The phased implementation schedule begins with stablecoin regulations effective from 30 June 2024, with full regulations operational by 30 December 2024.
The system would require miners to pay taxes when mined cryptocurrencies enter their wallets and impose additional taxes on any unrealised gains when these assets are sold or transferred, while allowing deductions for losses.
Despite facing opposition from the IMF, citing concerns over Bitcoin's volatility and lack of regulation, El Salvador continues to increase its Bitcoin holdings, demonstrating confidence in the cryptocurrency's long-term potential.