El Salvador is Drafting a New Cryptocurrency Law, What Will Change?

El Salvador’s President Nayib Bukele keeps calm amid deepening crypto winter. Its Minister of Economy, Maria Luisa Hayem Brevé, has proposed a bill on the issuance of Crypto assets to promote the full legalization of encryption.

This comprehensive document outlines the formal expansion of El Salvador’s legal framework to accept all crypto. The bill has been submitted to the Legislative Assembly for consideration by Congress.

El Salvador plans to legalize all cryptocurrencies

If passed, the Cryptocurrency Act would regulate the transfer of any type of Crypto asset, not just bitcoin, which is already a legal tender. According to the translation, it aims to “promote the effective development of the Crypto asset market and protect the interests of holders.”

Furthermore, it separates cryptocurrencies from other financial assets and creates a whole new framework for them. El Salvador is taking a different route than the U.S., which is trying to shoehorn them into decades-old securities laws. If passed, the law would result in the following:

  • Create a registry of Crypto asset vendors/providers.
  • The full legalization of encryption.
  • Definition of Stablecoins and Tokens.
  • Supervision of public issuance of Crypto assets.
  • Tax exempt in certain circumstances.

The bill comes directly from the Office of the President, so any delays in discussion and approval are unlikely. When President Booker introduced the Bitcoin Bill in June 2021, it was approved by the National Assembly within hours. BTC became legal tender in the country in September of that year.

Commenting on the move, Tether Limited CTO Paolo Ardoino said:

“The new law will make El Salvador the financial center of Central and South America.”

The Green of Bitcoin Bonds

Additionally, the bill paves the way for a Bitcoin bond issuance to be announced in November 2021. El Salvador’s 2,392 bitcoins are currently worth $39.5 million, according to the “Nayib Tracker” website.

downloadSource: Nayib Tracker

However, since Bukele began buying in early September 2021, the value of the stake has shrunk by $67.8 million, or about 63%. However, the president remained calm and stated that he will start buying 1 BTC per day starting November 18.

Alternative cryptocurrencies to invest in

Despite the bearish trend in the market, there are still cryptocurrencies that can bring handsome profits to investors. Such cryptocurrencies include Dash2Trade, RobotEra and the native token of the IMPT project.

Dash 2 Trade

Dash 2 Trade is a new innovative project that creates an analytics platform that helps investors and traders make smarter decisions and maximize profits. The project is still in its early stages. However, it has managed to attract the attention of investors and now has a community of around 70,000 people.

d2t1

The main goal of Dash 2 Trade is to simplify the trading process. To this end, the platform provides access to various tools. For example, users will be able to track social sentiment surrounding new tokens. This will make it easier for them to identify cryptocurrencies with potential. On the project website, users can also follow the start of the presale and the listing of the selected token on the exchange.

Dash2Trade runs on the Ethereum blockchain. It uses the D2T token as its native currency, which is required to unlock the full functionality of the platform. The token pre-sale has become one of the most successful pre-sales in recent memory. Over $6.9 million has been raised.

join the presale

robot age

RobotEra creates a virtual world where you can transform into a robot, collect resources from the planet, tend your territory, befriend robots and help restore the planet. You can choose to design whatever you choose because the game provides a powerful editor. All you create is a tradable NFT.

robot original

The shared universe provided by RobotEra is connected to other planets, and players have the opportunity to visit and create theme parks, concerts, museums and other facilities. Metaverse provides a variety of monetization methods, including resource mining, NFT trading, and battles, in addition to charging entry fees. Users can also stake TARO tokens directly on the platform.

The team allocated 270 million tokens for the presale and set a hard cap of $6.93 million. There will be three pre-sale rounds offering 90 million tokens each. We are now in Phase 1, and the price of 1 TARO is 0.020 USDT. So hurry up before it’s too late.

join the presale

IMPT

IMPT is an ecological project whose goal is to transform the market through emission allowances. Currently, there are serious problems in this regard. The market is poorly regulated, so fraud is common.

Import price 1666345487

The IMPT project is built on the blockchain, thus ensuring the transparency of all transactions. Each quota will be tokenized and converted into an NFT, which also eliminates reuse. After burning the emission quota, the user will receive a unique eco-themed NFT as a reward.

The core part of the project is the IMPT token. Users can earn it by shopping at environmentally responsible brands. Currently, more than 25,000 well-known enterprises have agreed to cooperate with the project. Currently, the cryptocurrency can be purchased for $0.023.

join the presale

Source of information: Compiled from CRYPTOSVET.CZ by 0x Information.The copyright belongs to the author Roman Blecha, and shall not be reproduced without permission

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