I would say that "option" is mandatory is alright, it is the option in the end, and people could still get fiat anyway, so it is really not that much of a deal. I prefer to see it not even be mandatory option, there are elder people who own places that do not know how to use a mobile phone properly let alone crypto. However, it is definitely a great thing for the future generations. Yes people who are 70+ year old will not see the benefits of this very easily, they will be old when this is a big deal for the nation anyway, or maybe they will be dead.
However people who are under 30 right now, will see how much their nation grow thanks to this, and that is a very important part of this deal. That is why I believe that having a mandatory OPTION is still fine, at least people could be hinting at what they want to get paid with as well.
Topic: El Salvador Bitcoin payment option (Read 737 times)
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
The concept behind 'legal tender' is that you can compel a person to pay you in case of debt using the available and recognized means accepted in your country. For example, if A were to incur debt, he can compel B to pay you in legal tender. In addition, companies can also pay your income in the form of the available means of legal tender. So in the case of El Salvador, people may compel merchants or establishments to receive BTC as payment but this is subject to certain exceptions.
This is indeed, a good move for El Salvador. The fact that they have recognized BTC as legal tender opens a plethora of opportunities that may soon see development in the near future.
El Salvador Bitcoin payment option mandatory but people can decide to accept fiat
What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but marchants can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.
El-Savador has a clearer understanding of how economy policies should be run considering human rights, it is expected not to be imposed (mandated) on the people but an option for individual to choose between the fiat and the bitcoin transactions, everyone has equal right and not to be deprived of, the government has done its own act by endorsing bitcoin a legal tender but one cannot expect the whole populace to immediately effect the utilization, else this Will need a little space of time before it overall circulation and acceptability by the citizens.
even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population.
El Salvadorian population is still not up to 7 million people. Chivo wallet users in El Salvador was estimated to more than 2.1 million last month, probably the recent bitcoin price uptrend would have encouraged more El Salvadorians to use it.
I believe that if they could make some profit from this crypto movements here and there, they could actually "tax" it with a tiny bit transaction fee, like 1 satoshi per movement, that should help right? That way they would increase their bitcoin holding a lot as well, 3 million people making at least 1 move? There will be even more people and we are going to be seeing a ton of increase in El Salvador bitcoin treasury.
even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population. of course this requires a process to socialize so that they can use bitcoin fully, so that the experience that will be in elsalvador can be a lesson for other countries later
But, did you see what the comment that talked about the El Salvador president’s tweet said? That the 2.1 million active users of the Chivo wallet is more than the number of all banks users in the country combined, how is that even possible? So, is that to say that over seventy to eighty percent of people in that country are not making use of banks and doesn’t have a bank account? That’s quite hard to believe, so the number of people in that country that are unbanked is up to that level?Well, I do understand that it is possible that a lot of people would sign up for bitcoin because of how easy it is for it to be used.
I don't know if someone has post of updates about bank in El Salvador but Sovryn - the DeFi for Bitcoin is already building a decentralized bank for all El Salvadorian now. They partnered with Banco Hipotecario, TESOBE (company behind Open Bank Project - API3) and QREDO to bring this forth. This could potentially be a step forward for bitcoin itself. You can now Lend, Borrow, and in the future apply for your save for your retirement plans for BTC in the near future.
This is why leaders should clarify everything they say because most of the time, a lot of people have problems comprehending multiple things in a single moment. And worse is that others find loopholes on the wordings to either say something positive or negative to mislead others that have low comprehension or are too lazy to try and understand what they read or hear better. And then these people spread the misleading news misleading more people that then does the same. Maaan politics is such a headache.
The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.
2.1 million Salvadorans are ACTIVELY USING
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
That's really huge. The total resident population of El Salvador is around 6.5 million and the expat population is 3.5 million, which combined to around 10 million in total. Out of that, the adult population may be 6-7 million. Latest figures indicate that one-third of the adult population is using the Chivo wallet. And at this rate, the vast majority of the population would be at least nominally using Bitcoin by the end of this year (by the time Bitcoin was made legal tender early this month, there were only half a million users).
Yes for now maybe the usage of it still minimal knowing that majority of their country still adjusting on the new payment processor or digital currency introduce to them, but for sure in future we can see bitcoin will circulate more in their country. For now I'm wondering on how many of them became rich or earn a thousand of dollars knowing that bitcoin price soar high and reached another ATH.
even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population.
El Salvadorian population is still not up to 7 million people. Chivo wallet users in El Salvador was estimated to more than 2.1 million last month, probably the recent bitcoin price uptrend would have encouraged more El Salvadorians to use it.
The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.
2.1 million Salvadorans are ACTIVELY USING
@chivowallet
(not downloads).
@chivowallet
(not downloads).
Fake Chivo Bitcoin wallet on Googleplay store.
[Scam] Chivo Bitcoin wallet fake
It will be good if El Salvadorians on this forum can spread this to their citizens and other people that are using this bitcoin wallet for not to download this fake one on playstore before it will be taken down.
[Scam] Chivo Bitcoin wallet fake
It will be good if El Salvadorians on this forum can spread this to their citizens and other people that are using this bitcoin wallet for not to download this fake one on playstore before it will be taken down.
The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.
2.1 million Salvadorans are ACTIVELY USING
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
That's really huge. The total resident population of El Salvador is around 6.5 million and the expat population is 3.5 million, which combined to around 10 million in total. Out of that, the adult population may be 6-7 million. Latest figures indicate that one-third of the adult population is using the Chivo wallet. And at this rate, the vast majority of the population would be at least nominally using Bitcoin by the end of this year (by the time Bitcoin was made legal tender early this month, there were only half a million users).
Very scientific design, even for El Salvador, it is difficult for all citizens to immediately and unconditionally support Bitcoin. In this way, Bitcoin's related operations can be popularized, and people who are more inclined to the US dollar will not be forced to hold Bitcoin.
As the first country to use Bitcoin as legal tender, El Salvador’s policy will be the subject of research in other countries in the future. I very much approve of this proposal by El Salvador.
As the first country to use Bitcoin as legal tender, El Salvador’s policy will be the subject of research in other countries in the future. I very much approve of this proposal by El Salvador.
The president of El Salvador Nayib Bukele has announced that the Chivo Wallet has already reached 500,000 users, this is positive in my opinion because Salvadorans are benefiting from the solution that their government seeks.
The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.2.1 million Salvadorans are ACTIVELY USING
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
@chivowallet
(not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
As far as I know, the El Salvador government did it that way. Certainly the people there welcomed the adoption of Bitcoin after it was legalized. Is it because this is done by the government as a form of arbitration?. It's great that it was El Salvador who started this, obviously the whales don't want this and try to do their best to keep selling bitcoin and put pressure on El Salvador. I guessed from the start that they did the right thing in this regard and that those against them don't really have the right to oppose the legalization of bitcoin in El Salvador, perhaps their interests are being negatively impacted. Unfortunately! for El Salvador they were supposed to be the frontrunners in bitcoin.
The president of El Salvador Nayib Bukele has announced that the Chivo Wallet has already reached 500,000 users, this is positive in my opinion because Salvadorans are benefiting from the solution that their government seeks.
It also seems to me an excellent strategy for the government to install 50 Chivo ATMs in different cities in the United States where most Salvadorans live, in San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen.
https://www.google.com/amp/s/www.theblockcrypto.com/amp/linked/117826/el-salvador-brings-chivo-atms-to-the-us
It also seems to me an excellent strategy for the government to install 50 Chivo ATMs in different cities in the United States where most Salvadorans live, in San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo and McAllen.
https://www.google.com/amp/s/www.theblockcrypto.com/amp/linked/117826/el-salvador-brings-chivo-atms-to-the-us
Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.
Exactly! This is to avoid people from being confused on whether Bitcoin transactions in El Salvador necessarily needs to invovle blockchain or banks.
We have similar custodial wallet in my country and It can directly convert a handful of crypto into our own currency including Bitcoin. This is an off-chain transaction, it means it will not be recorded on blockchain. Not unless If the merchant and buyer agreed to pay Bitcoin to Bitcoin transactions, regardless If it's the same wallet or not.
it's an interesting choice at the moment. I think payment options with bitcoin or fiat should be run together. because there has been a lot of false news in the media around the world saying that fiat cannot be run and must be replaced with bitcoin. because in reality it is wrong and fiat is still used as a payment option
Many innovation from bitcoin technology and make El Savador give access and make bitcoin as legal currency transaction, but have any people there not agree with bitcoin as legal currency and last week they made some cases how to complaint bitcoin not become legal transaction in their country, but El Savador president have accepted bitcoin as legal currency transaction.
I just found out who is leading the development of the Chivo Wallet Jack Mallers. He is also in charge of the latest on Twitter about sending tip payments in bitcoin to NFT for the content creators who will be receiving it.
If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.
If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.
If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.
If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.
There will always be opposition towards new innovations. And as the surveys are pointing out, more than half of the Salvadoran population have no knowledge about Bitcoin. So essentially they are opposing something that is unknown to them. Gradually, as they gain knowledge, their attitude may change. And I don't care much about those who oppose cryptocurrency in that country. They already have the choice of making payments in US Dollar. But they don't have the right to demand that others should not use BTC.
I just found out who is leading the development of the Chivo Wallet Jack Mallers. He is also in charge of the latest on Twitter about sending tip payments in bitcoin to NFT for the content creators who will be receiving it.
If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.
If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.
If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.
If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.
I am not an El Salvadorian, so this is based on what I have been reading on news.
Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.
So if I really get you, you mean that it is a must that a merchant will accept bitcoin as a payment from the buyer, and then after accepting the payment from the buy they can decide whether they want it to be converted immediately to fiat, by who?
The official El Salvadorian wallet is called Chivo bitcoin wallet, the wallet can automatically convert bitcoin to dollar, the wallet can handle the payment you are asking about automatically.If merchants accepts bitcoin, and since compulsory for them, is it the bank that converts it to fiat for them based on their preference?
All I know is that the Chivo wallet handles that automatically. Dollar can be withdrawn from the Bitcoin ATM, I mean the bitcoin holdings can be withdrawn into cash from the bitcoin ATM. I do not think there should be bank involvement about this, even 70% of Salvadorians are not making use of bank.Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.
I don’t think this is something that should be forced, it’s a thing of choice, people should decide for themselves.
If you think about how this operate, you will notice is not by force, only that merchants will have Chivo wallet or any wallet of their choice, but they can still decide to finally receive the pay in bitcoin or dollar.
I want all country allow what did by El Savador keep support bitcoin and change the currency revolution by accepting bitcoin as legal payment, left fiat never give any advantage for people and only give benefit for United State country where we use their fiat currency. Using bitcoin as payment transaction more faster and quick for sending or receiving money than fiat.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
So if I really get you, you mean that it is a must that a merchant will accept bitcoin as a payment from the buyer, and then after accepting the payment from the buy they can decide whether they want it to be converted immediately to fiat, by who? If merchants accepts bitcoin, and since compulsory for them, is it the bank that converts it to fiat for them based on their preference? I don’t think this is something that should be forced, it’s a thing of choice, people should decide for themselves. There are countries where Bitcoin is legal and merchants decides for themselves whether to add bitcoin as a payment method on their platform or not. El Salvador is now the third country with the highest number of bitcoin ATMs in the world.
Bitcoin ATMs by Country
Bitcoin ATMs by Country
More correct would be statistics in relation to the population. 1000 bitcoin ATMs for China, and 1000 bitcoin ATMs for example in Montenegro - these are absolutely incomparable indicators, although completely identical. The index which is calculated as follows will be indicative:
Number of Bitcoin ATMs / Number of population of the country
54% of Salvadorans are not familiar with Bitcoin, survey suggests
I was not able to get the original statistical article, also I did not yet know the total number of Salvadorians that were included in the poll.
Quote from: https://cointelegraph.com/news/54-of-salvadorans-are-not-familiar-with-bitcoin-survey-suggests
Research conducted by the São Paulo-based agency Sherlock Communications suggests that 54% of Salvadoran respondents chose ‘none’ when asked which cryptocurrency they knew best out of a list of five leading coins.
While 40% chose Bitcoin over the other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE)and EOS – the survey did not seek to probe the level or depth of the knowledge these respondents have of the coin.
While 40% chose Bitcoin over the other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE)and EOS – the survey did not seek to probe the level or depth of the knowledge these respondents have of the coin.
I was not able to get the original statistical article, also I did not yet know the total number of Salvadorians that were included in the poll.
El Salvador is now the third country with the highest number of bitcoin ATMs in the world.
Bitcoin ATMs by Country
Bitcoin ATMs by Country
That is a bit misleading, because in the United States they have close to 25,000 ATMs and in El Salvador they have only 205. But still good to see El Salvador in the list. One year back, El Salvador was almost an unknown entity in the cryptocurrency market. But nowadays everyone in the sector is talking about them. Once more and more countries start accepting Bitcoin as the legal tender, their importance will fade. But we will always remember El Salvador as the first country which awarded the status of legal tender to Bitcoin.
Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant.What I don't understand is why they are demonstrating in this way which seems like this is such a big problem that it indicates riots by burning Chivo ATMs. is there something behind all this?
okay demonstrations are good enough to make our aspirations more acceptable but destroying state facilities is a different matter.
El Salvador is now the third country with the highest number of bitcoin ATMs in the world.
Bitcoin ATMs by Country
Bitcoin ATMs by Country
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
Yeah, it is good how El Salvador has decided to accept Bitcoin fully, but I don’t think people should be forced to make use of it. Things like this should be a matter of choice, if you want to make use of it then you can make use of it, and if not, then you shouldn't. It is good that you have said it’s not really mandatory for anyone to accept it. Those who are not accepting it now, with time they will get to understand it and if it should interest them, then I believe they will go ahead to start making use of it fully.For now, most of them are going to be afraid because of the value of Bitcoin is volatile and it changes most of the time. So all they need is time to get to understand it , and once they are up to that stage of making use of it, they wouldn't waste time in doing so.
[...]
Jesus Christ, no one forces anyone to use Bitcoin by default, and even more so no one took away the right of choice from people. Frankly speaking, I am very annoyed by such idiotic discussions, and these fake protests that are being promoted by the media, but be that as it may, I am not able to help those who cannot soberly look through the prism of logic. By the way ... since you are talking about fear, why don't you say that the Bitcoins received from the state can be easily exchanged by the population for their national currency or for the dollar? Instead of looking at the bitcoin rate that changes by a couple of points from day to day, it would be better for people to say thank you to the president for the bonus received.As always, big guys are playing dirty, it's not a secret, it's just about are you aware of what and how they are doing it or not!
Quote
...El Salvador's adoption of bitcoin as legal tender has immediate negative implications for it credit rating S&P Global said on Thursday. ... Moody's cut its El Salvador rating to Caa1...
Source: https://www.thehindu.com/sci-tech/technology/el-salvadors-bitcoin-adoption-has-immediate-implications-for-rating-sp-global/article36509514.eceThings are getting a new dimension I guess! I had a feeling that some global players will arise, and this is probably one of them! I can bet we will see a lot more... Simply speaking when people start using crypto for transfers banks will lose... I wrote few times that some big battle is coming, banks will not give their cut so easily, they know if they give a cut here and there soon they will perish! Does anyone thinks they will do it peacefully?!
[...]
Jesus Christ, no one forces anyone to use Bitcoin by default, and even more so no one took away the right of choice from people. Frankly speaking, I am very annoyed by such idiotic discussions, and these fake protests that are being promoted by the media, but be that as it may, I am not able to help those who cannot soberly look through the prism of logic. By the way ... since you are talking about fear, why don't you say that the Bitcoins received from the state can be easily exchanged by the population for their national currency or for the dollar? Instead of looking at the bitcoin rate that changes by a couple of points from day to day, it would be better for people to say thank you to the president for the bonus received. 
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
Yeah, it is good how El Salvador has decided to accept Bitcoin fully, but I don’t think people should be forced to make use of it. Things like this should be a matter of choice, if you want to make use of it then you can make use of it, and if not, then you shouldn't. It is good that you have said it’s not really mandatory for anyone to accept it. Those who are not accepting it now, with time they will get to understand it and if it should interest them, then I believe they will go ahead to start making use of it fully.For now, most of them are going to be afraid because of the value of Bitcoin is volatile and it changes most of the time. So all they need is time to get to understand it , and once they are up to that stage of making use of it, they wouldn't waste time in doing so.
If only the adoption of bitcoin as a legal tender did not happen in a rush making the preparation too short, then maybe all the citizens might have been fully educated about bitcoin. I guess all these negative things that happen are just a manifestation of lack of education on bitcoin.
The same thing occurred to me about the turmoil due to the seemingly hasty adoption of bitcoin by the government of El Salvador. People are still quite new to the technology that is in bitcoin as a currency and they need good knowledge before implementation has to be legalized. The government of El Salvador also wants to accelerate adoption by installing ATM machine in various places even though people do not have sufficient knowledge to use them. Obviously this provokes a negative reaction from people, especially if political issues are involved. This should serve as a lesson for other countries that want to adopt bitcoin. Everything takes time and a process so that people will be ready to accept and use it when the regulation is established as legal. 
Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant.If only the adoption of bitcoin as a legal tender did not happen in a rush making the preparation too short, then maybe all the citizens might have been fully educated about bitcoin. I guess all these negative things that happen are just a manifestation of lack of education on bitcoin.
Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant. Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
https://twitter.com/JBustillo1/status/1438227533028331521?s=19
https://twitter.com/JBustillo1/status/1438227533028331521?s=19
Is anyone still having doubt about the real intention of these protestors? They destroyed the Bitcoin ATM, because they don't want ordinary people to use it. Ever since the implementation on 7th September, things have been going smooth for the Chivo wallet, and with each passing day it is witnessing increased usage and acceptance. The opposition has gone ballistic, because they never expected the rollout to be such a success. Now they are vandalizing the Bitcoin ATMs and harassing the users, in order to scare away people from using BTC.
Another thing is happening in El Salvador besides the fact that people are not familiar with using the Chivo Wallet, the Chivo ATMs and all the technical problems that have arisen since the official launch of bitcoin in the country.
The problem goes further and is the following is the group opposed to the government of President Bukele that just listening to what they say in disagreement with bitcoin delays and distracts Salvadorans.
Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
https://twitter.com/JBustillo1/status/1438227533028331521?s=19
The problem goes further and is the following is the group opposed to the government of President Bukele that just listening to what they say in disagreement with bitcoin delays and distracts Salvadorans.
Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.
https://twitter.com/JBustillo1/status/1438227533028331521?s=19
People complain they have problems accessing the wallet, withdrawing money from ATMs, and data verification... many of them didn't get $30 yet! So I guess you are right, they are in the phase of development, but they should test it before they started with it! I saw in the news somewhere that the wallet update is almost ready and soon it will work fine, that is a good thing, but I think they could do a better job before releasing it!
Well, we can only hope that everything will be fine soon! I believe that many eyes are on El Salvador now, watching what will happen with this!
Well, we can only hope that everything will be fine soon! I believe that many eyes are on El Salvador now, watching what will happen with this!
Regarding the $30 airdrop, it is still being processed and I don't think that everyone has received it. The user need to complete his KYC and facial recognition, in order to be qualified to receive the airdrop. And regarding the other issues such as accessing the wallet and not being able to use the ATM, I think the problem is with the users themselves. They may not be educated enough to use the wallet app. Just give it some time. It has been only one week since Bitcoin became the legal tender. I am sure that these issues will go away in the future.
El Salvador is in the phase of continuous development and I admire their country for that. It might be hard for other citizens to adopt the new changes due to their new currency but I'm sure that they only need time to accept it. It's an advantage for them especially during this pandemic because we all need digital transactions these days.
People complain they have problems accessing the wallet, withdrawing money from ATMs, and data verification... many of them didn't get $30 yet! So I guess you are right, they are in the phase of development, but they should test it before they started with it! I saw in the news somewhere that the wallet update is almost ready and soon it will work fine, that is a good thing, but I think they could do a better job before releasing it!
Well, we can only hope that everything will be fine soon! I believe that many eyes are on El Salvador now, watching what will happen with this!
It is nice that the government doesn't make it obligatory to use only Bitcoin when people want to pay for something they buy. This can help people make a healthier decision between their fiat currency and Bitcoin I think. If they forced people to use Bitcoin only, then some people could start getting angry at the government and wouldn't even think of using Bitcoin.
it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.
Well its still an advantage that even if you have bitcoin in your Chivo wallet, at the end of the day the merchant is still free to choose whether to accept bitcoin or fiat as a payment. The buyer can save his bitcoin, as well as the merchant or the receiver of the payment is free from bitcoin's price fluctuation. So at least bitcoin payment option is already clear.And as far as i know,right now the Chivo wallet is not yet working fully because of some issues but eventually the government will be done in fixing it so it will be already available to be downloaded by all Salvadorans. Things might be tough from the start but eventually, since the government has addressed it already, then it will be smooth sailing after that.
El Salvador is in the phase of continuous development and I admire their country for that. It might be hard for other citizens to adopt the new changes due to their new currency but I'm sure that they only need time to accept it. It's an advantage for them especially during this pandemic because we all need digital transactions these days.
For us, the volatility is not a new thing. We have been dealing with cryptocurrency for many years, and we know that it can be volatile. But that is not the case with ordinary people who just started using BTC. When BTC goes down by 10% or 15% in a single day, these people get in to panic mode. And I don't know how to deal with this issue. Hopefully everything will be settled down in the next 5-6 months and the Salvadorans will realize that BTC is superior to USD in the long run. But they need to accept the short-term fluctuations first.
I do hope that the citizens would be educated about Bitcoin right away, so that they won't panic when the price dumps, making Bitcoin as a legal tender is actually a lot of work, knowing that the citizens are not that familiar with it, well, at least some of them, but still, they have to be informed right away on how the price actually works, I'm pretty they've started implementing education about Bitcoin, Blockchain and how volatile this currency is compared to fiat.
it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.
For us, the volatility is not a new thing. We have been dealing with cryptocurrency for many years, and we know that it can be volatile. But that is not the case with ordinary people who just started using BTC. When BTC goes down by 10% or 15% in a single day, these people get in to panic mode. And I don't know how to deal with this issue. Hopefully everything will be settled down in the next 5-6 months and the Salvadorans will realize that BTC is superior to USD in the long run. But they need to accept the short-term fluctuations first.
it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.
Obviously, there was always that choice option, nobody is forced on anything. All those protests and all were made on something that was a choice, all those elderly people trying to get rid of bitcoin legal tender didn't do it because they were forced, they did it because they are old, do not understand the technology, didn't understand the law, and there were whales that wanted them to rise up and warn the president so that whales could keep their place.
Long story short, this is nothing to a person who doesn't want to deal with crypto, they could live their entire life in El Salvador without ever owning 1 satoshi, and they still do not understand that. Plus, El Salvador is such a small nation that they haven't put too much money into it just yet neither, they are not like USA that distributed 4+ trillion dollars to citizens alone. So, understand that this was the case as always, never forced, only optional.
Long story short, this is nothing to a person who doesn't want to deal with crypto, they could live their entire life in El Salvador without ever owning 1 satoshi, and they still do not understand that. Plus, El Salvador is such a small nation that they haven't put too much money into it just yet neither, they are not like USA that distributed 4+ trillion dollars to citizens alone. So, understand that this was the case as always, never forced, only optional.
It's quite crazy where in some countries the government is ensuring fiat is mandatory while crypto or bitcoin payments are allowed but not appreciated. Whereas, in El Salvador, they are making bitcoin transactions mandatory while allowing fiat transactions.
I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.
I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.
I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.
I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.
In case of El Salvador, it is easier to implement, because the national currency (Salvadoran Colon) was withdrawn in 2001. Since then, the US Dollar has served the purpose as the currency of trade and savings. So essentially the competition is between one foreign currency and another. But for the vast majority of the other nations, this is not going to be an easy step because they have their own national currencies. Bitcoin has the potential to weaken these currencies, and this can create issues for the government in balancing it's finances.
When you have been using your own country’s currency and then replaced it with Bitcoin for payment, as a citizen of El Salvador, you may not be able to use Bitcoin to pay according to the country’s development. However, El Salvador’s policy is still non-mandatory and can respect individual citizens’ Willing, give citizens time to choose and accept. With the passage of time, citizens of El Salvador will gradually use Bitcoin as a method of payment. It is only a matter of time.
It's quite crazy where in some countries the government is ensuring fiat is mandatory while crypto or bitcoin payments are allowed but not appreciated. Whereas, in El Salvador, they are making bitcoin transactions mandatory while allowing fiat transactions.I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.
I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.
According to my personal opinion, the country will not choose choices that are harmful to its own national interests. Therefore, citizens should trust the country and believe in the arrangements and decisions made by the country.
El Salvador, as the first country to accept it, naturally has to face some difficulties. If it is appreciated, it will also bear the problems it brings. Under the success of El Salvador, countries will follow closely behind.
El Salvador, as the first country to accept it, naturally has to face some difficulties. If it is appreciated, it will also bear the problems it brings. Under the success of El Salvador, countries will follow closely behind.
When you have been using your own country’s currency and then replaced it with Bitcoin for payment, as a citizen of El Salvador, you may not be able to use Bitcoin to pay according to the country’s development. However, El Salvador’s policy is still non-mandatory and can respect individual citizens’ Willing, give citizens time to choose and accept. With the passage of time, citizens of El Salvador will gradually use Bitcoin as a method of payment. It is only a matter of time.
There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
This choice is also very good. Many people may not understand Bitcoin or the value of Bitcoin. They are unwilling to use Bitcoin for payment and can choose to use the payment method.It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
Many people who want to protect their privacy will give priority to using Bitcoin for payment.
It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.
It is legal tender, so the merchants are supposed to provide an option for Bitcoin payment (although they can immediately convert Bitcoin to USD). Bitcoin and US Dollar are both legal tender in El Salvador, so the user can decide whether to make payments using Bitcoin or USD. The issues is only for the merchants. They need to setup a wallet and they can't refuse if anyone want to pay using BTC. And this is an issue for small-scale vendors, who do their business in physical cash. Many of them have put up "no Bitcoin" signs.
It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.
It took a long time to socialize the people of El Salvador about bitcoin, especially the level of education is uneven and not everyone wants to use bitcoin due to many factors, but what the government of El Salvador is doing is a positive thing, they give advice and don't put too much pressure on or punish people who don't want to use bitcoin.
some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.
That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.
It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.
some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.
That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.For sure we also think the same when we first heard about bitcoin but as you said there their point of view to bitcoin will be changed once they see it rolling in their country, I understand that there's doubt about it as a scam knowing that there are so many ponzi schemes using bitcoin name to scam people and many people correlate bitcoin as scam that's why its not surprising to see this but once they see how bitcoin can make there life easy for sure we can see those doubters use bitcoin.
some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.
That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term. 
Besides, that was August.
The news from Salvador now is:
The news from Salvador now is:
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One day after Bitcoin is legal tender in El Salvador, the legal adviser to the presidency, Javier Argueta, confirmed in the morning interview of Frente a Frente, that it will be an obligation for businesses to receive Bitcoin as a form of payment and It will also be an obligation to have the virtual wallet to carry it out. Otherwise, businesses are exposed to referrals of infractions to the Consumer Protection Law.
Just to add one thing to this debate- According to BBC:
"From today, businesses will be obliged where possible to accept the controversial digital coins as payment."
I've bolded "where possible" because I imagine because there will be some small businesses in small towns and rural areas that may not have internet connection yet, and therefore are not going to be able to receive payments in Bitcoin. I can think of no other reason.
I am not from El Salvador so whatever I am going to say is not something that is based on experience at all. However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary. So, you are telling me that people are living 6x or 7x more than average salary? Who are the others that get less? If the average is $300 and the cost of living is $2000 then there is something wrong.
I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.
I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.
If you are an expat, then I don't expect you to live in the low-income neighborhoods. Given the high crime rate in El Salvador, my preference would be for gated societies with good expat population, and a house in these neighborhoods could easily cost you $2,000 per month for the entire family.
https://www.youtube.com/watch?v=rBo5tlXVaiA
I agree that utility bills (electricity, internet, water.etc) are cheaper compared to other countries. But I really don't think that it is possible for an expat to live comfortably with a monthly salary of $300-$400.
Never heard of El Salvador until the announcement regarding their government accepting BTC as legal tender. Feels like BTC is helping this small country burst onto the international scene in various ways.
They will probably offer other popular cryptocurrencies as legal payment methods too if the BTC move becomes a massive success in my opinion.
Are there any forum members who actually live in this particular country? They could provide a detailed analysis regarding BTC being accepted as legal tender and whether this particular move is feasible in the long-term.
They will probably offer other popular cryptocurrencies as legal payment methods too if the BTC move becomes a massive success in my opinion.
Are there any forum members who actually live in this particular country? They could provide a detailed analysis regarding BTC being accepted as legal tender and whether this particular move is feasible in the long-term.
From what I think when the government of El Salvador proposes that the bitcoin law allows Salvadorans to make it optional. The government is giving people time to adapt to changes, when they occur, the population will have time to unite.
Fortunately, the system that El Salvador is implementing should work because it is making the resources available to make it so.
Also today the Internet and video channels are good allies for educating people.
Fortunately, the system that El Salvador is implementing should work because it is making the resources available to make it so.
Also today the Internet and video channels are good allies for educating people.
However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary.
I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.
I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.
Exactly from numbeo:
https://www.numbeo.com/cost-of-living/in/San-Salvador?displayCurrency=USD
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Family of four estimated monthly costs are 2,042.33$ without rent (using our estimator).
A single person estimated monthly costs are 567.12$ without rent.
Average Monthly Net Salary (After Tax) 399.38 $
A single person estimated monthly costs are 567.12$ without rent.
Average Monthly Net Salary (After Tax) 399.38 $
Yeah, nothing special, it's a well know trend that happens at a lower scale even in western countries.
The wage is for people that work in the city, not for all the people that live there, there are a lot of people who live near the city but work there, drawing down the median income. Do you think that everyone working in Paris would afford city center lifestyle? The minimum wage will barely cover the cost of a one-bedroom apartment in the inner city. Planning on dining there? No way!
The prices are driven up by people with higher than average wages, employees of foreign companies that get paid by their country standards, a lot of diplomatic personal and tourists, those spend driving prices up but their purchasing power isn't reflected in the statistics.
Look up at Antananarivo, it's the perfect example.
If you want to live in some of the expat friendly neighborhoods, then the rent can be as high as $2,000 per month (for single individual, the rent may be in the $700-$800 range). El Salvador is not your typical budget destination. Things are pretty expensive, especially if you want to live in neighborhoods with low crime rate. There are countries like Thailand where you can take care of all of your expenses for just $300-$400 per month. But El Salvador is different. If you want quality life, then it may cost you $1500-$2000 per month (for single individuals).
I am not from El Salvador so whatever I am going to say is not something that is based on experience at all. However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary. So, you are telling me that people are living 6x or 7x more than average salary? Who are the others that get less? If the average is $300 and the cost of living is $2000 then there is something wrong.I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.
some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not. the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.
The problem is that not everyone listens to the government and the opposition is just too loud, you know how a shallow river has the most noise right? That's the same for this one. But in the grand scale of things, bitcoin will eventually be accepted in that country slowly because familiarity will eventually sett in among the people.
I think it is best decision by the government. Let’s not forget that it’s really big move for the Government to change their entire monetary system. I mean it’s question of how they would understand whose income what and whose paying how much taxes? The taxation is really important for the government as it is their income source to run the whole country. They bought huge number of bitcoin ATM and for which they will need money to maintain and keep the system running.
Now why the Fiat ? Well, everyone needs to be given the choice and in the current era we can’t force peeps to choose something. In terms Fiat it’s being used since ages and many of them may not accept bitcoin suddenly. So it’s for the best both parties (User and Government).
Now why the Fiat ? Well, everyone needs to be given the choice and in the current era we can’t force peeps to choose something. In terms Fiat it’s being used since ages and many of them may not accept bitcoin suddenly. So it’s for the best both parties (User and Government).
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Bitcoin Law, which stipulates that all economic agents must accept bitcoin as a form of payment when offered by the person acquiring goods or services.
Thank you for clearing it up! It was a good thing to summon you
$130k for an apartment of 90mp2 in what googles tells me is a safe zone in El Salvador doesn't sound like a bargain to me.
Omg, that's expensive indeed. In Romania you can pretty easily buy half of a duplex house (more than 100mp for living and with a bit of back yard too) in a decent area at that money...
According to elsalvadorinfo.net, the minimum wage in El Salvador ranges between $ 243 ($1 per hour) for agriculture and $ 365 a month ($1.5 per hour) for the commerce, industrial, and service sectors. The cost of living for single person ranges can go as low as $ 300 and higher than $ 1,300 per month, depending on the person's lifestyle and living location. In comparison to other Central American countries, this places El Salvador's cost of living somewhere in the middle.
Now I'm not exactly sure how much the real estate costs are (they probably vary a lot), but according to some sources, a two-bedroom house outside the capital can cost as little as $ 20,000. This is certainly a thought worth considering.
Now I'm not exactly sure how much the real estate costs are (they probably vary a lot), but according to some sources, a two-bedroom house outside the capital can cost as little as $ 20,000. This is certainly a thought worth considering.
If you want to live in some of the expat friendly neighborhoods, then the rent can be as high as $2,000 per month (for single individual, the rent may be in the $700-$800 range). El Salvador is not your typical budget destination. Things are pretty expensive, especially if you want to live in neighborhoods with low crime rate. There are countries like Thailand where you can take care of all of your expenses for just $300-$400 per month. But El Salvador is different. If you want quality life, then it may cost you $1500-$2000 per month (for single individuals).
There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
That's how it should be, the protest about it makes it like they're forcing people to use bitcoin. I knew from the start that they were doing the right thing on this one and the people that were against them weren't really in the right to be against the legalization of bitcoin in El Salvador, probably they're interest are being affected negatively.It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
For the life of me, I couldn't remember whether El Salvador's fiat currency was in trouble (like Venezuela's), so I checked the Wikipedia page on the country before posting. I had no idea that they used the US Dollar as their own currency.
They were using USD as the major currency for all the trades and was accepted in the country or in other words we can say that US dollar was dominating the country when it opted for it's usage and due to all the trade restrictions and hinderances the El Salvador government took the visionary decision to legalize the bitcoin in country.Another interesting tidbit from the article was this:
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As part of the law foreigners can gain permanent residence in El Salvador if they invest 3 Bitcoin into the country.
This was given as options to people to just lock the 3 bitcoins with the government and they become eligible for the residents status in El Salvador as move to promote crypto entrepreneurs and boost the economy and this was tweeted by the President Nayib Bukele:
Sure, but people who own small businesses in El Salvador didn't start them to speculate in a currency like bitcoin, and I can see why there's a lot of resistance to this. You're thinking like someone who loves bitcoin already, whereas these merchants are basically being forced to accept a form of money they probably don't want any part of.
There are some who doesn't want to be part of this legal enforcement of bitcoin and that's why we see some protest against them in the country but later on they would be the one appraising the government policy but at this time many small merchant have the issue of bitcoin like fees which is most probably solved by LN wallets and they find it easy to have fiat payment over maintenance of wallets and keeping up the btc but as the government is giving them options to hold bitcoin or fiat is good decision as well.But the customers are free and they have to accept Bitcoin if they want it or not and later on convert them to USD as it's the legal fiat of the country.Soon they will not feel agitated with all this and might find btc as best option. El Salvador Bitcoin payment option mandatory but people can decide to accept fiat
What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but marchants can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.
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https://m.elsalvador.com/noticias/negocios/bitcoin-criptomonedas/876042/2021/?utm_source=twitter&utm_medium=deportes%20&utm_campaign=organico&fbclid=undefined
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
I think the government is just protecting both parties. Although it may seem that the protocol is much more in favor of the consumers than the sellers. But I guess this is just for the greater good of the two. Businesses are required to accept bitcoin as payment for smoother transactions for those who have their funds in the form of crypto. Maybe they obliged the merchants to accept btc to also keep up with other establishments and to boost the sales. In addition, it's better to be that way so that the consumer can pick whatever they want. If they want to pay in fiat or in btc if they came across a shortage of cold cash. This is just like other modes of payment such as accepting cards. The establishments are asked to accept cards aside from fiat so that the customers can have more alternative options to choose from.
However, I just hope that they have given enough time for those merchants most especially the small businesses to adapt to such policy because certainly, it will be hard for them to adjust from exclusively accepting traditional payment only before and then suddenly they will transition to a new financial system which requires processing through the network and having owned set up wallet.
There is no explicit mention of companies but the country's finance minister, Alejandro Zelaya, has also said that there are no sanctions to businesses that do not accept Bitcoin.[2]
From the article you've quoted:
Now that's pretty interesting! I wonder how much real estate costs in the lower-crime sections of El Salvador and how well one could live if, let's say, they had multiple accounts participating in bounties or signature campaigns. That would be an interesting way to live if you wanted to live on the edge, don't you think?
Definitely interesting,but no, thank you!
$130k for an apartment of 90mp2 in what googles tells me is a safe zone in El Salvador doesn't sound like a bargain to me.
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According to the Latin American classifieds portal Encuentra 24, the median price in San Salvador reached $113 a square foot in June — a 28 percent increase from March 2020, when the median hit a low of $88 a square foot.
Sounds on par with the medium zones from Eastern Europe. 
The second and third paragraph says, "People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS." "If they want they will download it and if they don't want to, no." respectively.
It doesn't say anything about companies, so allow me to keep my doubts (but I'm also open to getting fully corrected if it's the case).
However, I am no longer 100% sure which is the correct way to understand how this legal tender thing is supposed to work there (I thought it works in a way, I then though it works the other way, now I'm no longer 100% sure in either direction)
If I get convinced in the other direction I will correct or remove that post. But for now, I'm not.
I, too, am not really sure of what the law really intends to enforce. There is that Article 7 which says, "Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service." And yet there is also that Article 12 which says, "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."[1]
There is no explicit mention of companies but the country's finance minister, Alejandro Zelaya, has also said that there are no sanctions to businesses that do not accept Bitcoin.[2]
I may be wrong in my interpretation but I am assuming that when the president's spokesman, Ernesto Sanabria, and even the president himself, says, without qualification, that Bitcoin is not mandatory or that it is "totally optional," it means it is optional both to individuals and business entities.[3][4]
Of course, I could be wrong.
[1] https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19
[2] https://finance.yahoo.com/news/el-salvador-not-require-bitcoin-175818038.html
[3] https://www.coindesk.com/markets/2021/08/23/el-salvador-will-not-require-bitcoin-acceptance-president-bukele-confirms/
[4] https://www.coindesk.com/markets/2021/08/18/bitcoin-use-will-be-totally-optional-in-el-salvador-finance-minister-says/
Quite alright, the El Salvadorian approach to embrace Bitcoin is a welcome development but the mandatory angle to it is what doesn't go down well with me. I have read a few others here condemn that too. I will continue to maintain that Bitcoin can't completely exist or achieve mass adoption without the existence of fiat. The reason being that (1) – Bitcoin isn't something that is easily understood and as a result it's going to be a whole lot of problems for the illiterate and old folks. (2) Another factor is the Internet which Bitcoin requires to stay afloat. A lot of old forks don't understand the internet. So, are we going to cut the old folks out of the economic development? Certainly not. A best bet would be for the El Salvadorian government to compromise a little on its mandatory status and allow businesses to run on both Bitcoin and fiat simultaneously. Gradually, the citizens will be more enlightened and then effortlessly make the switch by themselves. To be honest with you, making Bitcoin a legal tender in El Salvador is more of a win for that country than it's for Bitcoin. Before now, I can bet that half of those who know about El Salvador now didn't even know a country like that existed.
The second and third paragraph says, "People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS." "If they want they will download it and if they don't want to, no." respectively.
It doesn't say anything about companies, so allow me to keep my doubts (but I'm also open to getting fully corrected if it's the case).
However, I am no longer 100% sure which is the correct way to understand how this legal tender thing is supposed to work there (I thought it works in a way, I then though it works the other way, now I'm no longer 100% sure in either direction)
If I get convinced in the other direction I will correct or remove that post. But for now, I'm not.
And I see that others are seeing it the same:
Besides, they are required by law to accept it, it's not about them wanting or not waiting to.
Edit: I've got the missing info, see here: https://bitcointalksearch.org/topic/m.57897018
For the life of me, I couldn't remember whether El Salvador's fiat currency was in trouble (like Venezuela's), so I checked the Wikipedia page on the country before posting. I had no idea that they used the US Dollar as their own currency. Another interesting tidbit from the article was this:
Now that's pretty interesting! I wonder how much real estate costs in the lower-crime sections of El Salvador and how well one could live if, let's say, they had multiple accounts participating in bounties or signature campaigns. That would be an interesting way to live if you wanted to live on the edge, don't you think?
Quote
As part of the law foreigners can gain permanent residence in El Salvador if they invest 3 Bitcoin into the country.
Now that's pretty interesting! I wonder how much real estate costs in the lower-crime sections of El Salvador and how well one could live if, let's say, they had multiple accounts participating in bounties or signature campaigns. That would be an interesting way to live if you wanted to live on the edge, don't you think?
According to elsalvadorinfo.net, the minimum wage in El Salvador ranges between $ 243 ($1 per hour) for agriculture and $ 365 a month ($1.5 per hour) for the commerce, industrial, and service sectors. The cost of living for single person ranges can go as low as $ 300 and higher than $ 1,300 per month, depending on the person's lifestyle and living location. In comparison to other Central American countries, this places El Salvador's cost of living somewhere in the middle.
Now I'm not exactly sure how much the real estate costs are (they probably vary a lot), but according to some sources, a two-bedroom house outside the capital can cost as little as $ 20,000. This is certainly a thought worth considering.
There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
That's how it should be, the protest about it makes it like they're forcing people to use bitcoin. I knew from the start that they were doing the right thing on this one and the people that were against them weren't really in the right to be against the legalization of bitcoin in El Salvador, probably they're interest are being affected negatively.It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
In this regard, it will be very interesting to observe how further events will develop in this country. There has never been such an experiment.
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In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
Well that was the only option his government could go with so he doesn't look like a dictator as the rest of the world (government) would had used that against him if he enforce the use of just Bitcoin and not give the merchant alternatives although It would had been more effective accepting bitcoin without having it pledge to the dollar. I was thinking the citizens of El Salvador would be hearing more of things been priced in satoshi instead of the USD, chances are many would still want to be paid in USD and those accepting in BTC might trade almost instantly to USD to avoid the volatility of the the market.
I don't know if this was a perfect timing as in the next 1/2 years the market won't be that positive as the last 6 months and if the market continues declining then it'll discourage many marchant from accepting bitcoin and this will probably drag down the popularity of the currency in the country. Having all Marchant accept Bitcoin in Satoshi value would had been a more preferable options in my opinion, with time they would had been grateful.
I think the businesses out there with this option can choose to either accept Bitcoin direct or Fiat, whichever they are comfortable with and I believe over time, this process will smoothen out.
From my understanding, I think that a better wording would be that the businesses will have to accept bitcoin, but it's up to them whether in their accounts they'll receive/keep (from the bitcoin transactions) bitcoin or fiat.
This may be a technological problem, and I guess that this is what makes some of those merchants unhappy (along with misinformation and lack of understanding), since they'll have to install/use one more application/tool in their shops.
I don't think this is what is being implemented in the country right now. In my understanding, there is not only freedom to receive/keep Bitcoin payments as Bitcoin or USD, there is also freedom to accept Bitcoin or not. In other words, people and businesses have the freedom not to download the Bitcoin wallet or application. In other words, not to accept Bitcoin payments.
President Bukele has this to say:
https://twitter.com/nayibbukele/status/1429608848998993924
The second and third paragraph says, "People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS." "If they want they will download it and if they don't want to, no." respectively.
There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
That's how it should be, the protest about it makes it like they're forcing people to use bitcoin. I knew from the start that they were doing the right thing on this one and the people that were against them weren't really in the right to be against the legalization of bitcoin in El Salvador, probably they're interest are being affected negatively. It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
For the life of me, I couldn't remember whether El Salvador's fiat currency was in trouble (like Venezuela's), so I checked the Wikipedia page on the country before posting. I had no idea that they used the US Dollar as their own currency. Another interesting tidbit from the article was this:
I mean, it's actually a smart move, for merchants who are Bitcoin enthusiasts, and are willing to hold Bitcoin despite it's volatility, this is an opportunity for them to build up their stash
Sure, but people who own small businesses in El Salvador didn't start them to speculate in a currency like bitcoin, and I can see why there's a lot of resistance to this. You're thinking like someone who loves bitcoin already, whereas these merchants are basically being forced to accept a form of money they probably don't want any part of. There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
Maybe those people who protest against it doesn't understand that they didn't force to use this, also for sure there are agendas on why those protest formed thats why its really good to know the real situation before taking action towards this. And good thing merchants is now following since for this the citizens who use bitcoin could really feel the effect of adoption in there country and this could increase the number of users on that country.
There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.
That is what sold me on the idea of how Elsalvador is a great place to see how will using bitcoin will influence the economy, at first i thought they will totally replace their current system with it and create their coin and force people and business to use it, but it was clear that the president made it as an option and gave freedom to the people to chose between using fiat or bitcoin, but also creating incentives and initiatives like giving away 30$ worth of bitcoin for everyone, and i am curious to see the days ahead how will it influence the country.
I think the businesses out there with this option can choose to either accept Bitcoin direct or Fiat, whichever they are comfortable with and I believe over time, this process will smoothen out.
From my understanding, I think that a better wording would be that the businesses will have to accept bitcoin, but it's up to them whether in their accounts they'll receive/keep (from the bitcoin transactions) bitcoin or fiat.
This may be a technological problem, and I guess that this is what makes some of those merchants unhappy (along with misinformation and lack of understanding), since they'll have to install/use one more application/tool in their shops.
However the president literally called it before it happened and right now they are holding close to 600 bitcoin last I know (maybe even increased more later on) and they will eventually hold thousands upon thousands of bitcoins, other nations will be way too late to the party when they turn it into legal tender as well. So long story short, this deal was always awesome for people of that nation, and other big banks and all that are hating it.
Yes, it's mandatory and all the receive/keep is just mumbo jumbo trying to paint an excuse on forcing somebody to do a thing while claiming they have the liberty of choice.
You have to accept bitcoin payments, that's the end of it, a business that was before only cash, no cc, no cheques nothing suddenly is forced to accept payment and deal with both crypto and digital fiat, as they will have to go through the government rules to withdraw the converted fiat, even if they stay don't choose the bitcoin option. This unless this magical conversion tool somehow prints paper money out of your phone.
You have to accept bitcoin payments, that's the end of it, a business that was before only cash, no cc, no cheques nothing suddenly is forced to accept payment and deal with both crypto and digital fiat, as they will have to go through the government rules to withdraw the converted fiat, even if they stay don't choose the bitcoin option. This unless this magical conversion tool somehow prints paper money out of your phone.
Yeah.. in many of the developing nations, there are shops which accept payments only in physical cash. There are different reasons for doing so, but the most common one is to avoid taxes. Obviously if they start accepting Bitcoin payments, then this won't be possible anymore. I am not in favor of tax evasion, but very small scale shops (those with daily turnover of less than $50 or so), can be excluded from this requirement. Nowadays banks also charge a lot, and for small scale merchants the charges can be extortive.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory)...
I second that, I think the government made things really comfortable for both parties, the merchants and the citizens, for people who wish to pay in Bitcoin, their orders would not be turned down, they can spend their Bitcoin as they like and in fact just the same way one would spend their fiat currency in the country, then as for the merchants, they are obliged to accept such payments, but not obligated to hold their payments in Bitcoin.I mean, it's actually a smart move, for merchants who are Bitcoin enthusiasts, and are willing to hold Bitcoin despite it's volatility, this is an opportunity for them to build up their stash, for the others who do not quite like the idea of hodling Bitcoin, after receiving payment in the coin, they can change it right back to fiat immediately, tbh, everyone should basically be happy with this, except the person is still unclear about things or is just being a Bitcoin enemy.
I think it can be easily solved with a sticker... "we accept Bitcoin or just dollars here"!
Some people can complain as long as they want, but the reality is clear, more options is always better! Open-minded people understand this, and I believe that nobody is forcing El Salvadorians to use Bitcoin, but the ones who have it and use it will now have a chance to pay directly with BTC in many stores, shops, or for whatever!
So if some shop, store, or anything doesn't wish to accept Bitcoins will probably lose customers, the ones who are ready to adapt will attract people from both worlds and they will have higher traffic, meaning higher profits!
Bad luck in the start, as I read they have problems with Chivo wallet, the explanation is due to server capacity increase... they promised it will be fixed quickly! An interesting thing, even their prime minister was giving tutorials to people who wanted to learn about it!
Some people can complain as long as they want, but the reality is clear, more options is always better! Open-minded people understand this, and I believe that nobody is forcing El Salvadorians to use Bitcoin, but the ones who have it and use it will now have a chance to pay directly with BTC in many stores, shops, or for whatever!
So if some shop, store, or anything doesn't wish to accept Bitcoins will probably lose customers, the ones who are ready to adapt will attract people from both worlds and they will have higher traffic, meaning higher profits!
Bad luck in the start, as I read they have problems with Chivo wallet, the explanation is due to server capacity increase... they promised it will be fixed quickly! An interesting thing, even their prime minister was giving tutorials to people who wanted to learn about it!
But when I read news today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but customers can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.
You probably meant merchants, not customer as those have already made their choice.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory)
Yes, it's mandatory and all the receive/keep is just mumbo jumbo trying to paint an excuse on forcing somebody to do a thing while claiming they have the liberty of choice.
You have to accept bitcoin payments, that's the end of it, a business that was before only cash, no cc, no cheques nothing suddenly is forced to accept payment and deal with both crypto and digital fiat, as they will have to go through the government rules to withdraw the converted fiat, even if they stay don't choose the bitcoin option. This unless this magical conversion tool somehow prints paper money out of your phone.
It is extraordinary that the government of El Salvador is carried out that way. Surely the people there welcomed the adoption of Bitcoin after it was legalized. Is it because this was done by the government as a form of trial?
If the application is successful in El Salvador, I'm sure other countries will follow in their footsteps.
If the application is successful in El Salvador, I'm sure other countries will follow in their footsteps.
The young president of El Salvador, Nayib Bukele are taking on the giants with this decision, because the money transmitters and the Banks are furious about this decision. (They are losing millions of Dollars in money transfer fees)
Now the IMF loans to his country might be in jeopardy, because all these Banks work together to force 3rd world countries to bend the knee before them. https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/
"The World Bank reiterated on Tuesday it could not help El Salvador in adopting bitcoin "given environmental and transparency shortcomings," a bank spokesperson said....
Now the IMF loans to his country might be in jeopardy, because all these Banks work together to force 3rd world countries to bend the knee before them. https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/
"The World Bank reiterated on Tuesday it could not help El Salvador in adopting bitcoin "given environmental and transparency shortcomings," a bank spokesperson said....
I think the businesses out there with this option can choose to either accept Bitcoin direct or Fiat, whichever they are comfortable with and I believe over time, this process will smoothen out.
From my understanding, I think that a better wording would be that the businesses will have to accept bitcoin, but it's up to them whether in their accounts they'll receive/keep (from the bitcoin transactions) bitcoin or fiat.
This may be a technological problem, and I guess that this is what makes some of those merchants unhappy (along with misinformation and lack of understanding), since they'll have to install/use one more application/tool in their shops.
El Salvador Bitcoin payment option mandatory but customers can decide to accept fiat
What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but customers can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.
Quote
https://m.elsalvador.com/noticias/negocios/bitcoin-criptomonedas/876042/2021/?utm_source=twitter&utm_medium=deportes%20&utm_campaign=organico&fbclid=undefined
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
El Salvador Bitcoin payment option mandatory but people can decide to accept fiat
What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but marchants can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.
Quote
https://m.elsalvador.com/noticias/negocios/bitcoin-criptomonedas/876042/2021/?utm_source=twitter&utm_medium=deportes%20&utm_campaign=organico&fbclid=undefined
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.
“You, having the electronic wallet, must accept the transaction. The ‘shall’ is the transaction obligation… you are required to have the electronic wallet. What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.
The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet? To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.
Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.
And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.
In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.
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