Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 54. (Read 43289 times)

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.

I strongly disagree with you that the acceptance and legalization of BTC and its official status as a means of payment in these countries is in principle possible. 
The fact is that all the listed countries are financial satellites in the $USA space.  And any introduction of a currency competing on equal terms is simply impossible without a global indication and permission from the financial authorities of the USA.  And the financial authorities of the USA themselves have not yet decided on the status of BTC, or rather, they have not yet decided what should be done - either completely destroy BTC by some kind of prohibitive measures, or somehow turn it into a secondary financial instrument like shares. 
But then this financial instrument will go along with the dollar in all countries of the world, be it Japan, Korea, France, Gabon, Paraguay... and so on.  And it does not require any approval from local authorities.

El Salvador is a wrong country for bitcoin adoption. This country isn't high-tech country, developed country, instead, it's a developing one with one of the highest crime and murder rate and violence where the highest percentage of population is poor and the whole country is a nest of nepotism and corruption. You can't move this country into Bitcoin ecosystem. I've read that every business is just forced to accept Bitcoin payments whether they want it or not. Bitcoin is not the easiest thing to use.
If there was an attempt of massive Bitcoin adoption in countries like South Korea, Singapore, Japan, Netherlands, Bukele's plan of moving on Bitcoin ecosystem could succeed but in El Salvador, it's not going to happen in near future.

As I understand from this news, investments will flow into the country? If so, then that makes me happy. It has long been necessary for the President of El Salvador to take concrete steps to improve the economic situation in the country. It's sad that a lot of time was wasted. Although, it was necessary to clear a clearing for experiments from bandits and clans.
Will such a small state become an oasis in the midst of poor countries? What interest does Google have in this piece of land? Well, not just because they do it all out of the kindness of their hearts.

Google announced yesterday that it will create a legal entity and office in El Salvador, and will develop the country's digital infrastructure using the cloud.  This is part of a seven-year strategic agreement signed with the government of President Nayib Bukele.
 In a press release, Thomas Kurian, CEO of Google Cloud, noted that with this alliance, they aim to support the Bukele administration in the process of turning the nation into a technology powerhouse for Central America.
 To formalize the agreement, the president of El Salvador traveled to the USA, where he met with global Google CEO Sundar Pichai,  Kurian and other top managers of the company.
 The agreement still needs legislative approval to become official, but New Ideas MPs have already announced they will cast their votes to make the tech giant's investment take place.



source

Bitcoin is not forcing it's way in to take over from fiat, it only existed on it own to serve as an alternative for everyone interested in using a decentralized network just as me and you together with El-Savador who decided to make it a legal tender, the government will not fight against their decision because they have realized that bitcoin is not the only acceptable means of legal tender in El-Savador, secondly, they are fighting against the decentralization of bitcoin because it will renders their role and authorities useless with the network because it's decentralized, other countries are not joining in making bitcoin na legal tender because they are afraid of what may come in after that for them as for those in power, that's why if you're to take a statistics on the rate of bitcoin adoption, only few countries make a law against it use for making payments, others allow but refused to adopt bitcoin as a legal tender, but there's more hope in seing other countries adopting gradually as a legal tender.

Indeed, existing superpowers and well established Finanancial institutions based on fiat currencies will not easily relinquish their control over the global financial system without resistance. The emergence of Bitcoin poses a fundamental challenge to their authority and influence. The adoption of a decentralized currency like Bitcoin could potentially disrupt the current financial landscape which has been shaped up by decades of political, economic and technological development.

Bitcoin's path to mainstream acceptance will continue facing obstacles of regulatory issues, institutional resistance and technological barriers. The journey into mainstream involves negotiations, pushback and adjustments. Despite all these difficulties, we should remain optimistic and continue building strong narrative supporting Bitcoin adoption.

The superpowers of the world will not surrender their hold on global financial system so easily, so it will be funny for anyone to think that it will be an easy for bitcoin to have a free ride into the mainstream. Bitcoin challenges these financial giants in many ways and when bitcoin succeeds, the world will become a kind of just, free and equitable.  Russia and Afghanistan got their external reserve frozen siting sanction and other reasons. Well, this is just to show that there are powers that controls the world financial system... these things are not possible with bitcoin so the superpowers will fight to ensure bitcoin is discourage in the mainstream.

El Salvador took a bold step in making bitcoin a legal tender and this will come with some ripple effects include media propaganda and international conspiracy to sabotage the system so that others who are planning to toe this direction will have a rethink. I was even expecting more negative narratives  from El Salvador following this laudable decision but it seems they are not backing out. If El Salvador succeeds, other countries will join and this will be a very huge milestone for bitcoin.