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Tron to establish an office in El Salvador as Justin Sun declares the country a “Bitcoin nation”

John KumiBy 0Edited by John Kiguru 8. June 20213 Mins Read
  • Tron is on course to become the first crypto organization to establish an office in El Salvador.
  • El Salvador president has expressed his readiness to offer a permanent residence permit to crypto entrepreneurs who intend to move into the country.

At the just ended Bitcoin 2021 conference in Miami, the President of El Salvador Nayib Bukele announced his intention to make Bitcoin legal tender. He revealed his interest in the crypto space and assured the attendants that he will submit a bill to congress. If passed, this will make El Salvador the first sovereign nation to make Bitcoin legal tender. 

In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction.

He also announced on Twitter that there will be no capital gains on Bitcoin earnings. Bukele expressed his readiness to offer a permanent residence permit to crypto entrepreneurs who intend to move into the country. This is to attract crypto-related companies to establish offices with less paperwork.

In a recent development, Tron Foundation seems to be making the first move as they plan to establish an office in El Salvador. This will make them the first crypto organization to open an office in the country.

The Tron community has reacted positively and rendered its full support as this is seen as a step in the right direction.

There is a pocket of doubt that Bukele will struggle to fulfill such promises. However, this looks politically possible as he controls 70 percent of the Legislative Assembly. His Grand Alliance for National Unity Party won the parliamentary election with a huge gap. 

El Salvador becoming the next crypto hub

El Salvador seems to be on course to become the next hub for crypto startups following the strict and unfavorable regulations imposed by China and the US. 

Strike, a payment processing app has already made the move, becoming the most downloaded app in El Salvador.

Once governments see the benefits of Bitcoin technologies like Strike on financial efficiency and inclusion, it becomes obvious that they will seek to follow in the footsteps of El Salvador.

Paraguay has also shown a great interest in crypto after their country’s deputy Carlos Rejala announced upcoming crypto projects. According to reports, the projects could involve PayPal. 

This week we start with an important project to innovate Paraguay in front of the world!

Concerns have been raised that El Salvador and Paraguay could face pressure from international bodies for their decisions. Interestingly, Bukele has admitted that there is ongoing pressure from international political bodies intended to force them to reverse their decision. He believes this signals a great benefit in the crypto space.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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