El Salvador known for one of the crypto friendly country, in a series of strategic moves underlining its commitment to crypto, the country continues to deepen its relation to crypto and particularly Bitcoin.
Nayib Bukele, President of El Salvador recently announced of his plans to buy one Bitcoin every day with the of continuing this practice until it becomes not affordable with fiat currencies.
This initiative according to a report has pushed holdings of Bitcoin by the country to a significant total of 5,690 Bitcoin, that has a value at approx $400 million.
El Salvador has eliminated income tax on foreign investments and money transfers, making a bold statement in the global financial scene in tandem with its bitcoin ambitions.
This cut of 30% to 0% in the tax is a move designed to attract foreign investmentors which could help boost the country's economic growth.
El Salvador's commitment to Bitcoin was highlighted further when it moved 5,690 Bitcoin Bitcoin into a cold wallet.
According to Bukele, the significant portion of these assets amounting to $400 million worth of Bitcoin, has been transferred to an offline device kept in a real vault on the country's soil.
El Salvador decided to move its bitcoin holdings to a cold wallet after they unexpectedly increased to almost twice their previously estimated amount.
Through various means, the country has been acquiring Bitcoin which includes daily purchases, sales passports, currency conversions for businesses, government services and mining.
This strategy has increased the country's Bitcoin holdings dramatically.
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