Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 105. (Read 38876 times)

Following the adoption from El Salvador more countries showed interest on cryptocurrency adoption. The recent one one the list is Paraguay. Latin American countries are taking it more seriously and strive hard to be the centre for financial technology.

Paraguay have got the lowest electricity consumption charge among the Latin American countries. This makes Paraguay as the mining haven for cryptocurrencies. The Chamber of Deputies Paraguay made plans to regulate cryptocurrencies.

Paraguay Approves Crypto Regulation Bill

Everytime the adoption of bitcoin by El Salvador is seen in a way that it creates economic downturn to the nation. With the recent briefing people could've understood what really happening with bitcoin. Though the El Salvador government continue to buy bitcoin, they've made contributions to the society out of the profit from the people's money invested on bitcoin. For a grown country this looks simple, but for a nation that is getting built it is a big thing. Finally Gonzalez mentioned about CBDCs need to coexist with bitcoin and countries into development of their own CBDC is the beginning of their entry into digital economy.

Is bitcoin adoption in El Salvador a failure? See what El Salvador's Deputy Dania Gonzalez said about bitcoin adoption in her country


Falling Bitcoin price doesn't affect El Salvador: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez


Dania Gonzalez, Deputy of the Republic of El Salvador reveals how bitcoin adoption has been helping her country. She talked about how bitcoin is an investment asset, she also talked about the reason to buy more bitcoin when the price has gone down. Also she talked about the socioeconomic impact of bitcoin that was made a legal tender in her country.



Part of what she said:


Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact according to Cointelegraph.

This is what that matters, to legally support the use of bitcoin in countries. What is most important is the aim of bitcoin usage achieved this way that the world is going more in support of bitcoin. All needed is adoption.

It is the what we have discussed in just last page on this thread: https://bitcointalksearch.org/topic/m.60144214

the 'meetup' of many countries is not about creating crypto law or/to adopt bitcoin in multiple countries.
its about alot of different financial matters including how to help each country give each other 'loans' outside the IMF rules.

yep many countries happily want to give el salv money outside of the IMF restrictions. its good business.

however parts of the meetup is where the other countries reps' are given a wallet and shown how el salv is using chivo in practice. this is more of a demonstration and introduction that may lead to nothing. but atleast lets other countries see what el salv is doing.

On May 18, in the WO thread, I had responded to Out of Memory's post in which he had provided about a 36-minute video documentary that Peter McCormick had just released on the topic of "what's happening in El Salvador" in connection with El Salvador's implementation of the September 7 bitcoin law.   That video documentary had less than a 5 minute clip of McCormick's interview with Bukele.. and really, the video does not really do justice to the whole situation - including McCormick's interview with Bukele.... From my point of view, that video synopsis of the McCormick's interview with Bukele kind of makes both of them look bad. You can see my two responsive posts and the video link here.

In the past day or so, in McCormick's "What Bitcoin Did" podcast, he released a more full context of his second interview with Bukele, and it is my belief that the fuller context interview makes both of them look better, and Bukele comes off as a much more likable, thoughtful and even genuine person.. to the extent that politicians are capable of being genuine.. hahahahaha..  You can see that interview here.

Can you share a link to the news, I will love to see the countries already in discussions with El Salvador on Bitcoin. Although there was a conference of heads of countries' central banks in El Salvador recently we are still waiting for the outcome of the meeting to know exactly what the discussion was if it includes Bitcoin since the president of El Salvador 🐦 tweeted about it. El Salvador has set the prospect for other countries and if El Salvador persists in its development especially the Bitcoin city project in the next couple of years from now the revenue generation of El Salvador will increase and the debt rate will decrease automatically.

The country of elsalvador bravely took the conclusion of legalizing bitcoin in their country where other countries banned bitcoin such as the big country of china forbidding bitcoin, but now the country of elsalvador will record the history of the country that was the first to legalize bitcoin I saw the news there are 30 other countries who want to discuss with the country of elsalvador maybe In the future, many countries will follow Elsalvador's footsteps.

Although the Panama cryptocurrency bill that was approved by the country's legislature in April doesn't allow Bitcoin to become a legal tender, but it promotes the free use of crypto as a means of payment for all kinds of transaction. It also allows digital asset companies to establish operations in the country and treats crypto assets as foreign-source income without taxes on capital gains.
The President of Panama Laurentino Cortizo called the bill a good law, but he stated that he would not give his signature. His refusal to sign the law is born out of fear that Financial Action Task Force's (FATF) a so-called global money laundering and terrorist financing watchdog founded by Group of Seven (G-7) nations wouldn’t remove Panama from its grey list (FATF closely monitors country in their grey list). FATF might be doing a good job but it is possible that most nations are not recognizing or accepting Bitcoin because their hands are tied by anti-bitcoin forces using diverse international treaties and organizations.

If it is passed successfully, then if i am not mistaken they will become the third country to make Bitcoin a legal tender, El Salvador can be said to be the country that kicked the ball rolling for multiple Bitcoin adoptions from different other countries, it is just a few as of now in 2022, but in the future when many countries will adopt bitcoin too, El Salvador would be remembered as the first, so no matter how people try to say it is a failed move, one thing is certain and it is that El Salvador have cemented their place in bitcoin's history forever.

If they didn't know, now they know. Hahaha.

They should consider themselves very lucky, and they should take the summit as a golden opportunity to know more about Bitcoin and how/where to buy them. Their governments, who need to weaken political strongholds, are those that need it the most. I hope they truly understand what Bitcoin is, and what it will be for them. This isn't another payment system for consumers. It is something much more.

That is true, it is not only about bitcoin, it is about financial inclusion, digital economy, banking the unbanked the bitcoin rollout and its benefits in their country. But according to what was posted above, some central banks do not know that bitcoin was even part of summit, while some do not care, while some like it and saw it amazing. All I know is that bitcoin can not be accepted by all central banks in just one day, and if some do not accept it, that does not mean bitcoin adoption will not continue. What surprised me most is that China that its mining operation and hashrate went to zero during last Chinese government crackdown on cryptocurrencies are producing the second largest hashrate now if the news I read it from is saying the truth though.

That is true, it remains Laurentino Cortizo which is the present Panamanian president to sign the bill, Panamanian legislature has passed it to the president to sign. The president support some aspect of the bill but saying illicit use of cryptocurrencies should be addressed. I thought the legislature should have done that. Only little time remains, Panama president would most likely soon sign the crypto bill into law.


You can read this:
   
Re: El Salvador has become the first country to make #Bitcoin legal tender!



Citizens are not also force to accept bitcoin for payment while many of them accepts it and convert it to USD.

Probably you haven't been posting here or reading what people have been posting here as you just brought back what as been talked about here, you can try and go back some pages like on the beginning to read than bring up what ha been posted here before. I can not go back much but will just tell you that before El Salvador adopted bitcoin as a legal tender in their country, El Salvador has been in foreign dept and fiat was never also still the savior for them.

People should wait before making out some conclusions on what El Salvador had done which it isnt right on making out direct assumptions on a short span of time.They are fully aware on what things
attached with Bitcoin specially into its volatility.

If you are looking with the current condition  then lots would really be saying that the decision made was wrong because it do really mainly affecting
their economic status specially on a bear market but we know on how recovery works or possibility.

In the conference, bitcoin is one among the major topic of discussion. Anyhow there is nothing much happened out of the meeting in the Bitcoin Beach. Following El Salvador there were few countries on the path of bitcoin adoption. One amongst is Panama where everything is done and waiting for the president's approval. The president have taken a stand that bitcoin adoption happens along with AML policy tied to it. Maybe this can take few months for the development. Little by little something happens positive and Countries will stand out for adoption.

I believe President Bukele never claimed their summit among South American central bankers to be all, and just about Bitcoin. Bitcoin is merely part of it. Read the Twitter post, it said "talks about financial inclusion, banking the unbanked, AND Bitcoin". It's not a "Bitcoin conference", but Bitcoin is obviously one the main topics to be discussed.

I don't fully agree with this. The workgroups have objectives and an agenda. Hosting is not necessarily laying out the agenda on their own, although I personally have just come in contact with the AFI, and can't attest as to how they organize themselves.


I’d like to get hold of their complete agenda (which may not be public), which would be a way to discern just how much of these events pivot on BTC/crypto, and how much deals with other common ongoing issues.

The closest I’ve come so far is this:
https://www.afi-global.org/events/digital-financial-services-sme-finance-working-group-meeting/

(*) I’d say it’s what is described here (March 2021 info), related to:
https://www.afi-global.org/newsroom/news/el-salvador-unveils-landmark-national-financial-inclusion-policy/


Here's more from another page on the AFI site:
It goes on, and seems to diversify to debate other non-BTC related matters.

https://www.afi-global.org/newsroom/news/digital-ecosystems-sme-finance-for-greater-financial-inclusion/

The above suggest that bitcoin was on the agenda ("private" digital currency seems like a bad choice of words), but as far as I can read into it, not the pivoting centrepiece.

Well this statement is born out of the stance of Paraguay 🇵🇾 on cryptocurrency, and as a matter of fact, the central bank official is just being diplomatic, yeah the meeting is to discuss financial inclusion which indirectly covers Bitcoin in El Salvador since bitcoin is already made legal currency in El Salvador 🇸🇻 the tweet may have oversold the Bitcoin aspect but then since President Bukele is the host he may as well make use of whatever term he wants so long as it within his legal right.

@Bukele’s tweet about some of the Central Bank and financial authorities meeting in El Salvador may have misled us as to the purpose of the meeting per se: According to the information in the below GT links, the Central Bank of Paraguay has issued a statement to reflect that the focus of the meeting is not cryptocurrency, nor are they themselves interested in the matter.  The meeting is really the 18th meeting of the Alliance for Financial Inclusion, delayed since 2020 (I figure due to the Corona virus outbreak).

If this is so, it seems that we’ve been oversold the meeting, and although some part are surely going to verse on crypto, as this post suggest, it may not be the core objective after all …

See (Google Translated links):
https://www-eleconomista-net.translate.goog/cripto/Banco-Central-de-Paraguay-desmiente-que-foro-en-El-Salvador-sea-sobre-bitcoin-20220518-0019.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

https://www-bcp-gov-py.translate.goog/comunicado-sobre-participacion-del-bcp-en-foro-internacional-n1716?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Only seven countries mentioned by BitcoinMagazine but I like that Venezuela which is the last on the list is included among because it has the worst inflation rate in the world. But if you want to check the full list, you can use the site below.

https://tradingeconomics.com/country-list/inflation-rate?continent=world

On the site, you can check the inflation rate in each country in the world, you can check for countries in each continents and also for G20 countries.

A good reason to use bitcoin is the inflation of fiat in each countries, the governments are only centrally controlling their fiat to make inflation possible and citizens are holding fiat in bank in fixed deposit account and get devalued.

https://twitter.com/BitcoinMagazine/status/1527061821932421120

apparently, an excellent idea to adopt bitcoin now, especially in salvador, and to explain it to others.