El Salvador Passes Key Bitcoin Law, Paves the Way for "Volcano Bonds"
A new digital asset law has been drafted in El Salvador that addresses the issue of debt repayment with cryptocurrency. And the El Salvador law, backed by the legal tender clause Naib Bukele, has gained widespread traction and benefited the public and bond and bitcoin investors. The bill provides the legal framework for bitcoin-backed bonds, and these are known as "volcano bonds." which offers to pay off the sovereign debt of Latin American nations and they also intend to use such measures.
Details: https://decrypt.co/118996/el-salvador-passes-key-bitcoin-legislation-making-way-volcano-bonds
Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 59. (Read 43289 times)
July 24, 2023, 07:32:29 PM
July 24, 2023, 06:35:05 PM
Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.
Most Salvadorians who downloaded the Chivo Wallet did so because of the $30 bonus for installing the centralized wallet, it does not mean that whoever downloaded the wallet owns $30 of BTC, they got it when they installed the wallet and they have spent that a long time ago. Salvadorians do not use BTC and so many of them do not even have a BTC wallet like Electrum. I don't know what you call economic development, but El Salvador is very far from being developed economically.If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.
I didn't say tourism has incredibly increased development in El Salvador, i said due to the fact that the country is now a destination for BTC tourists, their revenue from tourism would increase, that is two different statements.
July 24, 2023, 05:39:03 PM
Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.
Most Salvadorians who downloaded the Chivo Wallet did so because of the $30 bonus for installing the centralized wallet, it does not mean that whoever downloaded the wallet owns $30 of BTC, they got it when they installed the wallet and they have spent that a long time ago. Salvadorians do not use BTC and so many of them do not even have a BTC wallet like Electrum. I don't know what you call economic development, but El Salvador is very far from being developed economically.If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.
I didn't say tourism has incredibly increased development in El Salvador, i said due to the fact that the country is now a destination for BTC tourists, their revenue from tourism would increase, that is two different statements. July 24, 2023, 09:08:56 AM
This is a very strange, I've been reading and seeing news about them and still can't really figure out what the situation is in that country. The crime rate is so high, it looks like it's prestigious to be a criminal in their society.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.
you have to take into account the beginning press campaign against Bukele re-election. This campaign is now on.
International press and media have begun to write violent attacks against him.
Meanwhile the origin appears evident, as it parallels precisely previous campaigns of us descent.
In my daily newspaper there is such an attack on a big paper today. I am not salvadoran and cannot precisely judge what is written.
However there is a fact: bitcoin is not even mentioned once in the story !!!
so for me its clear...
July 24, 2023, 08:41:48 AM
This is a very strange, I've been reading and seeing news about them and still can't really figure out what the situation is in that country. The crime rate is so high, it looks like it's prestigious to be a criminal in their society.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.
El Salvador is a small country with 6.5 million people. At first I thought like he implemented bitcoin because some gangs pushed him to do so, I couldn't really imagine if one can become a president in such a country, control the police and fights gangs but then it become publicly known that he uses cruel methods against gangsters and criminals, statistics also shows that crime rate is going down and things are improving.
This country looks interesting, it looks even more interesting to see how will the situation change in El Salvador in 2030. Will criminals be able to change the situation or will Nayib Bukele be able to remain president of that country? It's very hard to fight criminals.
July 24, 2023, 07:49:58 AM
I read the news if El Salvador's economy is improving. After paying off $800 million worth of bonds that Moody's predicts will not be possible. El Salvador bonds surged 62% amid a rally driven by Bitcoin ETFs.
~snip~
~snip~
I don't know if it matters to you at all how the debt was paid, but if you owe money to someone and then you borrow from another person to repay the first, you are still in debt, right? It is fascinating that at least 90% of the members of this forum believe in everything they are served, and only a few know how to scratch beneath the surface and see things as they really are.
And not a word on the $450m they took in a loan with Central American Bank for Economic Integration and the other $100m they took from the Inter-American Development Bank to pay $604 million in bond maturity.
But yeah, let's talk about 800 paid in full when in reality it's just $604 million paid with the help of getting 550 million in loans!
And from 800 we're down to 54!
~snip~
But yeah, let's talk about 800 paid in full when in reality it's just $604 million paid with the help of getting 550 million in loans!
And from 800 we're down to 54!
~snip~
July 24, 2023, 07:28:54 AM
I am really impressed with Nayib Bukele who saw the potential of Bitcoin and adopted it as legal tender in his country. He really saw how their country that only relied on export products had to diversify their economy and adopting Bitcoin was their first step to advance their economy. The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.
I read the news if El Salvador's economy is improving. After paying off $800 million worth of bonds that Moody's predicts will not be possible. El Salvador bonds surged 62% amid a rally driven by Bitcoin ETFs. El Salvador's bonds maturing in 2027 have gained 62% in the past six months as the country is on better financial footing. The value of El Salvador's bonds is up 62%, and is now trading at 72 cents on the dollar. Over the same time period, bitcoin has risen 79%.1
Source:
1. https://www.coindesk.com/markets/2023/07/20/el-salvadors-bonds-surge-62-amid-bitcoins-etf-driven-rally/
July 24, 2023, 06:49:07 AM
So many people don't think that El Salvadors adoption of BTC's has been a success, take note that Salvadorians do not really use BTC, so if it is in the aspect of people spending or using BTC in El Salvador, then it hasn't been a success at all.
Who cares about what other's feels about El-Savador's bitcoin adoption, they face their business because they know what they are seeking after, El-Savador already learnt to give a deaf ears to the first ever discouragement coming from IMF.
Don't conclude that El-Savadorans aren't in support for the use of bitcoin in their daily transactions, base on findings an average El-Savadoran own atleast about $30 worth of bitcoin that comes with their Chivo wallet and many have from there taken the advantage to continue with the use of their wallet and bitcoin in making transactions and the overall progress the bitcoin adoption has brought to El-Savador has open more opportunities for it economy development.
The people of El Salvador are also not suddenly prosperous because of BTC adoption, that is a totally fallacious belief.
Lot of things have changed about El-Savador since it adoption of bitcoin as a legal tender, you have to maybe take a tour to El-Savador to see the remarkable changes and development there.
El Salvadors decision may have increased their revenue from tourism, but that is not enough to bring about economic prosperity for the nation.
If tourism alone can yield an incredible increase for development, then i think that alone is a success to talk about with El-Savador amidst other opportunities that set in.
July 24, 2023, 06:20:35 AM
According to social surveys of the population, Bukele has a very significant support of the population, about 80% support Bukele, that is, he has very good chances to remain after the election as president. To be objective, not everyone supports him because of his attitude towards bitcoin, many support him because he managed to reduce crime, improve the situation with tourism, and in general it is clear that he wants to improve the country's economy. I think Bukele has a very good chance of remaining in the presidency after the election.
I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador. Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.
July 24, 2023, 05:57:27 AM
The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.
So many people don't think that El Salvadors adoption of BTC's has been a success, take note that Salvadorians do not really use BTC, so if it is in the aspect of people spending or using BTC in El Salvador, then it hasn't been a success at all. The people of El Salvador are also not suddenly prosperous because of BTC adoption, that is a totally fallacious belief.El Salvadors decision may have increased their revenue from tourism, but that is not enough to bring about economic prosperity for the nation. I am pro-BTC, but i don't think the best decision a nation can make is to make BTC a legal tender, it will help the people to use a censorship resistant currency, but it won't help the nation economically and in most other aspects.
July 24, 2023, 05:41:44 AM
According to social surveys of the population, Bukele has a very significant support of the population, about 80% support Bukele, that is, he has very good chances to remain after the election as president. To be objective, not everyone supports him because of his attitude towards bitcoin, many support him because he managed to reduce crime, improve the situation with tourism, and in general it is clear that he wants to improve the country's economy. I think Bukele has a very good chance of remaining in the presidency after the election.
I am not popular with El Savador politic, but its seems good if Nayib Bukele get support above 80% around in their country and has chance for Bitcoin keep existing as legal payment currency there. Have been habit all countries, when change government they will change some rule and if election Nayib Bukele keep defend his position as president has chance for Bitcoin keep existing as Bitcoin legal transaction in El Savador. Bitcoin can improve with country's economic and help many tourist come there due easy transaction after accepting Bitcoin on every sector. Lets hope with Nayib Bukele win election and existing as El Savador president exactly for five years later and Bitcoin keep become legal payment currency transaction.
July 24, 2023, 05:24:37 AM
It seems o.k. (and even related to this topic) to bring up some of the politics, especially in relation to how Bukele might be planning to continue to be able to serve as president - especially since he has served so much as the motivator behind El Salvador's pro-bitcoin policy and he seems to be well liked and influential in being able to get the bitcoin friendly policies/plans passed and implemented, so the ideas that you discussed were interesting and you seemed to have had described them in terms of El Salvador's abilities to continue with its bitcoin policies.
The above links seem to be about other topics, so they do not really seem to relate to the points that you were making earlier (about Bukele's plan to step down, to leave others in place and then be able to serve again, if he wins the election).
July 23, 2023, 11:45:34 PM
One of the countries in the world is El Salvador. The President of El Salvador, Nayib Bukele, is an extraordinary person. The country of El Salvador became known as the first Bitcoin country. El Salvador is the first country to declare Bitcoin as its official currency. They are also using Bitcoin in business. A wholesale supermarket in El Salvador has been spotted paying with Bitcoin. Watch the video on paying with Bitcoin here.
I am really impressed with Nayib Bukele who saw the potential of Bitcoin and adopted it as legal tender in his country. He really saw how their country that only relied on export products had to diversify their economy and adopting Bitcoin was their first step to advance their economy. The plan was successful and it was proven that the economy and bureaucracy in the country were getting better and the people were getting more prosperous. What El Salvador is doing can be proof to be followed by other small countries that adopting Bitcoin as legal tender in their country is the best decision they can make.
July 22, 2023, 05:01:59 PM
Are you quoting from some other kind of a source delfastTions? How do you know the above information? What is your source?
This is a summary of articles from the following publications:El Salvador
Diario El Salvador
La Prensa Grafica
I decided to delete my post about politics in El Salvador and I think I was wrong to post such information in this thread.
Obviously, the politicians and the people of El Salvador will decide for themselves how to live on and who will be their President. It is not my business to discuss such matters. In any case, I have deep respect for Nayib Bukele, for his colossal support by the people of El Salvador, and I wish him to be elected President for a new term. And continue to work in this post for the benefit of the people of El Salvador.
And yet - of course, I wish that the Bitcoin Law in El Salvador would work for many, many years, and this law and Bitcoin itself would bring prosperity to the people of this country.!
It seems o.k. (and even related to this topic) to bring up some of the politics, especially in relation to how Bukele might be planning to continue to be able to serve as president - especially since he has served so much as the motivator behind El Salvador's pro-bitcoin policy and he seems to be well liked and influential in being able to get the bitcoin friendly policies/plans passed and implemented, so the ideas that you discussed were interesting and you seemed to have had described them in terms of El Salvador's abilities to continue with its bitcoin policies.
The above links seem to be about other topics, so they do not really seem to relate to the points that you were making earlier (about Bukele's plan to step down, to leave others in place and then be able to serve again, if he wins the election).
And then in the period after the summing up of the election results ~ February 5 - 6, 2024 until June 1, 2024 (this is the date determined by the country's Constitution for the inauguration of the President of El Salvador, Artículo 154 Constitución de la República). I think that it will be approximately as I suppose for the simple reason that Nayib Bukele will have to temporarily change his status from the President of the country to the status of a presidential candidate. Because he is a participant in the elections along with other candidates from other political parties.
In any case, and with such support from the population of El Salvador (~80-93%), I sincerely wish him victory!
July 22, 2023, 09:03:35 AM
Are you quoting from some other kind of a source delfastTions? How do you know the above information? What is your source?
This is a summary of articles from the following publications:El Salvador
Diario El Salvador
La Prensa Grafica
I decided to delete my post about politics in El Salvador and I think I was wrong to post such information in this thread.
Obviously, the politicians and the people of El Salvador will decide for themselves how to live on and who will be their President. It is not my business to discuss such matters. In any case, I have deep respect for Nayib Bukele, for his colossal support by the people of El Salvador, and I wish him to be elected President for a new term. And continue to work in this post for the benefit of the people of El Salvador.
And yet - of course, I wish that the Bitcoin Law in El Salvador would work for many, many years, and this law and Bitcoin itself would bring prosperity to the people of this country.!
It seems o.k. (and even related to this topic) to bring up some of the politics, especially in relation to how Bukele might be planning to continue to be able to serve as president - especially since he has served so much as the motivator behind El Salvador's pro-bitcoin policy and he seems to be well liked and influential in being able to get the bitcoin friendly policies/plans passed and implemented, so the ideas that you discussed were interesting and you seemed to have had described them in terms of El Salvador's abilities to continue with its bitcoin policies.
The above links seem to be about other topics, so they do not really seem to relate to the points that you were making earlier (about Bukele's plan to step down, to leave others in place and then be able to serve again, if he wins the election).
July 22, 2023, 07:12:31 AM
The El-Savador's bitcoin adoption thread here have always been insightful and motivating enough, we should ensure that whenever we have something to share here on the thread, it must have been what is confirmed to be true after which we would have also taken some steps in making the verification and we have to provide the necessary links where needed for more information and clarification, it's no more a surprise that we have experienced an increase on El-Savador's bitcoin bond investment as we have also realized this massive development increase with bitcoin since the start of the year when it was more dipper and dumped https://decrypt.co/149335/el-salvadors-bonds-have-skyrocketed-alongside-bitcoin-in-2023?utm_source=thecryptoapp&utm_medium=pushnews
July 22, 2023, 03:40:19 AM
Are you quoting from some other kind of a source delfastTions? How do you know the above information? What is your source?
This is a summary of articles from the following publications:El Salvador
Diario El Salvador
La Prensa Grafica
I decided to delete my post about politics in El Salvador and I think I was wrong to post such information in this thread.
Obviously, the politicians and the people of El Salvador will decide for themselves how to live on and who will be their President. It is not my business to discuss such matters. In any case, I have deep respect for Nayib Bukele, for his colossal support by the people of El Salvador, and I wish him to be elected President for a new term. And continue to work in this post for the benefit of the people of El Salvador.
And yet - of course, I wish that the Bitcoin Law in El Salvador would work for many, many years, and this law and Bitcoin itself would bring prosperity to the people of this country.!
July 21, 2023, 10:09:50 PM
One of the countries in the world is El Salvador. The President of El Salvador, Nayib Bukele, is an extraordinary person. The country of El Salvador became known as the first Bitcoin country. El Salvador is the first country to declare Bitcoin as its official currency. They are also using Bitcoin in business. A wholesale supermarket in El Salvador has been spotted paying with Bitcoin. Watch the video on paying with Bitcoin here.
July 21, 2023, 02:33:24 PM
Some news about politics and politicians in El Salvador.
I hope all of you, dear BTT colleagues, are well aware that the fate of the Bitcoin Legalization Law is almost entirely dependent on politicians in this country, and if someone ever replaces Bukele, the new president may begin to repeal the Bitcoin Law. Especially if such a leader is completely held in the presidency due to the influence of the USA.
So on December 1, Bukele and the Vice President of El Salvador terminate the powers of the President and Vice President as they will run for a new 5 year term. On February 3, 2024, elections of the President and deputies of the National Assembly will be held in El Salvador (60 mandates of deputies instead of 84, as now).
On June 1, 2024, the newly elected President of El Salvador takes office.
For the period from December 1, 2023 to June 1, 2024, the functions of the president and vice president will be carried out by those people appointed by Bukele.
Just now, today, the time has ended when the political parties of El Salvador decided on their candidates for the presidency of the country. They all consider Bukele's participation in the February 3 elections unconstitutional. But probably Bukele will participate and probably win this election.
But in general, pre-election passions are now boiling in El Salvador, and the topic of bitcoin has somehow calmed down a bit in their media for the time being.
I hope all of you, dear BTT colleagues, are well aware that the fate of the Bitcoin Legalization Law is almost entirely dependent on politicians in this country, and if someone ever replaces Bukele, the new president may begin to repeal the Bitcoin Law. Especially if such a leader is completely held in the presidency due to the influence of the USA.
So on December 1, Bukele and the Vice President of El Salvador terminate the powers of the President and Vice President as they will run for a new 5 year term. On February 3, 2024, elections of the President and deputies of the National Assembly will be held in El Salvador (60 mandates of deputies instead of 84, as now).
On June 1, 2024, the newly elected President of El Salvador takes office.
For the period from December 1, 2023 to June 1, 2024, the functions of the president and vice president will be carried out by those people appointed by Bukele.
Just now, today, the time has ended when the political parties of El Salvador decided on their candidates for the presidency of the country. They all consider Bukele's participation in the February 3 elections unconstitutional. But probably Bukele will participate and probably win this election.
But in general, pre-election passions are now boiling in El Salvador, and the topic of bitcoin has somehow calmed down a bit in their media for the time being.
Are you quoting from some other kind of a source delfastTions? How do you know the above information? What is your source?
And more also, since the Bitcoin adoption in El Salvador passed through the parliament before it approval so at that it part of El Salvador constitution to retain bitcoin as a legal tender regardless of who os the president at any point, and if NYIB got replaced I believe that his predecessor will follow his footsteps into developing and shaping the economy to position it for better opportunities as regards to new developments like Bitcoin to sort financial crisis.
July 21, 2023, 12:16:31 PM
Some news about politics and politicians in El Salvador.
I hope all of you, dear BTT colleagues, are well aware that the fate of the Bitcoin Legalization Law is almost entirely dependent on politicians in this country, and if someone ever replaces Bukele, the new president may begin to repeal the Bitcoin Law. Especially if such a leader is completely held in the presidency due to the influence of the USA.
So on December 1, Bukele and the Vice President of El Salvador terminate the powers of the President and Vice President as they will run for a new 5-year term.
I hope all of you, dear BTT colleagues, are well aware that the fate of the Bitcoin Legalization Law is almost entirely dependent on politicians in this country, and if someone ever replaces Bukele, the new president may begin to repeal the Bitcoin Law. Especially if such a leader is completely held in the presidency due to the influence of the USA.
So on December 1, Bukele and the Vice President of El Salvador terminate the powers of the President and Vice President as they will run for a new 5-year term.
Yes, I somehow agree with you, but I doubt that the people of El Salvador and President Bukele having known the kind of effort he has put in place to ensure that El Salvador is enjoying what it is today on the news and will fold his hands and watch someone who will not continue from where he would stop replace him as president without doing his best to institute someone who will continue from the good jobs already in place.
Secondly, with the impact of the adoption of Bitcoin in El Salvador and since it became a legal tender, I don't see any reason why another incoming president would have to alter the progress in place.
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