Elsavador holding Bitcoin investments soaring in profits:
Following a challenging period in the crypto market, the country’s Bitcoin investment has rebounded into profitability. Salvadoran President Nayib Bukele shared on December 4 that the nation’s cumulative Bitcoin investments, which had dwindled to $41,885 during the crypto winter, now stand at $131 million, reflecting a net profit of $3.6 million and a total gain of 2.84%. President Bukele emphasized that there are no plans to sell, emphasizing a long-term strategy despite expected future price fluctuations.
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Notably, Bukele resigned as El Salvador’s president on December 1, having secured approval from the legislative assembly. This move allows him to take a leave of absence and focus on his 2024 re-election campaign. During Bukele’s initial presidential term, El Salvador began purchasing BTC through its national treasury in September 2021, with an initial investment of $10.3 million. Despite a subsequent 50% decline in Bitcoin’s price amid a bear market, Bukele adopted a dollar-cost-averaging approach, consistently adding to the country’s Bitcoin holdings throughout 2022.
At one point, the nation’s Bitcoin portfolio dropped to $45 million from a book value of $103.9 million. El Salvador made history in 2021 by becoming the first country to recognize Bitcoin as legal tender. Despite concerns raised by the International Monetary Fund regarding potential risks, particularly due to limited adoption, such risks have not materialized in El Salvador’s case.
India has taken action against Antimony Laundering act in Parliament
The Finance Ministry of India has issued a directive requiring crypto businesses to register with the Financial Intelligence Unit. According to a written response by the Minister of State for Finance, Pankaj Chaudhary, 28 Virtual Digital Assets or crypto service providers have complied with this requirement. This mandate was introduced in March, making it obligatory for crypto businesses to register with the Financial Intelligence Unit, the nation’s anti-money laundering unit.
The businesses are also required to adhere to processes outlined in the Prevention of Money Laundering Act, including the implementation of Know Your Customer verification procedures. The Finance Ministry’s response clarified that the guidelines and reporting obligations are not limited to domestic entities; they also apply to offshore crypto exchanges catering to the Indian market.
Non-compliance by offshore platforms may result in appropriate action under the Prevention of Money Laundering Act. While leading exchanges like CoinDCX, WazirX, and CoinSwitch have registered with the FIU, it is noteworthy that none of the 28 entities currently registered appear to be offshore companies.
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