In the Wednesday vote, 62 out of 84 votes approved the recognition of Bitcoin as legal tender in El Salvador, becoming the first country to adopt Bitcoin officially. Before the vote, President Nayib Bukele responded to the founder of Tron Justin Sun’s prediction :“Crypto investors and entrepreneurs will start to move to El Salvador!”, that his country will open permanent residency to crypto entrepreneurs if they contribute 3 BTC to El Salvador’s economy (around US$1.1 million as of press time) and will not require crypto investors to pay capital gain tax for Bitcoin investment.
Moreover, the president even plans volcano-powered mining, saying he has directed the president of LaGeo to “offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.” As mentioned before, the Chinese government suppressed crypto mining activities, leading to a decrease of hashrate in China. Nayib Bukele’s “volcanoes’ mining plan” could take the throne in the global hashrate ranking.
Nevertheless, Paraguayan congressman Carlos Rejala plans to present a crypto-related bill next month, to attract global crypto businesses. Rejala is set to position Paraguay as the crypto hub and the model for other countries in Latin America. Once the bill is approved, he will follow El Salvador to apply for the approval of Bitcoin to become legal tender, he added.