Immediate Permanent Residence For Crypto Entrepreneurs In El Salvador

In a tweet published half an hour ago, the President of El Salvador, Nayib Bukele, announced immediate permanent residence for crypto entrepreneurs.

On top of that, there will be no capital gains tax either, as it will be a legal currency. Another thing that I didn't know about El Salvador is that it doesn't has a property tax.

As expected, this starts to be a very interesting story.

I am not extremely enthusiastic about this, for the following reasons:

• South America, and El Salvador especially, is not famous for political stability. Even if the bill passes, opposing forces may enforce a coup and erase it

• the speed at which it unfolds tells me there will be an equal re-action from the establishment. And since a big part of the external debt of El Salvador is in USD, and it should be paid to US, we also know that US is not famous for proportionate reactions in countries where they have economic interests. Their reaction was disproportionate to the level of "war", most of the time. Last decades it was oil, now it looks like it might be Bitcoin.

I am moderately enthusiastic, for the following reason:

• sometimes, good things happen.

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