Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 41. (Read 38876 times)

Who are the ones after their selfish goals, is it Nayib Bukele the president of El-Savador or the people at large or the other government officials that supports every fruitful developments in El-Savador, what you don't understand can be asked, do you care in knowing the worth on their treasury or the investment made on bitcoin in particular, of which am sure the answer to each were here.


This has already been discussed as nothing new any longer in this aspect.

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Details

As I wrote, the states never do anything for no reason out of the goodness of their hearts. They always pursue their own selfish goals. In this case, El Salvador has become a pilot site for a new alternative money transfer and payment system.
It is even difficult to imagine the amount of money that was allocated for this operation. They will need to be returned. How will this happen? Will show time.

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The government of El Salvador, Nayeb Bukele, has taken various steps to take his country to the top of development and since adopting Bitcoin. He has provided all kinds of benefits to the people of his country to use Bitcoin. And Stand 7 launched Bitcoin Host which is the biggest advantage for the country of El Salvador.
Since providing various steps in Bitcoin usage and now just waiting for others to reach the peak.
And by taking various other steps, the hero Bukele is trying hard to make El Salvador reach the top of the world's development.

To develop a country requires strong leadership which El Salvador got from Bukele. At the same time, it is the responsibility of the citizen of that country to keep that leader consistently to continue the development of a country which is also need for El Salvador. I think the people of El Salvador want reelected Bukele for their real development. His one of the best initiative is to legalize Bitcoin. For which he has been widely criticized in his country and worldwide. Because of this remarkable decision, El Salvador get the new dimension in the second time. The country's public opinion polls say the same way.

After all, it is natural that the people will empower the leader who will develop the country. El Salvador's political system did not allow for two consecutive terms of president. Bukele also amended this law after coming to power. The development of the country will continue through this amendment.

If for some reason Bukele doesn't come to power then I won't worry. Because the government of every country has only one objective, that is development. And if Bitcoin is made illegal in El Salvador it will be a big disaster for them. There are a lot of Bitcoin investments in there country. There is a lot of money being spent on Bitcoin mining. No government should take this suicidal decision.

So Bitcoin is and will be booming. Bitcoin does not depend on any government. However, Bukele will be re-elected in the upcoming public opinion poll, and will be able to take his country one step further with Bitcoin in El Salvador next session.

This has been a most anticipated development and it will clear up all the loopholes that could possibly drain Bitcoin users in El Salvador in the long term,  indeed Educating the citizens on Bitcoin and its related topics will indeed help the citizens in a lot of ways,  such as being able to carry out an independent research,  reform and development that will help them to properly, avail all the potentials that comes with Bitcoin and it technology.

The NGO has indeed pushed this educational project to a level where if properly utilised to solve the many anti-Bitcoin misinformation around El Salvador that has placed some setbacks on Bitcoin adoption by El Salvadorians in the last two years since Bitcoin was legalized in El Salvador.

I agree, it is a good one. Bitcoin education being part of the curriculum of public schools in El Salvador is a big news for BTC adoption, i want more people to learn about BTC and this is going to be an initiative that will achieve that. It is also great that the teachers are going to be trained first, so they also learn basic things about BTC that they are going to teach the students, that is an important part of this program, because if the teachers don't know about BTC, they can't teach it and the initiative may fail.

If El Salvador continue in this way, in many years to come BTC will be a very important part of the average 'person's' life in their country, and it is very possible that what we call mass adoption will begin from there.

It's decision is not in using the entire cryptocurrencies but they only chose bitcoin as a legal tender and the only recognized digital decentralized currency together with USD, ever after that, there have been more openess coming with effect on the use of the blockchain in diverse areas of the economy.


People already have been using bitcoin even right before El-Savador make it decision for the use of bitcoin as a legal tender, but being a country on its own, it makes the move towards bitcoin adoption and has set the world record that others will always meet and learn or follow after.

This looks like an important step in terms of divulging Bitcoin education in El Salvador:

It seems that the NGO Mi Primer Bitcoin (My First Bitcoin) has proven its value when it comes to providing Bitcoin education, and has now partnered with the Education Ministry of El Salvador in order to bring Bitcoin education to all public schools in the country by 2024. This Bitcoin education will become part of the formal school curriculum (I figure that the current initiatives are extracurricular).

The plan is to have a pilot take place before the full rollout. The pilot covers 75 schools, and entails teaching the Bitcoin programme to 150 teachers beforehand, starting the teacher-training this September. If all goes well with the pilot, the programme would be rolled-out to the whole public school system at some point during 2024.

Not bad …

See:
https://cointelegraph.com/news/el-salvador-to-introduce-bitcoin-education-in-schools-by-2024

i consider El Salvador the home for cryptocurrency and blockchain habitation. Going from just accepting crypto to making it a legal tender is an open arm to the entire blockchain space. Elsewhere, policies are either been made to frustrate the effort of the technology or stiffen processes for operations within the space and this is not good for both business and the economy of such nations.

El Salvador is the first mover in this approachh towards decentralised systems and economy and I believe that there are loads of advantages to first movers. When these benefits starts rolling in much later, I hope there will not be controversies around El Salvadorians. 

Let me tell you one observation about this whole BTC legalization story in El Salvador. 

Now, when BTC has been in a flat for quite a long time and its exchange rate against the dollar is changing insignificantly (of course, on the scale on which cryptocurrency rates usually change), all observers and journalists began to say and hint that Nayiba Bukele’s experiment with BTC either  failed or stalled. 
I do not share this twisted and, in my opinion, wrong message!
Everything with the BTC adoption in El Salvador is going well. 
Now imagine what will happen in this country, well, for example, after the halving in the spring of 2024 and, by the way, at about the same time there will be presidential elections (in El Salvador, the elections themselves will be held on Saturday, February 3, 2024, and the elected president will take office with  June 1, 2024 in accordance with their Constitution).  I am alnost certain that Bukele will be elected President for a second term.  Well, for obvious reasons, the halving will increase the BTC rate around this time.  And this is expected to lead to a fairly active use of BTC.  It can be assumed that there may even be a rush demand for BTC. 
This is quite likely. 
But, let's see if there will be such an adoption.  I still hope it will.

Unfortunately is good news if Nayib Bukele winning election due Bitcoin keep existing for longer time in El Savador as legal payment currency transaction, usually when some country have chance with their president get impact with last president planning will change and build up with new plan as new president.  El Savador citizen seems happy actually for people support Bitcoin as legal payment currency there and they are not worry with bitcoin rule will change. Secure for next five years since Nayib Bukele as El Savador president bitcoin keep existing as legal payment currency transaction. Still not official announcement yet about El Savador election have finish or not but winning vote 68% its seems confidence for Nayib Bukele for winning election.

Oh yes, but I also don't think that what you said is true, because the failure of the investment has not yet been seen and on the other hand the efforts of the state parties are still continuing to do this by cleaning up criminal gangs on a large scale there. Moreover, cleaning up criminal gangs there could also be the basic goal of the state to be able to invite foreign investors into the country so that they can introduce more advanced and attractive development projects.

Moreover, President of El Salvador Nayib Bukele can comfortably win the 2024 election with 68.4% of the vote as reported by usnews.com three days ago, so what Nayib Bukele started will surely continue next year if he can become The President will be in El Salvador again next year and this will certainly be very influential for the continuation of Bitcoin investment which has been started and well run by Nayib Bukele in El Salvador.

Why do you think that Bukele was able to reduce crime with the help of the United States? Bukele was able to achieve this with the military forces of El Salvador, and by the way, the armed military is still patrolling the streets of El Salvador, and the population support this initiative, because they feel safe this way. El Salvador is now considered the safest country in Latin America.

How long have you been following the news from this country. Some time ago, all criminal gangs were purged with the help of the efforts of the United States. I don’t know about nepotism and corruption, but there is a constant struggle with this.
America will not invest where it is sure to fail. For this reason, one should not think that nothing will work out with crypto projects in this territory. For this, everything was prepared in advance.

Ok.  Fair enough.  But it is already happening, whether you believe it to be right or wrong.

El Salvador took a stance more than 2 years ago to make an announcement and pass legislation that it was going to implement a bitcoin as legal tender law starting in September 7, 2021... so we are coming upon 2 years that it has already been implemented and the ongoing experiment of bitcoin in the country has not been subsiding but continuing to be ever-present in the country..


Even if true, none of that has yet stopped bitcoin to continue to grow in El Salvador in the past 2-ish years.

They seem to be quite a good model, at least so far, and they do not seem to be getting too distracted by shitcoins, at least so far, and the traditional financial and governmental naysayers have so far not been able to stop them or to quell them.


It is already in it.


That sounds like misinformation, and you seem to believe it?  What purpose is that information serving you?

Do you mind sharing some sources for the information and making some arguments in the direction of how "having to" accept bitcoin payments would be any kind of injustice, even if true?  Could you describe which merchants might be required to accept bitcoin?

I think legal tender can have some of those kinds of implications of having to accept... but there are devils in details regarding how any particular country might implement its laws.. Do you have details about implementation?

Does having to accept mean that they have to hold BTC?  You dumb twat.

That information is likely 2 years old, and right from the start we know that there are ways to convert bitcoin to dollars nearly instantaneously and likely without even many fees.. and even if there were fees could the merchant charge to cover the fees?  if the conversion is what the merchant (recipient) wants to do, and if they have not figured out how to set up their system in order to accept bitcoin and to convert to dollars right away.. if that is what they want to do, then where is the injustice? How are injustices being caused?  Probably details are important in these kinds of seemingly lame assertions, no?


That's probably true, but a whole country promoting bitcoin and allowing for it likely incentivizes easier ways to figure out how to use it, no?


You seem to be describing what you would wish to happen rather than what is actually happening.  Sure those other countries may or may not adopt bitcoin.. but no other country has gone to such lengths as El Salvador, at least so far, in terms of going forward with both passing bitcoin legal tender laws, implementing them and having about 2 years of having them in practice .. which ongoingly is likely giving them more information to attempt to figure out if there might be implementation matters that they might need to tweak along the journey.


It seems to already be succeeding and/or on the bitcoin ecosystem, so your definition of what is success or on the bitcoin ecosystem seems to largely be argumentative... and I suppose you are trying to make some kind of argument that whatever El Salvador is doing is not enough and there bitcoin efforts are having little to no actual meaningful/substantial effects on bitcoin and/or on the material well being of El Salvadorians, and it seems to me that you are largely just trying to impose standards in regards to what you believe would either be successful and/or making a significant of enough of an impact. .which just seems like you are being disingenuous, self-serving and just spinning bullshit out of touch nonsense.

Nayib Bukele approved rating 91%[/b


President Bukele achieved this feat in one day rather it took years of concerted will power and planning to achieve this feat. If you want to know the reason for Bukele's success in getting to this position, read the article below carefully and you will understand how much will power the President has worked with.


See more details about president Bukele contribution: https://www.newyorker.com/magazine/2022/09/12/the-rise-of-nayib-bukele-el-salvadors-authoritarian-president

It is possible that there will be some influence on the BTC legalization process at the level of the legislation of the countries of Europe, South Korea and Japan. 
However, the global decision on the full legalization/banning of bitcoin, even in the territories of these countries, will still be made in accordance with the BTC status, which will be determined in the USA.  That is, without this decision, the governments of these countres, which are completely under the financial system based on the world reserve currency $, simply will not dare to decide anything on their own. 
This can only be done by a country like El Salvador or a number of African countries or countries in South America, whhere, for example, high inflation disrupts public life.  EU, Korea, Japan generally cannot be completely independent players in the cryptocurrency market.  And, accordingly, they cannot act 100% in this matter only in the interests of their population in these countries. 
In general, I am very upset by how dependent the EU countries, Korea and Japan are now.  And this is becoming more and more obvious to most observers of political processes.

The President of El Salvador, Nayib Bukele, announced the legalization of Bitcoin as well as Bitcoin being an important part of his country. In a number of groundbreaking moves, most recently the signing of an agreement with Google Cloud by the President of El Salvador for seven years. It will be noted that Google will build an office there in America as an important zone in the cloud. Google Cloud will provide government services, Medicare and educational services in El Salvador.



Recently, TResearch conducted a survey and published a report on the approval rating of popular presidents in different countries of the world. In this report, Nayib Bukele is in the top position, leaving behind the popular presidents of the world. So it is easily predictable that El Salvador's president has topped all the popular presidents in the world for his popularity and some notable actions.

Your strong reservations about widespread acceptance and legalization of Bitcoin as a means of payment, particularly in countries closely tied to US financial system are valid. While the US position is significant but it is not the sole determinant of whether countries decide to accept Bitcoin as a legal currency. I believe the local context, regulatory approaches and above all potential benefits of adopting  Bitcoin will play major role in shaping up these decision.