El Salvador adopted Bitcoin as its legal tender

28 January 2022
2022-01-28 08:54

Four months after El Salvador adopted Bitcoin as its legal tender alongside the U.S. dollar, real estate entrepreneurs and investors alike are taking advantage of the tax incentives the law provides: no property tax and no capital gains tax.

Wayne Gregory from San Francisco is one of the first investors to use Bitcoin to buy a 16-acre property at El Zonte beach, south of San Salvador and one of the early adopters of Bitcoin in the country.

Three years ago Salvadoran entrepreneur launched the Bitcoin Beach project to introduce Bitcoin in the El Zonte community. After nearly doubling in value late last year, Bitcoin value plunged on Tuesday.

The International Monetary Fund wants El Salvador to drop the highly volatile cryptocurrency which was voted in September 2021 to be the legal tender by that country's Congress in September 2021, and strictly regulate the electronic wallet the government has pushed adoption of across the country.

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