Salvadorean President Nayib Bukele said that the nation has adopted bitcoin as legal tender, a step he believes would create jobs and promote financial inclusion.
Bukele, Latin America’s youngest president, who is known to break from the norms, wrote on Twitter that lawmakers approved the legislation by a “supermajority.”
The 39-year-old leader has previously said that bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for US$6 billion of remittances a year.
The move to make the virtual coin legal tender is a rare slice of good news for the largest cryptocurrency, which is struggling to recover from a rout last month.
Central Reserve Bank of El Salvador President Douglas Rodriguez on Tuesday said in an interview with state TV that bitcoin is already used in the country and “it’s not something people need to be afraid of.”
It would not replace the US dollar, Rodriguez added.
Bitcoin has roughly halved from a mid-April record of almost US$65,000, hurt in part by billionaire Elon Musk’s criticism of the amount of energy needed by the servers underpinning it.
Harsher regulatory scrutiny in places such as China has also soured sentiment, and the idea that more mainstream investors would warm to it has taken a knock.
Yet the bitcoin faithful say these are temporary setbacks and that the virtual currency’s role should expand.
Bitcoin yesterday climbed 2.5 percent to about US$34,500 as of 8:05am in London, reversing earlier losses. The wider Bloomberg Galaxy Crypto Index increased about 3 percent.
FURTHER TAX MEASURES NEEDED? Corporate owners accounted for almost 30 percent of empty houses, many of which are held by firms that own 10 or more properties The number of unoccupied houses nationwide totaled 876,000 units last year, or 11.94 percent of all houses, the Ministry of the Interior said in a report issued on Thursday. Almost 30 percent of empty houses were owned by companies, suggesting that many corporate property owners engage in house hoarding, the ministry said. Excluding developers and builders, companies still owned 20 percent of empty houses, it said. The report is based on housing units’ electricity use and considers properties that use less than 60 kilowatt-hours per month as unoccupied. The study contradicts Ministry of Finance reports saying that house hoarding subsided and there is no
The Investment Commission has approved a plan by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, to expand production at its plant in Nanjing, China. The plan was approved because the investment would come from the chipmaker’s earnings from the Nanjing plant and would not have an impact on its paid-in capital, the commission said. In addition, TSMC has pledged to invest NT$600 billion (US$21.43 billion) to NT$650 billion in Taiwan to create more jobs over the next three years, and has made efforts to protect intellectual property to prevent confidential business information from being leaked, it said. The
JOINT VOUCHERS: A NT$14,000 package allows two guests to stay one night in a suite at either Caesar Park Kenting, Fleur de Chine Hotel or Hotel Royal Chiaohsi Taiwan’s three major hotel chains yesterday teamed up in a bid to boost business by offering limited packages aimed at attracting affluent tourists to their flagship resorts. L’Hotel de Chine Group (雲朗觀光), Hotel Royal Group (老爺大酒店集團) and Caesar Park Hotels and Resorts (凱撒飯店) have joined forces to sell vouchers that allow tourists to spend one night at Caesar Park Kenting in Pingtung County, Fleur de Chine Hotel near Nantou County’s Sun Moon Lake (日月潭) or Hotel Royal Chiaohsi in Yilan County for NT$14,000 to NT$38,888, depending on the number of guests. The collaboration is intended to keep the hospitality industry alive after
‘No SUPPLY BOTTLENECK’: Shipments would proceed as planned from the facility, which produces processors for a new line of iPhones to be launched next month Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) shipments would not be affected by the contamination of gas used in the manufacturing process at one of its key plants in Tainan, the firm said yesterday. While some TSMC production lines in Tainan’s Southern Taiwan Science Park received gas supplies that were found to be substandard, the chipmaker continued production using gas from other sources, the company said. Local media reported that the contamination was discovered at the world’s largest contract chipmaker’s Fab 18 on Thursday night and that production would be affected during four days of cleanup work. While not confirming that the contamination