El Salvador has no plans for altcoins: President Nayib Bukele 

  • President Nayib Bukele said that El Salvador will not be adopting altcoins as legal tender.
  • The president’s statement counters Charles Hoskinson’s that El Salvador is going beyond Bitcoin adoption. 

El Salvador president, Nayib Bukele, has commented on the country’s plans to adopt altcoins after Charles Hoskinson, the founder of blockchain platform Cardano, said that the project has been in discussions with officials from El Salvador. Hoskinson added that Cardano also had a meeting with the president. According to the Cardano founder, El Salvador is interested in digitizing the country, including legalizing more than Bitcoin. He said that the matter would be more understandable over the next 2 to 4 weeks. 

Hoskinson’s statement came after the Republic of El Salvador approved Bitcoin along with the US dollar as a legal tender earlier this month. The country made history, being the world’s first to officially announce that Bitcoin will be accepted across all states for goods and services. Now, Hoskinson’s comment revealed that the country may be considering adding Cardano’s ADA to its payment system. 

In reaction to the news, ADA surged more than 80 percent to reach an all-time high. At the time of writing, the coin is up nearly 10 percent to $1.36. 

El Salvador will not accept altcoins as legal tender

However, the El Salvador president has declared that the country does not plan to adopt altcoins. The president said that the government is not adopting any other cryptocurrency apart from Bitcoin. He said the country is putting all its “bets and efforts on Bitcoin.” Bukele revealed the El Salvador stance on altcoins approval in an interview with Bitcoin bull Peter McCormack on the 23rd of June. 

While speaking, Bukele reiterated that El Salvador has two official currencies: BTC and the US dollar. He also said that El Salvador would not be banning any cryptocurrency, but the country only has a law for Bitcoin. He talked about the challenges that come with having multiple legal tenders. 

Furthermore, the president said that the country is open to anyone or any company who wants to do business.

3 BTC = El Salvador’s permanent residency 

When El Salvador announced Bitcoin as a legal tender earlier this month, the country promised permanent residency to anyone who invests 3 BTC into the nation’s economy. President Bukele took the time to speak on this while speaking with Peter McCormack during the interview. According to the president, he was asked if people need to pay the 3 BTC in exchange for permanent residency. He explained that the law emphasizes investing Bitcoin by purchasing anything that totals 3 BTC. Also, he added that the investment could be in the form of buying a house or a Tesla or setting up an office. 

He clarified:

It’s not that you have to pay for our residence. It’s just that you have to invest the amount of 3 Bitcoins in the country, so you get permanent residency.

In addition, Bukele said that El Salvador is one of the countries with no property tax. Hence, people can benefit from this by buying houses with BTC in beautiful environments. Bukele said that the structure is beneficial to everyone and even the country. 

He said the new development would result in talent and companies getting into the country. He continued:

So, that’s good for the people, it’s good for the country, it’s good for developments, it’s good for jobs, it’s good for Bitcoin, it’s good for the world.

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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