El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 130.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Bttzed03 on June 05, 2021, 10:25:11 PM

If 70% of the country's citizens are unbanked, a digital currency that requires zero/minimal registration will be more attractive to them. I just wonder how heavy the regulation on custodial services and other merchants will be once the bill is approved.

I'm sure it will be heavily regulated and won't allow that so much freedom from the government.

If there's something to learn about making Bitcoin a legal tender, Japan is a good example, and here is the country's regulation, (https://www.loc.gov/law/help/cryptocurrency/japan.php). In any case, it's a win-win situation for the government and El Salvadorian, another welcoming news.

Bttzed03

legendary

Activity: 2114

Merit: 1149

https://bitcoincleanup.com/

If 70% of the country's citizens are unbanked, a digital currency that requires zero/minimal registration will be more attractive to them. I just wonder how heavy the regulation on custodial services and other merchants will be once the bill is approved.

rdbase

legendary

Activity: 2828

Merit: 1497

Join the world-leading crypto sportsbook NOW!

Quote from: Lorence.xD on June 05, 2021, 09:34:13 PM

South America getting in is a pretty good move, although El Salvador is a small country, it will still make a difference for the market if the head of the government is the one that actively supports it.

Yeah I just hear the news too and this will certainly break the laws that other South American cities around the world follow and will lead the way for them to adopt towards use in their own countries.
I can see Venezuela being next.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

South America getting in is a pretty good move, although El Salvador is a small country, it will still make a difference for the market if the head of the government is the one that actively supports it.

steampunkz

sr. member

Activity: 1162

Merit: 268

50% bonus on your First Topup

This is a Huge move from a small country in Central America, and I suppose this is only the start for other nations to also think and join for bitcoin adaptation. El Salvador moves could help the majority in terms of p2p, remittance, cashless payment to its citizen to Facilitate bitcoin.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Being the legal tender of a foreign country has a major effect on the legal status of Bitcoin in the U.S.: https://bitcointalksearch.org/topic/bitcoin-as-legal-tender-has-huge-legal-implications-for-bitcoin-in-the-us-5342104

Note that several countries have said that Bitcoin is legal, but El Salvador would be the first to make it "legal tender", which is a special status.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

I am glad as a bitcoin enthusiast if the news is true that a country is considering it as a legal tender which is a huge thing but i was more surprised by the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Let them allow and in due time we will see how many people adopted Bitcoin in El Salvador and whether there will be an increase in Bitcoin users simply because the government wanted it to be a legal tender.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: famososMuertos on June 05, 2021, 06:22:43 PM

Well, without a doubt, it is something that has been working for a long time, but they are lights of how the recognition and adoption of bitcoin could begin.

There is another thread that at the time showed the 2019 initiative, which shows that it is a slow process, so slow that it is still in the process of being approved.

Quote from: icopress on April 17, 2019, 03:27:10 PM

President of El Salvador Says He’s Submitting Bill to Make Bitcoin Legal Tender (Jack Mallers announced the news at the Bitcoin 2021 conference in Miami).

"The bill must still be reviewed by the country’s legislative assembly. Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its full text was not immediately available, and it is not yet clear what being the first bitcoin country will mean for the fiscally unstable and oppressively poor central American nation, where 70% of residents lack a banking account".

...//...:

El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.

That will be good for adoption, we basically need internet connection and a gadget to make crypto transaction. If most of its citizens will use crypto, this will be a very good example to follow and their neighboring countries may also follow if they show successful implementation, in terms of crypto payment and other related businesses. Couple of years from now, and we will see what is the effect of bitcoin or crypto on their economic system.

famososMuertos

legendary

Activity: 1890

Merit: 2995

LE ☮︎ Halving es la purga

Well, without a doubt, it is something that has been working for a long time, but they are lights of how the recognition and adoption of bitcoin could begin.

There is another thread that at the time showed the 2019 initiative, which shows that it is a slow process, so slow that it is still in the process of being approved.

Quote from: icopress on April 17, 2019, 03:27:10 PM

President of El Salvador Says He’s Submitting Bill to Make Bitcoin Legal Tender (Jack Mallers announced the news at the Bitcoin 2021 conference in Miami).

"The bill must still be reviewed by the country’s legislative assembly. Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its full text was not immediately available, and it is not yet clear what being the first bitcoin country will mean for the fiscally unstable and oppressively poor central American nation, where 70% of residents lack a banking account".

...//...:

El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: verita1 on June 05, 2021, 05:11:54 PM

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote

The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.

https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

verita1

member

Activity: 1358

Merit: 81

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

Quote

"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 130. (Read 37650 times)