El Salvador to Maintain Bitcoin as Legal Tender
El Salvador's Vice President Felix Ulloa recently confirmed that bitcoin will continue to be recognized as legal tender in the country during President Nayib Bukele's second term, despite the International Monetary Fund's (IMF) recommendation to drop it. Ulloa stated that the victory of Bukele in the upcoming elections will ensure the continuation of Bitcoin policies, including the launch of volcano bonds in early 2024. El Salvador's decision to embrace bitcoin as legal tender has gained global credibility and support, with Bitfinex launching operations as a digital securities tokenization company in the country.
President Javier Milei Drops Crypto Tax Opportunities From Omnibus Bill
In Argentina, the government has removed the provision that allowed the declaration of ownership of certain assets, including cryptocurrencies, from the omnibus bill presented to Congress. The bill, known as the "Law of Bases and Starting Points for the Freedom of Argentines," aims to introduce reforms in various sectors and grant legislative powers to President Javier Milei. The decision to drop the tax opportunities related to cryptocurrencies was made to expedite the approval of the bill due to the lack of consensus on these specific issues.
Venezuela Hit by Reenactment of Gold Sanctions
The U.S. Treasury Office of Foreign Assets Control (OFAC) has revoked the license of CVG Compania General de Mineria de Venezuela CA (Minerven), the state-owned gold company, to participate in international gold transactions. This revocation follows an agreement reached with Maduro's government in October to review the involvement of key opposition figures in the upcoming presidential ballot. The U.S. State Department has warned that further oil and gas-related sanctions will be reinstated if the Venezuelan government fails to address this issue by April. In response, the President of the National Assembly, Jorge Rodriguez, defiantly called for immediate implementation of the sanctions, expressing his discontent with the U.S. government.
To stay up-to-date with the latest news on crypto and the economy in Latin America, subscribe to our Latam newsletter.
What are your thoughts on this week's Latam Insights report? Share your opinions in the comment section below.
Frequently Asked Questions
Are gold and silver IRAs a good idea?
This could be a good option for anyone looking to quickly invest in both silver or gold. There are also many other options. Contact us anytime if you have questions about these types investment options. We're always happy to help!
Are gold IRAs a good investment?
An investment in gold can be made by buying shares of companies that mine it. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
But, owning shares in direct form has two downsides:
If you hold on to your stock for too much time, you risk losing money. Stocks will fall faster than the underlying asset (like a gold mine) when they drop. That means you could end up losing money instead of making it.
You may also miss potential profits if the market recovers before you sell. Therefore, you might need patience and wait for the market recovery before making any profit from your gold investments.
If you prefer to keep your investments apart from your finances, physical gold is still an option. A gold IRA will help protect your portfolio from inflation and diversify it.
You can learn more about gold investing by visiting our website.
How Do You Make a Withdrawal from a Precious Metal IRA?
If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. If you decide to sell your metals this way, they will be much more valuable than if they were inside the account.
Here is how to withdraw precious metal IRA funds.
First, you need to find out if the provider of your precious metal IRA allows withdrawals. Some companies will allow withdrawals, while others won't.
Second, consider whether your sale of metals can allow you to take advantage tax-deferred profits. Many IRA providers provide this benefit. Some providers do not offer this benefit.
Third, check with your precious metal IRA provider to see if any fees are associated with taking these steps. The withdrawal may cost extra.
Fourth, it is important to keep track of your precious-metal IRA investments for at most three years after you have sold them. In other words, wait until January 1st each year to calculate capital gains on your investment portfolio. You will then need to file Form 8949 which contains instructions on how to calculate the amount of gain that you have realized.
You must file Form 8949 and also report any sale of precious metals to IRS. This is a step that ensures that all sales are taxed.
Consult a trusted attorney and accountant before selling your precious materials. They will ensure you are following all the procedures and avoid making costly mistakes.
How much do gold IRA fees cost?
The average annual fee of an individual retirement account is $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type has its own set of rules and requirements. For example, you may have to pay taxes on any earnings from your investments if they're not tax-deferred. The amount of time you intend to keep the money must be considered. If you plan to keep your money longer, you can save more money by opening a Traditional IRA instead of a Roth IRA.
Traditional IRAs allow you to contribute up $5,500 annually ($6,500 if 50+). A Roth IRA allows for unlimited annual contributions. The difference between them is simple: With a traditional IRA, you can withdraw the money after you retire without paying taxes. A Roth IRA will entail taxes for any withdrawals.
Statistics
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
External Links
wsj.com
kitco.com
regalassets.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Best Precious Metals Ira in 2022: Things to Remember
Precious Metals Ira has become a popular choice for investors. This article will explain what makes precious metals Ira so appealing and how you can make smart decisions when investing in them.
The main attraction of these assets is their long-term growth potential. Looking back at historical data, we see that gold prices have shown incredible returns. Over the past 200 years, gold has increased from $20 per ounce to almost $1900 per ounce. The S&P 500 Index grew only by about 50%.
During times of economic uncertainty, people consider gold a safety net. When the stock markets is down, people tend not to hold onto their stocks but rather move into the safety and security of gold. As an inflation hedge, gold is also thought to be a good investment. Many economists believe that inflation will continue to exist. Accordingly, many economists believe that inflation will always be present. Therefore, physical gold can be considered a way for you to safeguard your savings from future price rises.
There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, decide whether bullion bars are better than coins. Bullion bars can be bought in large quantities (like 100-ounces) and kept aside until required. The coins are smaller versions than bullion bars and can be used to purchase small quantities of bullion.
You should also consider where your precious metals will be stored. Certain countries are more secure than others. It might make sense to store precious metals in another country if you reside in the US. If you intend to store them in Switzerland, though, you might need to question why.
The final decision is whether you want to either invest directly in precious or through “precious metallics exchange-traded fund” (ETFs). ETFs are financial instruments that track the performance of different commodities, such as gold. You can use them to get exposure without actually owning precious metals.
—————————————————————————————————————————————————————————————-
Based on [POSTTITLE]
by [POSTAUTHOR]
Related posts:
El Salvador Reaffirms Commitment to Bitcoin, Defying IMF’s Call to Drop BTC as Legal Tender
New Jersey Bill Proposes Classifying All Crypto Tokens Sold to Institutional Investors as Securities
Bitcoin IRA Review: Is it a Legit Company You Can Trust?
7 Best Bitcoin IRA Companies 2023 (Ranked by lowest fees)
