Latam Insights Encore: Bukele’s Zero-Debt Budget Is a Good Start to Heal El Salvador’s Economy

September 24, 2024 Bitcoin.com

austerity

Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine the budget proposal of Salvadoran President Nayib Bukele, which contemplates eliminating debt issuance and how this might change the Salvadoran economy and its outlook. Latam Insights Encore: Bukele’s Zero Debt […]

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Central Reserve Bank: Only 1.1% of Remittances Involve Cryptocurrency in El Salvador

September 24, 2024 Bitcoin.com

Bitcoin (BTC)

The adoption of cryptocurrency, especially Bitcoin, for remittances has failed to surge in El Salvador, even with the support of President Nayib Bukele’s administration. According to data provided by the Central Reserve Bank, only 1.1% of all remittances sent to the country from January to August 2024 include cryptocurrency. Report: Adoption for Remittances Reach Only […]

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Latam Insights: Bukele Announces Self-Financed Budget; Salvadoran Coffee Purchase Settled With Bitcoin

September 23, 2024 Bitcoin.com

Bitcoin (BTC)

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, President Nayib Bukele announces a zero debt budget, a batch of Salvadoran coffee gets purchased using bitcoin, and Lightspark eyes the region’s markets. Bukele States El Salvador Will Self-Finance 2025 Budget, Won’t Issue […]

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Nayib Bukele and Elon Musk Discuss AI, Robotics, and Future of Humanity

September 23, 2024 Bitcoin.com

El Salvador’s President Nayib Bukele met with Tesla and Spacex CEO Elon Musk at the Texas Gigafactory, discussing AI, robotics, and humanity’s future. The two exchanged views on innovation, and Musk praised Bukele’s leadership. Their conversation emphasized how cutting-edge technologies could shape global progress, aligning with El Salvador’s forward-thinking stance. Bukele and Musk Discuss AI, […]

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Nayib Bukele meets Elon Musk at Tesla to discuss AI, future of humanity

September 21, 2024 Coin Telegraph

President Bukele visited Tesla to meet with Elon Musk and discuss the future of AI, Bitcoin, and El Salvador’s emerging role in tech innovation.

Salvadoran President Nayib Bukele visited Tesla headquarters to meet Elon Musk and discuss, among other topics, the role of next-generation technologies, such as artificial intelligence, in shaping humanity’s future.

On Sept. 21, Bukele posted a video on X showcasing his visit to Tesla’s gigafactory in Austin, Texas, where he met with Musk. In the brief clip, Musk welcomes the president and gives him a tour of the facility.

Source: Nayib Bukele

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US Company Settles Salvadoran Coffee Purchase With Bitcoin

September 21, 2024 Bitcoin.com

Bitcoin (BTC)

According to information from the Salvadoran Ministry of Foreign Affairs, Compass Coffee, a U.S.-based coffee company, has completed an international purchase of Salvadoran coffee using bitcoin. Jorge Cruz, the Salvadoran counterpart in this transaction, explained that he received the payment in less than 10 minutes, bypassing the need for intermediaries in these deals. Salvadoran Coffee […]

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Bukele States El Salvador Will Self-Finance 2025 Budget, Won’t Issue Even ‘a Cent’ of Debt

September 18, 2024 Bitcoin.com

bitcoin.com

President Nayib Bukele revealed that he would present a self-financed budget proposal to the Legislative Assembly of El Salvador, meaning that the government will not issue debt to pay for its operations in 2025. Bukele stressed that this would be the first time this happened in decades, highlighting the relevance of independence and self-sufficiency for […]

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Latam Insights: Venezuelan Opposition Leader Proposes Bitcoin Reserve; Maduro Wants to Retake the Crypto Path

September 9, 2024 Bitcoin.com

Bitcoin (BTC)

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Venezuelan opposition leader María Corina Machado proposes creating a bitcoin reserve, Venezuelan President Nicolás Maduro states that the country must retake the crypto path, and a GAFILAT report indicates that bitcoin has not […]

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El Salvador marks 3 years of Bitcoin adoption with $31M profit

September 7, 2024 Coin Telegraph

Bitcoin

Despite widespread initial criticism, El Salvador is sitting on over $31 million worth of Bitcoin profit.

Update Sept. 7, 12.48 pm UTC: This article has been updated to include quotes from Harshit Gangwar.

El Salvador is celebrating its Bitcoin anniversary, marking three years since the country adopted Bitcoin as legal tender.

El Salvador became the world’s first country to adopt Bitcoin (BTC) as legal tender three years ago, on Sept. 7, 2021, to promote financial inclusion, facilitate more efficient remittance payments and attract financial innovation.

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Financial Action Task Force of Latin America States Bitcoin Has Not Reached a ‘Significant Impact’ in El Salvador

September 6, 2024 Bitcoin.com

Adoption

The Financial Task Force of Latin America (GAFILAT) released an evaluation of the state of El Salvador regarding compliance with international anti-money laundering requirements. The institution found that, while El Salvador included bitcoin as legal tender in 2021, the crypto asset has not reached a ‘significant impact’ or elevated transactional volumes. Financial Task Force of […]

El Salvador

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