Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 75. (Read 43241 times)

The first step is to make the BTC currency a legal tender, then other things can now follow, other things like: building a BTC city, educating the people about BTC, developing a wallet that allows your citizens buy and sell BTC easily, something like Chivo wallet in El Salvador, etc, my point is you don't have to use the nations funds to invest in BTC. Making BTC a legal tender is enough and i would prefer it to if a country just bought BTC only.

El Salvador are doing great, but people are forgetting what the aim is, which is adoption and not just their BTC investment which people wrongly think will make them a rich country, i hope many countries in the future make BTC a legal tender, and it is good if they also buy BTC, but it should come second. CAR failed in their desire to adopt BTC because the country is so poor and they have too many economical problems, they have to sort some of it before making BTC a legal means of payment.

No!  Unfortunately, these global plans are not working yet, but everyone hopes that they will be gradually implemented.  This will be possible if the Government issues bonds secured by bitcoins, but so far it cannot do this due to the current price of bitcoin.  When the rate goes up, approximately to the values ​​of November 2021 (Max $69K), all this can be started.  For now, these are just plans.  Pretty ambitious, and very interesting plans for the entire community of cryptocurrency lovers and for the whole world.!!!

It seems that this plan has been a long time? Since El Salvador legalized Bitcoin as a means of payment, the plan seems to have been made. Is the realization just about to begin? I heard the news since 2021.
On social media I once read that El Salvador plans to build a Bitcoin city in a volcanic region. In its planning it looks like it contains residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airports, ports, railway lines, all of which are devoted to Bitcoin. So if this is already running and working, that's pretty good.

Just making Bitcoin a legal tender is not enough. We remember that the second country to do this was the Central African Republic, and in less than a year their undertaking failed. El Salvador is doing much more than accepting bitcoin as a means of payment, and so it is making progress. And adopting experience only at the level of the first step, without taking into account local specifics, will most likely mean the same result as in the Central African Republic, where even the Internet coverage of the population is at the level of 10%. And this made the prospects for widespread use of bitcoin in the country low without additional work to increase citizens' access to high technology.

It’s really a great news and hopefully very soon every country watch the news about El Salvador Country accepted bitcoin liggle way and all everything is ok i think india planning to bitcoin and i read a news indian financial minister talking about bitcoin vat-tax in parliament i hope something new coming soon.

Taxation will not be a difficult task to achieve in El-Savador because they will always ensure to put down effective policy measures down in favour to both the government and the people of the country, once the percentage levied isn't much to how they can bear then i think it will bot be a problem, i can remember that of India 3% taxation which they made effective on their people despite they had offered nothing back to the citizens in return for the taxation fee payment, El-Savador had done so well that even the people believe it will do justice in considering them accordingly with tax issues.


Countless of things which were not in place had been instituted in El-Savador to constitute part of it development in every aspect of the economy and social well-being, these will be part of the legacy Nayib Bukele will always be remembered for after now and later in life.

Well, it seems like El Salvador is going all-in on Bitcoin! I'm excited to see how this experiment turns out. I mean, a whole city built on Bitcoin? That's wild! Naib Bukhel must have some serious vision and guts to make this happen. Let's hope it works out for them and inspires other countries to follow suit. Who knows, maybe we'll all be living in Bitcoin cities someday!

I hope that the El Salvadorian government has carefully considered all the pros and cons of passing laws on preferential taxation of companies in the IT field or companies in general related to cryptocurrencies, and for example, to the education of the population in this area. 

Once upon a time, about 70-80 years ago, when colossal oil reserves were discovered on the Arabian Peninsula, local rulers, sheikhs and kings immediately realized that they needed to get rich on this themselves, but also radically raise the standard of living of their peoples.  And now it is clear that they succeeded. 

I think that Bukele, too, may, through his intelligence or intuition, or on the advice of his advisers, have opened for El Salvador the same opportunity to enrich the whole country. 
And become, as it were, Qatar, but not on oil, but on digital technologies. 
I really hope that everything will work out for him, as once everything worked out well for the rulers of the countries of the Arabian Peninsula!

Agreed. He is writing history with this very ambitious project. Although I agree that El Salvador popularity is rising but that popularity is for their crazy idea of having a Bitcoin city and not on acknowledging his good work.

This ambitious project rely heavily on the success of Bitcoin so I think we on Bitcointalk forum will share the success of El Salvador in the future since we are co believer on Bitcoin success in long run. I just hope that his people with bear on his idea in the end before someone on his his side betrayed him and use this dream project against him.

Every thought of Naib Bukele made El Salvador very popular. El Salvador has now become very popular in the world. I respect everything he does. He will transform his country into Bitcoin City, I know his move will be successful. The way the government of El Salvador begins to think about its country, Naik Bukele, will see a time when El Salvador becomes the most developed country in the world. But that day is not far away and I hope to see it soon. Of course, to implement all these tasks, the hero Bukele has to live long. I always wish him to live long.

They in El Salvador have already made bitcoin a full-fledged currency. To make it convenient to use for those who are not well versed in the topic, they created Chivo Wallet. Why would they take a step back and start using some centralized digital fiat instead of bitcoin?! If they wanted to continue using fiat, they could start issuing their colons again. They chose bitcoin, it's much more progressive.

They cannot go that far, or else they would risk ruining their economy, there isn't any country without a fiat currency, and even though i don't think any country is going to do that, but it surely cannot be a 'poor' country like El Salvador. The only thing i am sure of about El Salvador is that BTC is a legal tender in the country and it has helped to attract BTC tourists and enthusiasts, as for their BTC buys, i am not too sure about that because we can only rely on Tweets of their president on it.
The most important thing about El Salvador and BTC is that they made BTC a legal tender in their country, so no time is ever too late for other countries to make BTC a legal tender too. I think too many of you are concerned about only Nayib's Tweets of BTC's he said the country bought, and i also see people calculating the profit they can make in the future, i feel you guys are deviating, the most important point is that they made BTC a legal tender and that's what we hope other nations do.

To help you shed more light to it, I've also received a feed on this and you can see from below the likely possibilities that's coming forth.

It could be recalled that El-Savador had begun the work in building a bitcoin city sometimes last year and they have presented us the plan they have in place in showing the way they expect it to appear, but since then, less emphasis had been made towards this project as it seems to has paused a little from progressing but it's actually taking a longer while to adequately plan and prepare for the bitcoin city in other to behold the real picture of the porported plan.

Now El-Savador is back and fully on track to continue in it bid towards building a bitcoin city and lay a continuation to the first plan earlier shown as the proposed scope towards the bitcoin city, we are more likely to be hearing further development henceforth concerning this project as the phase stand the opening of a new continuation in marking it first attempt this year to move forward the project as it had been made public.

If we discuss the widespread use of the dollar in the territory of El Salvador, then it is likely that such cash payments will continue for a long time. 
Now Naib Bukele, buying 1 bitcoin every day (or once a week, I don't remember exactly what he tweeted about this?) is just slowly replenishing the stocks of "digital gold" for his country.  In the future, I do not rule out the possibility that, based on such a "digital gold reserve", the Central Bank of El Salvador will be able to issue, or rather emission, its own CBDCs backed by bitcoin.  And it will be real digital money because there is a "gold reserve". 

Maybe in the plans of the Government of El Salvador there is such a scenario for the development of the country's financial system?
This, in my opinion, will allow Bukele to get rid of the dollar to a much greater extent.

El Salvador is a really interesting country. They are going to build Bitcoin City. Naib Bukhel is an extraordinary person, he is truly a great person.

https://twitter.com/BitcoinMagazine/status/1651675639869583360?t=e1K4fIDjPd8Co9lvw8NxJA&s=19

Although this is still a preliminary stage of training, which, however, will become full-time from the beginning of July and will include programming, among other things. I think graduates will be in demand in El Salvador for more intensive implementation of bitcoin technologies, given that the best students are studying, it looks promising.

This will not necessarily be the case, when El Salvador succeeds with bitcoin, the price of bitcoin will be much higher than it is now, and this may stop other countries as they say that it is too late.

Bukele is moving in the right direction, if he maintains this impulse he will succeed. Should the dollar be abolished as a means of payment? People should be left with a choice, and if bitcoin has significant advantages over fiat currencies, then people themselves will make the obvious choice.

El Salvador's success will largely depend on Nayib Bukele's ability to steer the country in the right direction. So far, he's been doing quite well by adopting a deflationary cryptocurrency such as Bitcoin to help boost the nation's economy. But if he's replaced by another contender, then everything achieved so far would be nothing but lost. It's only been around 2 years since BTC was made legal tender in the country. Let's see what will happen in the long run.

Maybe El Salvador will go as far as "ditching" the US Dollar completely and rely only on BTC as its national currency in the future? Exciting times await for El Salvador as BTC is set to reach a new ATH soon. If it turns out to be a huge success, other Latin-American countries will copy El Salvador's footsteps. The future is widely unpredictable, so expect the unexpected. Just my opinion

Indeed, all the positive things that happened in El Salvador were bound to happen, because the country of El Salvador dared to adopt bitcoin, it must have taken into account all the positive and negative things that would happen. Initially, the pros and cons will definitely occur, but that does not mean that such debates will end in the failure of bitcoin adoption. Even some time ago I saw a post on a website, and the contents of the post contained a miss univers originating from El Salvador wearing national clothes patterned or in the form of bitcoins. Miss Univers, who is from El Salvador, is named Alejandra Guajardo, she said the reason why she was wearing a bitcoin-themed costume, and she said.
Source: https://wolipop.detik.com/foto-entertainment/d-6514026/7-potret-miss-el-salvador-viral-wear-kostum-bitcoin-di-miss-universe-2022/5

It is true what Miss Universal El Salvador said. That the country of El Salvador will become a testimony to the transformation of the money system, which one day will become an important example for many other countries.

I also think that a huge positive effect of such a bold move by President Naib Bukele as the legalization of payments BTC throughout the country is the fact that he himself and some of his government members really felt some financial freedom within their country.  

It seems to me, or rather, I am sure that such a young and very active president of this country is a model for other countries in this region, and indeed for many countries around the world.  I also think that such a step as the adoption of bitcoin as a means of payment showed the whole world that El Salvador is a country of young, active and active people, unlike countries like Great Britain or Norway, where everything is completely dreary and everything has somehow grown old .  

For some reason, I imagine Salvadorans as such constantly laughing and having fun young students and students who are used to paying for coffee at Starbucks using LN on their Chivo wallet.  
It seems that it is Bukele who paves the right path to the future for them and all of us.  Or in any case, he found an interesting and promising way for the development of his country.  
I wonder if any of the residents of El Salvador, students or just people who know bitcoin read this topic?  It will be great!  if such people write something here so that we all would have reliable and up-to-date information from El Salvador.