Bitfinex donates more than $1 million to support small businesses in El Salvador
Bitfinex, one of the largest crypto exchanges, donated 36 bitcoins worth approximately $0.7 million and USDT worth $600,000 to small businesses in El Salvador to support the economy. Various projects and initiatives from the most socially disadvantaged areas of the country - Ilopango, Soyapango and Apopa - will receive assistance.
Small business owners from areas where gangs operate and extortion is widespread will receive donations using their cryptocurrency wallets, including through the official wallet of the Government of El Salvador Chivo. Assistance will be provided to environmentally friendly business initiatives in which local residents work.
In addition to donations, other assistance will be provided to El Salvador - Bitfinex's parent company, iFinex Inc., is working with the country's government to create a new regulatory framework for digital assets and securities.
The law on the adoption of bitcoin in El Salvador came into force last fall. Then the government of the country began large-scale purchases of bitcoins, buying at every suitable strait. The authorities have created a special fund of $150 million for this purpose. Prices in El Salvador can be set in bitcoins, and taxes can also be paid in the first cryptocurrency. The exchange of bitcoin for fiat currency is not subject to capital gains tax, while bitcoin can be exchanged for dollars at the market rate. All enterprises of the country are required to accept the first cryptocurrency. Currently, the Government of El Salvador owns 2,301 BTC worth a total of $46 million.
Although it seems that businesses in El Salvador are in no hurry to use bitcoin payments, the Chivo public wallet seems to be gaining popularity due to its role in facilitating money transfers. According to the Central Reserve Bank of El Salvador, Salvadorans living abroad sent $52 million through it in the first five months of 2022.
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