El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 137.

btc78

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Quote from: verita1 on June 05, 2021, 04:11:54 PM

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

I don't know what to say reading this Greatest news i ever read since the 2021 arrived. There are so much fun inside of me and i can't express how grateful it is.

imagine that there is finally a country that will let Bitcoin to become a legal tender , meaning in some part of the world Bitcoin will be their Currency(literally)

Wondering how this will give the El Salvadorian people a best benefits a human can have and that is using Bitcoin even in paying your condom Grin

thank you El Salvador and Congratulations..

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Quote from: buwaytress on June 06, 2021, 05:12:46 AM

I'm afraid as pointed out before, Japan is going to have to take that honours of "first"... years ahead with actual legislation fast track and approved.
o_e_l_e_o is right though, recognizing a currency doesn't make it legal tender, which means anyone is free to accept (and refuse) payment if they so choose -- and in Japan's case, it's actually NOT legal tender. If you want to pay in Bitcoin, the seller doesn't have to accept it if even if he is able to (if he has a Bitcoin wallet, that is).
Reference: Reuters advisory

Japan does hold the honours of being the first country to truly accept bitcoin as legal tender. Certainly correct in this statement.
But the difference is these people are trying to escape the current financial system to actually live for food and necessary things to survive on and not just to pay for entertainment.

Jack Mallers is one of the people to actually move there and help the unbanked out to get them to know what bitcoin was several years ago.
He comes off as brasive at first but keep watching until the end were he is fully engulfed in the moment where he is brought to tears.
From the 2nd day Bitcoin Conference 2021. Todays the final day of the event in Miami so expect more moving announcements like this one for it's conclusion.

https://www.youtube.com/watch?v=_59hrgTiRJU
It explains alot of what is going on and has an announcement from the president of that country to say what this means to his country and yes, it probably does need congressional approval first but it is a start.

blackened515

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What an amazing news that shocked the world, El salvador is really doing well and I wasn't expecting the president of that country to implement this in the 2021 conference.
Does this implementation means that the adoption of cryptocurrency is coming to reality and it will be starting clearly from now on which will be influence other countries to do the same.
Congrats to the El salvador citizens

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I'm afraid as pointed out before, Japan is going to have to take that honours of "first"... years ahead with actual legislation fast track and approved.

o_e_l_e_o is right though, recognizing a currency doesn't make it legal tender, which means anyone is free to accept (and refuse) payment if they so choose -- and in Japan's case, it's actually NOT legal tender. If you want to pay in Bitcoin, the seller doesn't have to accept it if even if he is able to (if he has a Bitcoin wallet, that is).

Reference: Reuters advisory

Leviathan.007

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Wow

I was not expecting to see such news about any country and government because bitcoin came to make everything is payments decentralized and border-less, while the governments are always trying control everything and make everything centralized just the opposite of bitcoin goal. I don't this country and don't know about the the living condition, but, if there is a good living condition mane bitcoiner will be attracted and this this will even help this country economically.

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Quote from: Lucius on June 06, 2021, 04:28:35 AM

Quote from: pooya87 on June 05, 2021, 11:26:18 PM

For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?

I think the situation is the same in Germany, at least when it comes to paying taxes in case BTC is used as a means of payment.

There is a difference between "currency" and "legal tender".

A currency is anything which can be used as money, but a merchant is under no obligation to accept. In the US, for example, we recognize Canadian dollars as a currency, but it is not legal tender and you'll be very hard pressed to find anywhere outside a few dozen kilometers of the border which will accept CAD for goods or services. We recognize JPY, EUR, AUD, etc., as currencies, but none of them are legal tender.

Anything which is legal tender must be accepted as payment for goods, services, debt, etc. It is legally recognized by the courts or judicial system in that country. If I pay you in legal tender, then the debt is settled. Even if you refuse my payment, legally speaking I have paid my debt using legal tender and therefore owe you nothing.

Basically this is saying that every merchant, every business, every person, in El Salvador must accept bitcoin for their goods or services.

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I've just read about it in the news, and it's a big step forward. I don't know how this will function in reality in El Salvador, but the sentiment is nice. However, it seems that this country has a lot of big problems like high levels of violent crimes, extremely unfair distribution of wealth with 30% being in poverty, and only about the third of population even having Internet access. These problems cannot be fixed by making Bitcoin legal tender, and I hope Bitcoin won't exacerbate them by becoming the money for the elites.

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Quote from: pooya87 on June 05, 2021, 11:26:18 PM

For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?

I think the situation is the same in Germany, at least when it comes to paying taxes in case BTC is used as a means of payment. If memory serves me well, such an attitude also exists in some other countries that understand a little better that excessive taxation and bans are not a good solution.

However, we should congratulate the President of El Salvador, who had the courage to make such a decision, which will certainly not be best received by some countries and people who have a completely different opinion when it comes to Bitcoin. But the essence of sovereignty and democracy is to make decisions in your country no matter what others have advised and thought about it.

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Quote from: Karartma1 on June 06, 2021, 01:27:07 AM

El Salvador the Savior!
Okay, let's pack our bags and get ready to go to El Salvador to create new bitcoin-based businesses and let's allow to prosper what could become the first bitcoin-friendly nation state.
I need an office in Miami (thanks Mayor Suarez!) and one in El Salvador!
Huge news, really huge!

What happened in El Salvador and Miami was the first step Bitcoin began to be understood by some state officials, which of course will have a good
impact on the population. Therefore, changes in a country or region, depending on the policies taken by its leadership. Major Suarez and President
Nayib Bukele became state officials who were open-minded and dared to take bold steps, which is not necessarily able to be done by other state officials.
Hopefully there will be more people like them, who care more about their people than their own interests.

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El Salvador the Savior!
Okay, let's pack our bags and get ready to go to El Salvador to create new bitcoin-based businesses and let's allow to prosper what could become the first bitcoin-friendly nation state.
I need an office in Miami (thanks Mayor Suarez!) and one in El Salvador!
Huge news, really huge!

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Quote from: bbc.reporter on June 06, 2021, 01:15:14 AM

Quote from: bitmover on June 05, 2021, 04:20:58 PM

Quote from: verita1 on June 05, 2021, 04:11:54 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

Agreed. It might depend on how much political influence Bukele’s political party has on congress. It might be good to know which political party Bukele belongs, does his political party have the majority in congress and what type of political system does El Salvador have. Is it a 2 party system or a multiparty system?

However, this might be good if the bill is signed and passed into law. It will be the first experiment on bitcoin as an adopted currency. All larps and criticisms will be proven correct or wrong.

70% is a majority I think the majority of the lawmakers will also favour the bill since most of their relatives I guess doesn't have financial access. If they successfully pass the law I guess there will be miners going to this country. It wouldn't be BTC that might just be adopted to the country. I hope they make it so the rest of South America will also follow steps to freedom.

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Quote from: bitmover on June 05, 2021, 04:20:58 PM

Quote from: verita1 on June 05, 2021, 04:11:54 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

Agreed. It might depend on how much political influence Bukele’s political party has on congress. It might be good to know which political party Bukele belongs, does his political party have the majority in congress and what type of political system does El Salvador have. Is it a 2 party system or a multiparty system?

However, this might be good if the bill is signed and passed into law. It will be the first experiment on bitcoin as an adopted currency. All larps and criticisms will be proven correct or wrong.

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It's a very good news. Having legal tender means that anyone MUST accept it as a form of payment, it can be used for paying TAXES, it can be used for paying salary, and generally speaking it's something accepted by government and regulated by some laws.

It's something very good , but let's wait for official decision made by parliament.

Quote from: pooya87 on June 05, 2021, 11:26:18 PM

I'm not sure if using the term "Legal tender" makes any difference legally but with a search about the definition it seems like other countries have already done it if not using this term exactly. For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?

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We should all be travelling to 'El Salvador' next week to celebrate this amazing news.

pooya87

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I'm not sure if using the term "Legal tender" makes any difference legally but with a search about the definition it seems like other countries have already done it if not using this term exactly. For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?

kidbounty

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but it's not completely legal. need congressional approval to do so. but i appreciate this, this country is one step ahead for bitcoin usage. their president will go down in history as one of the people who made bitcoin legalized.

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I am glad that the people of El Salvador will have an option that gives them greater financial freedom and opportunities. I looked at the Wikipedia page of Nayib Bukele and it seems like he is a right wing authoritarian leader. Being associated with a corrupt dictator might not be such good publicity for Bitcoin. I hope this will eventually lead to more freedom, not just financially but in other areas where people are oppressed.

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This is big. I am amazed at how open-minded El Salvador's president is. It is one thing to legally declare Bitcoin as an alternative currency or mode of payment in the entire country, it is another to declare it as a legal tender. It is almost unbelievable reading about a country declaring Bitcoin as a legal tender. We will see in the following days and weeks the bill's content and whether or not it will receive approval in El Salvador's congress.

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Quote from: Bttzed03 on June 05, 2021, 09:25:11 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.

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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.

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