As we reported a few days ago, the President of El Salvador, Nayib Bukele, announced during the Miami Conference that the country intends to accept bitcoin as a currency in the country. Now the 39-year-old has added to the appeal of his proposal on Sunday with his new remarks on Twitter. Bukele announced in his latest tweet that:
"The government will immediately grant permanent residency to crypto entrepreneurs."
Today, his proposal was approved by 62 official members of parliament against 19 votes against. Explaining the bill, Bukele added that the country is also proposing a new law to parliament that would allow anyone with a 3-bitcoin investment in the El Salvadorian economy to obtain permanent residency.
It is interesting to know that the official currency of El Salvador is the US dollar. About a quarter of El Salvadorians live in the United States, and last year they sent more than $ 6 billion in remittances despite the Corona epidemic.
Nayib Bukele acknowledged that the move was aimed at creating jobs and providing employment opportunities for thousands of people who now operate outside the country's legal economy. He noted that 70 percent of the population now does not have a bank account and operates in an informal economy.
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Yahoo NewsAnyone from El Salvador can give any feedback about living costs and living situation in this country?
Trying to properly understand what they mean by Legal & informal economy.
Guess the opposite of the Legal economy is Illegal economy. The terms should be properly defined to mean safe/moral economy else I see a situation where lawless rulers misinterprete it for their own evil agenda.
That part of the economy has alot of businesses (especially rural/traditions businesses) that provide products that are way better and healthier than businesses that seem regulated.
Government should emphasize on safety and good products and services. Businesses could be penalized if there are proofs their products and services are harmful to people/society.