain network. It’s worth noting that El Salvador already has a Bitcoin mining pilot project underway at a geothermal power station near the Tecapa volcano. Residents in Bitcoin city, according to Bukele, will not have to pay any income, property, capital gains, or even payroll taxes. The city would be constructed to attract international investment. Ethereum On The Top of its Game It’s no surprise that bitcoin’s dominance, a measure of BTC market capitalization compared to the market capitalization of other digital assets, declined from 70.2% to 40.1% in 2021, thanks to Ether’s stronger asset price performance. Bitcoin’s decline is not solely due to ETH; rather, crypto projects have sprung out with a variety of use cases that are not directly competitive with Bitcoin.  From EIP 1559 through the approaching shift to proof-of-stake, Ethereum has had huge catalysts. Both events are crucial in the development of a narrative for Ethereum’s native asset, as well as the evolution of Ethereum as a technology. EIP 1559 established ether’s position as “gas” in the ecosystem, requiring that it be … Continued

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When El Salvador announced the adoption of the flagship digital asset as legal tender within its jurisdiction last year, it sent shockwaves through the crypto community. Since then, the president of the Central American country has been lauded as a revolutionist by the crypto community for his pro-crypto attitude, which has won him many fans […]

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Bukele, a Bitcoin proponent, additionally mentioned he expects to see two different nations take up Bitcoin as authorized tender this yr Nayib Bukele’s Bitcoin marketing campaign troopers into the New Year, with the El Salvador President giving his predictions on the coin yesterday. Though a lot of the predictions had been seemingly fairly daring and […]

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