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El Salvador scaling back BTC amid IMF loan deal?
417 sats \ 11 comments \ @02e239a2a8 20 Dec bitcoin
Is it me or did El Salvador scale back ONLY the parts of the Bitcoin law that were garbage to begin with?
Forcing businesses to accept it is tyrannical and goes against the purely voluntary nature of Bitcoin.
The chivo wallet was a needless waste of tax money that never worker properly, created a walled garden, complicated interoperability, obscured the action behind the scenes, and encouraged a custodial model.
These have been literally the only 2 things about El Salvador's Bitcoin approach that I always thought were stupid.
Now the IMF managed to get them to drop exclusively the things that were anti-bitcoin from their Bitcoin strategy, and they call it a win for fiat and a loss for BTC.
Anyone else here getting the feeling that Bukele is playing 5D chess with fog of war turned off?
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26 sats \ 1 reply \ @teemupleb 46m
You can’t pay taxes with BTC anymore.
It’s a step back and creates artificial demand for the USD shitcoin.
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0 sats \ 0 replies \ @Bell_curve 41m
BTC adoption has been low and probably nonexistent for taxation.
I agree with you on principle and in theory
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47 sats \ 4 replies \ @k00b 20 Dec
Is it still exempt from capital gains?
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18 sats \ 2 replies \ @02e239a2a8 OP 20 Dec
I haven't done extensive research, but the 5 or so articles I've read about it only mention these 2 changes, so as of now I have no reason to believe capital gains will apply.
Considering Bukele's general approach to Bitcoin and the very hands-off nature of their attitude towards taxes on it, it seems unlikely he would take this step
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120 sats \ 1 reply \ @k00b 20 Dec
Apparently it's still legal tender. Their Bitcoin Czar:
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0 sats \ 0 replies \ @nitter 20 Dec bot
https://xcancel.com/stacyherbert/status/1869752262186217868
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26 sats \ 0 replies \ @Solomonsatoshi 20 Dec
If it is still legal tender then logically yes it must still be exempt from CGT.
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0 sats \ 0 replies \ @Rothbardian_fanatic 21 Dec
The IMF and economic hitmen got to El Salvadore. I wonder how their economy will go after this.
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0 sats \ 0 replies \ @3a42879d5f 20 Dec
Yes. Exactly. And then he bought bitcoin with the money from the loan. Absolute Chad behavior.
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0 sats \ 0 replies \ @BITC0IN 20 Dec
sad
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0 sats \ 0 replies \ @ama 20 Dec
It doesn't seem so...
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