August 09, 2021

El Salvador to be Using Cryptocurrency as the Source of Salary

By Sona Mathews

Cryptocurrencies are one of the most trending needs for today’s world, as this is considered the best way of investment.

This provides a significant profit on the investments.

Even this has been considered the better investment method compared to that of the share market.

El Salvador to be Using Cryptocurrency as the Source of Salary: eAskme
El Salvador to be Using Cryptocurrency as the Source of Salary: eAskme


As we all know, bitcoin is one of the most known cryptocurrencies as this had created a revolution in the market.

Bitcoin was launched in 2009 with the price of few dollars and then rising to the amount of a few thousand dollars, but now there are lots of cryptocurrencies, and the value of bitcoin in today’s time is around 40000 USD.

And this is a considerable value and a massive rise from the bottom.

Cryptocurrency in the form of salaries

As cryptocurrencies are in the trend, this has been starting considering by various governments of the different countries as the primary concern.

In the same way, the minister of El Salvador had said that the government would be giving the salaries to the workers in the form of bitcoin.

In article number 7 of El Salvador, it is mentioned that the salaries must be given to the laborers in the form of dollars according to the rule passed in 2001.

But the government had replaced this article.

The ministry of finance and the economy ministry are working very hard on it to produce in the welfare of the laborers.

The other most interesting news is that Congress has passed the bill with the majority of votes of the bitcoin.

And this has been considered that El Salvador will be the first country to adopt the bitcoin or cryptocurrency to be the source of legal tender. The achievement is very big for the country.

Tax Contributions and the Buying of Goods

Merchants will be able to buy the good in the form of cryptocurrencies and can be sold them in the form of cryptocurrencies.

But has been considered by the government that all the accounting purposes US dollars will be the option.

The citizens of the country will be able to pay the taxes in the form of cryptocurrencies.

Mining Processes

Mining processes are one of the most important processes for working cryptocurrencies on the profit maximizer, as the mining processes are majorly used to verify and process the transactions.

Even this is the best source of employment for the users as this provides the best prices to the users engaged in the mining processes.

As we all know, there is the major problem of unemployment everywhere as people cannot get jobs, but this is the very best method to earn money.

Even the government of El Salvador has said that the geothermal energies from the volcanos can be used for the mining process.

As the country has allowed engaging the citizens to be in the mining, this had provided a great opportunity to the users to get employment and earn money.

About Crypto Currencies

Cryptocurrencies are the fast-growing currencies in today’s world as this is providing huge returns on investments.

In addition, this is a very secure gateway for users who want to make their transactions private and do not want to show their transactions.

Not only are cryptocurrencies giving huge investments on returns, but they are also employing lots and lots of users.

So here we can say that cryptocurrencies are the future of the fast-growing world.


So, in the end, from the words written above, we can conclude that the government is taking a perfect measure by initiating cryptocurrencies in the form of salaries.

Once the cryptocurrency is launched, and the users will get used to it.

They will come to know how to use the cryptocurrency, and even this not just for buying goods but this currency can be used for investment to earn profits.

As the cryptocurrency will be common and the users will get used to it, even they will know that this can be used for mining and earning money.

So here we conclude that the measure taken by the government is the best thing.

If you still have any question, feel free to ask me via comments.

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