Topic: El salvador a trail blazer for other developing countries - page 2. (Read 390 times)
It is really a matter of time to see how this change has influenced the economy of the country and from the looks of it it has gotten the country under the radar of a lot of people, I for once didn't know about this country but since it announced they are using bitcoin i started learning more and more about it and makes want to visit it, so i can see that this has more of indirect influence on the economy, and i think that other countries will follow their steps if this turns out positive.
How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.
Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.
-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
There are rumors that other countries in Latin America are studying the possibility of adopting bitcoin, I do not know how true those rumors are but it will not surprise me if this is the case, it is too soon to tell if there is a direct benefit at El Salvador yet, but I think we are bound to see it during the next year, and once countries see that they are going to want to emulate what is happening there and try to obtain some benefits out of this revolution that is about to take over the world.-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
Now there are going to be many obstacles as there are also many opponents that do not want to see this happening, but it is inevitable, and some politicians are realizing this and they prefer to adopt bitcoin early so the benefits that come to their countries are as big as they can be.
How about we see the macroeconomic results of El Salvador's decision first, and then make conclusions about it. I see so many people already celebrate it as a great success, and while the fact that first country in the world has made Bitcoin a legal tender is remarkable, we don't know yet if the effect on their economy will be positive or negative or if it even be noticeable at all.
Let us wait and watch how successful the transaction of Bitcoin is going to span out in El Salvador, initially it might not be easy for all the citizens to operate their chivo wallet however once they are able to grasp it then all sort of transactions will become easy, it's good that the government had gone as far as sanctioning non-compliant businesses that really shows the government is working total adoption of Bitcoin in that country, once this experiment becomes successful, I believe other countries are keenly observing the aftermath of the adoption of Bitcoin in El Salvador, if the outcome is positive then other will follow suit.
People always resist unfamiliar things. I believe that after learning, the people of El Salvador will gradually accept bitcoin and fall in love with it.The Salvadoran government has the courage to try and wishes him success. I don't know if there are any friends from there in the forum. If there is anything I can help, I'm happy to do it.
This seem to be a decision in the right direction. I also don?t think it should be imposed on their citizens. The freedom of choice of payment shouldn?t be taken from them either. The beauty and ease of trade is in its flexibility.
El Salvador is a really big role model for the rest of the underdeveloped and developing countries. They have taken a big step forward by making Bitcoin legal tender. And they have made it obligatory for the restaurants, shops etc. to accept Bitcoin also as a payment method. If they don't do this, they will be fined for it. I see some Latin American countries already which are very interested in giving Bitcoin a chance. Cuba is an example now. It is planning to start accepting payments with Bitcoin.
As a small country, I am very fortunate to make such a decision, and other small countries will follow up.
Whether El Salvador can be a trailblazer is not important, what matters is whether the purpose of using Bitcoin as legal tender can achieve their expectations.
Many times this kind of pioneer will either become the big heart of a small country, become a dazzling star or become a crushed pioneer. These are two extremes, but this kind of spirit is not available in many small countries.
But I personally think that they may not be very smooth.I don't think how to maintain their financial stability when the price of Bitcoin is fluctuating so much.A certain country and a certain dollar will not sit back and let Bitcoin become the mainstream currency..
Whether El Salvador can be a trailblazer is not important, what matters is whether the purpose of using Bitcoin as legal tender can achieve their expectations.
Many times this kind of pioneer will either become the big heart of a small country, become a dazzling star or become a crushed pioneer. These are two extremes, but this kind of spirit is not available in many small countries.
But I personally think that they may not be very smooth.I don't think how to maintain their financial stability when the price of Bitcoin is fluctuating so much.A certain country and a certain dollar will not sit back and let Bitcoin become the mainstream currency..
...//...,
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
The source is always a priority, especially when interpreting misinterpreted.
So far they have not sanctioned anyone and you point out that they did implement sanctions.
There is at El Salvador "Law of Protection to the Consumer," as it exists in any part of the world.
Explanation:
The law establishes that if the business has the Wallet, it must accept the transaction, upon receiving the payment he decides if he wants bitcoin or wants USD and the government uses the word "will" in that context.
The merchant must, so is obliged to accept the transaction and then the decision is his right or the will to load it into his wallet in bitcoin or dollars, so nowhere do they force him to have to receive bitcoin.
What happens is that Salvadorans use the word conversion, they do not use exchange or swap, which is confusing for connoisseurs, in conclusion it has never been mandatory to receive bitcoin.
This image can help you:
These images were taken from Twitter and edited for post purposes.
Source:https://twitter.com/patucelsv/status/1435153005414916097/photo/1
Source:https://twitter.com/daxsosa/status/1435152370506285057/photo/1
if el salvador ...//...:
Please "El Salvador". 
No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.
Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.
Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.
I have the feeling that some of their neighboring countries will follow thru. But they will assess first how El Salvador performs when it comes to this new approach in their financial system. If the positive outweighs the negative, high likely that they will ask the assistance of El Salvador to help them in implementing this system to their country. Anyway, this is interesting how things pan out after 6 months.
No country is ready to accept bitcoin as its main payment system, not unless the country is extremely small that it's as if you're just living in one single community and have rich resources which you can use to trade with other countries. But at the least, though, El Salvador showed us how it's done: buying the dip. They already have a great amount of coins at their disposal, and they can still search for other uses on the coins that they bought if the price continued to tank.
Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.
Not sure if other countries can follow suit with what El Salvador did, but it give it time and see if the country survives and let them be our lab rat to check if using bitcoin as legal tender is viable or not.
-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
El Salvador is the first nation accept Bitcoin legal tender. They are the first nation bought Bitcoin in a dip.-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
The bought Bitcoin will be used to airdrop to their citizens.
Globally nations are trying to create their CBDCs with blockchain technology. So the type of transaction will be used but on governmental centralized blockchains.
Chivo wallet is a custodial wallet and citizens have to register to receive airdrop. It is like KYC on exchange or in bounty to receive airdrop.
el salvador is the pioneer of the main trail of other countries,, for now it may not be able to be the pioneer of the main trail, but it can only be said that el salvador is the pioneer of the main trail of other countries, el salvador is able to have a positive impact on their country, and can make the country they are more advanced, if it has been proven, it can only be said that el salvador is a pioneer for other developed countries, for now it is still in the process..
The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.
[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924
Oh, so this is the opposition's strategy to bring down the president as if making contradictory policies, when in fact they are not. We quite understand how the opposition clearly does not like the new regulations from the President. In fact, we suspected that when many people demoed some time ago, isn't that like an alibi to separate the actual rules and lead opinion so that the public does not support the Bitcoin adoption policy.
They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
Damn. No freedom for their own citizens to choose their own payment methods? In other news, in a matter of hours, they just lost 10% in the value of their assets. If you think Bitcoin is suitable for major countries to actually adopt, then you're just wrong. It is nothing more than free PR, no government in the world would ever give up the privilege of printing money and tracking their own citizens. It's not that I don't think Bitcoin is totally unsuitable for your daily transactions, but it is just wrong to think that they're doing it purely because they actually want to adopt Bitcoin as a currency.
That's not to say they can't track them with BTC could actually be done very easy if the insist on you using a wallet they supply probably packed with all kinds of tracking tech.
I also see a lot of their people resisting the change what a crazy world we live in these days.
I'm curious where the OP got this news. I think OP hasn't been properly informed about this.
I got the source of this info.
There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.
It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency. Yes, there were confusions at the start particularly because Article 7 of the Bitcoin law explicitly states that "Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service."[1] This is now being repeatedly mentioned by anti-Bitcoin entities to sow misinformation among the public. This caused fear and uncertainty among the people especially those who do not have the access both to knowledge and the technologies needed.
However, the same law also explicitly states in Article 12 that "Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law."[Ibid.]
Moreover, the president himself has made it clear very recently that the people have the freedom to download the app or not. "If they want they will download it and if they don't want to, no."[2]
The problem is that the oppositions are peddling lies to the public. And now even the old pensioners are afraid that their regular pension is to be converted into Bitcoin. This is not happening. Again, Bitcoin is as legal a tender as the USD. Anybody has the freedom to choose USD over Bitcoin.
[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://twitter.com/nayibbukele/status/1429608848998993924
I'm curious where the OP got this news. I think OP hasn't been properly informed about this.
I got the source of this info.
There were 90 days of contradictions by official spokesmen and Bukele himself about the obligation to accept payments with the new currency and even with threats of sanctions to those who do not accept it.
It is clearly a contradictory policy towards the freedom and rights of its citizens. I believe that business people are more concerned about the fluctuating nature of btc which will reduce the value of their earnings if the item price is still set at a stable value (USD). I'm starting to doubt that this policy will help the economy move forward especially for retailers, but just like wanting to eliminate the use of their own currency. - They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
In fact, it seems as if people feel forced? is this freedom in bitcoin transactions? isn't this a misnomer for the benefits of Bitcoin? I don't really agree if there is a policy of sanctions if you don't use a certain wallet and refuse Bitcoin payments. Because after all this kind of adoption only creates a bad stigma in the eyes of society. We want to run as it should and have adoption on the basis of people's trust in Bitcoin and on the basis of Bitcoin's viability for the future.
They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction
Damn. No freedom for their own citizens to choose their own payment methods? I'm curious where the OP got this news. I think OP hasn't been properly informed about this. Bitcoin is not the country's only legal tender. El Salvador is not replacing the USD with Bitcoin. The USD is to stay as a legal tender alongside Bitcoin. This means to say that businesses as well as the country's citizens have the freedom to use USD over Bitcoin. They are not forced to use Bitcoin. If they do not understand how Bitcoin works or simply do not like to use Bitcoin at all, it is their freedom not to use it.
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