In relation to the adoption of Bitcoin in the country, Edy Pérez, general manager of the international Grant Thornton audit firm, expert in issues related to Bitcoin, presents, an assessment regarding the cryptocurrency and its relationship with the payment of taxes.

Grant Thornton International begins its article by defining what is a Bitcoin? It is important to review what a Bitcoin is. This is a virtual cryptocurrency or a means of electronic exchange used to acquire products and services like any other currency. Cryptocurrencies were born a few years ago and are decentralized currencies that are not subject to any type of regulation. Regulated currencies, such as the dollar, are subject to the control of a central bank.

Likewise, they inform that when talking about Bitcoin, we are dealing with a currency like any other, with the important difference that it is a currency outside that registry and control. In Guatemala, in February, the Superintendence of Banks issued a statement on the subject, emphasizing that the only means of payment authorized in the country is the Quetzal. In addition, it indicated that cryptocurrencies are not backed by the Guatemalan State, warning that they have been used in illicit operations in other countries.

The Superintendency of Banks indicated that these are not considered foreign currency, are not guaranteed and cannot be forced to be accepted as a means of payment in transactions of goods and services. In this case, it is important to mention that if a person has savings in a national bank, he/she is protected by the Savings Protection Fund (FOPA). This means that if there were to be any problem with that bank, the fund would reimburse part of such funds.

Among other important factors, which this article adds is about volatility and investments in the stock market. Due to speculation, people who acquire this type of virtual currency are exposed to high levels of volatility, so the value of the same could increase or decrease drastically or even reach zero.

According to Grant Thornton International, in the case of El Salvador, all accounting, tax, regulatory and technology issues will have to be taken into account, since Bitcoin will be the only means of payment to buy and sell, which will surely cause an adaptation on the part of the population and companies to be able to accept, safeguard and adapt the technology to this change that the country is assuming.