“El Salvador Now Receives Many Bitcoin Whales”

BTC addresses known as “Bitcoin whales,” those holding more than 1,000 BTC, experienced a rebound, reaching their highest level since August 2022. “And I guarantee you that many of them are now arriving in El Salvador,” Juan Carlos Reyes, president of the National Commission for Digital Assets (CNDA), told CriptoNoticias during an interview.

For the official, the fact that so many Bitcoin whales are arriving in Salvadoran territory is a sign of what will happen in the future. “Successful Bitcoin and other cryptocurrency projects are going to leave El Salvador because they are already coming to this country and that is why the next whales of the ecosystem will move from here,” Reyes said.

“There are already a lot of people saying wow, What is happening in El Salvador is so beautiful”, explains the CNDA president. This is their way of explaining the economic rebound that the small Central American country, which adopted Bitcoin as legal tender more than 2 years ago, will experience.

Since then, electronic cash has been playing an important role in the country’s economy, partly thanks to an increase in tourism, because Thousands of Bitcoiners are attracted to its beaches and other areas. Besides, foreign investment has also increased.

It was precisely this last point that Reyes lingered on during his conversation with CryptoNoticias. “I recently submitted my management report for my first 100 days in office and I note with satisfaction that the growth is reflected in what we are doing.”

add it more than 60 companies Bitcoin and other digital assets are currently being registered in Salvadoran territory by requesting a license through CNAD. Reyes comments that, so far, the regulatory body has approved 15 to 20 companies, while the remaining applications are in the process.

“There are a lot of companies that are staying in El Salvador because they believe what we are doing with Bitcoin is good enough for them to leave the country. Many people paid a million dollars to obtain a Salvadoran passport because they are attracted by the tax benefits offered by El Salvador and the promises made by the President, without realizing how beautiful this country is because we have the advantage of tourism. There are excellent beaches and opportunities for lifting. ,

Juan Carlos Reyes, President of the National Digital Assets Commission.

As CryptoNoticias previously reported, El Salvador now has regulations that facilitate the process for foreign investors supporting Socio-economic development of the country with Bitcoin, Get nationality.

And in addition, the Salvadoran government launched a program aimed at providing residency to approximately 1,000 people who decide to invest at least one million dollars in stable coins such as Bitcoin and Tether.

A bitcoiner country with tax benefits

In the opinion of Juan Carlos Reyes, El Salvador has one of the most innovative regulations in the world. In fact, this was said recently during an event parallel to the World Economic Forum held in the Swiss city of Davos.

During his participation, Reyes Defended measure that establishes Bitcoin as legal tender In a Central American country. He also presented the regulatory progress and benefits achieved by the Salvadoran economy.

Clarifies that the Superintendent of the Financial System of El Salvador, together with the Central Bank, is the main regulator of the Bitcoin industry, while the CNDA is governed by the legal framework that establishes the basis for the altcoin and stablecoin industry, it is also that Body that authorizes the issuance and public offering of digital assets by the state and private companies.

In this sense, Reyes also gave details about the private company E-Grain, which was authorized to execute the second tokenization in the country and which is ready to hit the market. This is the $ESOY token, which is representative of the economic rights produced in trading a bushel of soybeans.

All this comes as Bitcoin adoption is quietly growing in the country and can be seen in circular economies or bastions like Bitcoin Beach and Bitcoin Berlin, as well as the El Zonte Bitcoin Farmers Market, among other projects and communities.