El Salvador has continued to methodically buy Bitcoin amid the panic caused by the decline in the price of Bitcoin in recent days.
Notably, last night, president Nayib Bukele announced the government was buying an additional 500 BTC at an average price of $30,744.
El Salvador passed last year a law that recognized BTC as legal tender in the country. Then the government of the country started large-scale purchases of Bitcoins, buying at every suitable strait.
The authorities have created a special fund to this end in the amount of $150 million. Prices in El Salvador can be set in Bitcoins, and taxes can also be paid in the first cryptocurrency. The exchange of Bitcoin for fiat currency is not subject to capital gains tax, while Bitcoin can be exchanged for dollars at the market rate.
All enterprises in the country must accept BTC.
