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El Salvador President Nayib Bukele, who was behind legislation recognizing Bitcoin (BTC) as legal tender in the country, has stepped down from office to campaign.
On Dec. 1, Bukele resigned as the President of El Salvador following approval from the country’s Legislative Assembly, allowing him to take a leave of absence to focus on his 2024 re-election campaign. He was succeeded by Acting President Claudia Rodríguez de Guevara, who is expected to serve until June 2024. The next general election will take place in February 2024.
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The bitcoiner Max Keiser has apparently retracted his bid to get El Salvador President Nayib Bukele and Argentina’s President-elect Javier Milei to talk BTC.
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Keiser later appeared ready to temper his expectations, writing of the need to ensure that El Salvador becomes “Bitcoin country.”
He suggested that “trying to get Argentina up to speed” could end up “diluting efforts” to keep his adoptive nation “shitcoin-free.”
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El Salvador is targeting bitcoin (BTC) and crypto millionaires in its latest push to attract long-term residents to the country.
The nation kickstarted its ‘Freedom VISA’ program on Thursday, doling out residency to a maximum of 1,000 people per year who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins.
El Salvador Could Rake In $1B Bitcoin Investment per Year With New ‘Freedom VISA’
The country’s treasury owns just over 2,700 bitcoin (BTC), which has yielded over $3 million in unrealized profit so far.www.coindesk.com
... who invest at least $1 million ...
After more than a year of delays, El Salvador’s Bitcoin Volcano Bond has been approved and could be issued as early as the first quarter of 2024.
The country's National Bitcoin Office, or ONBTC, said in a post to Twitter/X on Tuesday that the country’s Digital Asset Commission had approved the bond, triggering “the beginning for new capital markets on #Bitcoin in El Salvador.” The bond is set to be issued on the Bitfinex Securities Platform.
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El Salvador’s Freedom Visa for crypto investors is expected to sell out its 1,000 places before the end of the month, according to the country’s National Bitcoin Office (ONBTC).
A spokesperson from ONBTC told CoinTelegraph that it already has hundreds of inquiries and dozens of online and in-person applications at embassies and consulates.
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El Salvador’s Congress has passed a migration law granting expedited citizenship to foreign investors making Bitcoin donations to government development programs. The reform is backed by President Nayib Bukele’s New Ideas party.
The unicameral legislature approved the reform without specifying a minimum Bitcoin donation requirement. ...
This unprecedented approach allows eligible foreign investors to sidestep the standard naturalization process, which requires five years of permanent residence for non-Spanish speakers or two years for those married to Salvadoran citizens. The lack of a defined donation threshold adds a layer of ambiguity to this citizenship-for-crypto initiative.
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According to the annual survey conducted by José Simeón Cañas Central American University in El Salvador, 12% of the local population used Bitcoin (BTC) at least once to pay for goods and services in 2023.
The survey, conducted in December 2023 with 1,280 respondents interviewed in their homes, indicates a decline compared to 2022. Last year, 24.4% of the population was reported to have made a purchase with Bitcoin.
Bitcoin Used for Goods and Services: 2023 Survey Results
Among those surveyed, nearly half (49.7%) made a Bitcoin transaction one to three times, while 20% used it 10 or more times. The main expenditures in Bitcoin were for groceries (22.9%) and supermarkets (20.9%), followed by veterinary clinics (15%).
The survey also revealed changes in perception regarding the impact of Bitcoin as a legal tender. In 2023, 6.8% of respondents felt their family’s life improved during the past year due to Bitcoin being legal tender. This is a 3.8% increase from the results in 2022.
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El Salvador – one of the smallest and most densely populated countries in Central America – may eventually become one of the wealthiest countries in the world because of its Bitcoin holdings.
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Although President Bukele’s decision was met with criticism, it has been reported that the Bitcoin held by the government of El Salvador – which consists of over 2,000 BTC – is now valued at more than $150 million.
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Given this, industry experts are predicting that El Salvador may eventually become one of the wealthiest countries in the world.
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Nayib Bukele - President of El Salvador said:We're offering 5,000 free passports (equivalent to $5 billion in our passport program) to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.
This represents less than 0.1% of our population, so granting them full citizen status, including voting rights, poses no issue.
Despite the small number, their contributions will have a huge impact on our society and the future of our country.
Plus, we will facilitate their relocation by ensuring 0% taxes and tariffs on moving families and assets. This includes commercial value items like equipment, software, and intellectual property.
Stay tuned for more details
Bitfinex Securities El Salvador S.A. de C.V, the leading securities token platform is pleased to announce the official launch of a tokenized debt issue to construct and develop a complex based at El Salvador International Airport.
The issuance will be the first to be arranged and traded on Bitfinex Securities El Salvador S.A. de C.V., which became the first regulated entity to receive a licence to operate under El Salvador’s Digital Asset Securities Law.
The construction project entails the development of a 4,484 square metres facility across five levels, with 80 rooms, five commercial spaces, and other hotel amenities including a swimming pool, restaurants, gym, gardens, and multipurpose rooms.
This tokenized debt will be issued by Inversiones Laguardia S.A. de C.V. (HILSV), which has been active in El Salvador since 2017. The issuance aims to raise USD 6.25M, and is offering a 10% coupon over a 5-year term. The minimum investment is USD 1,000, and uniquely the hotel operator is offering investment incentives of free hotel nights accommodation based on the size of investment made.
The token will be issued under the ticker HILSV, and will be traded against US dollars and Tether tokens. The HILSV tokens will be issued on the Liquid Network, a sidechain of Bitcoin, using Blockstream AMP.
“The HILSV token marks the first digital asset tokenisation from El Salvador and represents an important step forward in developing its nascent capital market as well as introducing a major new asset class into the market,” said Paolo Ardoino, CTO of Bitfinex Securities. “For the first time, investors who do not usually have the opportunity to invest in such assets have the opportunity to do so, while issuers in markets which have less access to capital, are able to tap into a new asset class to raise finance.”
Jesse Knutson, Head of Operations at Bitfinex Securities, comments, “This capital raise not only marks our first venture in El Salvador but also stands as a testament to the transformative power of Bitcoin-based capital markets. We are proud to contribute to El Salvador’s growth and look forward to creating significant employment opportunities through this endeavour.”
“The recently implemented digital asset laws will grant us access to capital markets that were previously unavailable to us. This access will allow us to develop crucial tourism-related infrastructure, thereby unlocking the potential for growth in the tourism sector. This expansion will ultimately result in economic benefits for every Salvadoran citizen.” said Roberto Laguardia, president of Inversiones Laguardia
This initiative is anticipated to generate approximately 1,000 jobs during the construction phase and up to 5,000 direct and indirect jobs during its operational phase. The capital raise will commence on May 13, 2024, and is expected to span one month.
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Chivo Wallet, El Salvador’s official cryptocurrency wallet, has dismissed reports of a hack involving its software source code and the data of over 5 million users associated with its KYC (Know Your Customer) procedures.
The wallet’s administration clarified that the security of its data has not been compromised.
In a press release, Chivo Wallet addressed allegations linking it to a data breach that allegedly exposed personal details of over 5 million Salvadorans. This leaked data included full names, unique identity numbers, dates of birth, addresses, phone numbers, emails, and photographs. It was speculated that this data was associated with the KYC processes required by the Salvadoran government for citizens to receive incentives offered at the wallet’s launch, such as $30 in Bitcoin.
Chivo Wallet refuted these claims, stating that the leaked data did not originate from their systems. They assured, “Our users’ data is secure, and there has been no breach of Chivo’s security.”
Additionally, Chivo responded to claims about a source code hack reported by the same entity that disclosed the large-scale database. They stated that the only files leaked were from a Chivo ATM that was stolen on March 21, 2023. These files contained information strictly related to the ATM’s operations and did not include any personal user data.
Chivo Wallet denounced the reports about this leak and its alleged link to its user data as “fake news,” noting that the original source of the data breach has not been identified.
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