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El Salvador to exempt bitcoin profits from income tax

RIO DE JANEIRO, BRAZIL - On Tuesday, September 7, El Salvador became the first country to establish bitcoin as a legal tender on par with the dollar, the currency that has governed the country's economy for 20 years.

"If a person has bitcoin as an asset and has a high profit, there will be no tax. This is obviously intended to encourage foreign investment," said the presidency's legal advisor Javier Argueta.

"Neither capital gain, nor income, no tax will be paid. This is an advantage that has drawn much attention," he explained.

President Nayib Bukele's plan experienced some . . .

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