Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 80. (Read 38876 times)

I just saw this and was surprised. looks like they really are trying to market their country as a bitcoin-friendly country in the world. including the bitcoin logo as part of their National costume is a big move for them because they are basically saying that bitcoin will be a big part of their country.

This is indeed good news which has been long awaited. because with the passing of the Draft Law, it will have a positive impact on the finances of the state of El Salvador itself later. and because the bill also covers the legal framework for all digital assets other than bitcoin. and this bitcoin-backed bond legal framework (Volcano Bond) is expected to help in raising capital to pay the country's debt and also to fund the construction of the long-proposed bitcoin city, and of course also to build other infrastructure such as bitcoin mining powered by Hydrothermal Energy. I hope with this we have seen El Salvador go one step further towards achieving its goals. At least I'm sure this will also have an impact on economic development there. I also read this news from this source (El Salvador passes landmark crypto bill, paving way for Bitcoin-backed bonds)

El Salvador became a big country, a moment when they recognized bitcoin as legal tender there, even today they still maintain it.  countries that haven't recognized bitcoin still have governments that are old thinkers who don't know about the potential and benefits of bitcoin.  i hope you are patient with that situation because one day that good day will come and bitcoin will be adopted in your country.

Look at how perfect the clothes she is wearing are;



[1] https://twitter.com/CarlBMenger/status/1613470192536788994

I don't know yet if Bukele can run again or if there are rules restricting Bukele from running again for President of El Salvador.

Given the percentage victory of Nayib Bukele over his challenger Hugo Martinez, we need to analyse the extent to which Bukele's challenger candidate supports his Bitcoin efforts.
Then, Bukele won 53% of the vote over Hugo Martinez. This means that the percentage difference is relatively close. If the remaining 53% of Bukele's votes do not support the economic concept that Bukele is running, then I can say yes that the next successor will follow or comply with the "recommendations" of the World Bank.

One more thing, Nayib Bukele can use the current power to transfer his leadership to his potential successor in El Salvador if Bukele is no longer able to run for President in a political way that does not conflict with the rules.

I believe the concept of Bitcoin in El Salvador will be sustainable.

For sure, overall successorship should be a pretty BIG concern.. even if there might not be a real big issue with successorship until we start getting close to 2029.. perhaps?

I would imagine that Bukele and his administration thinks about these kinds of successorship things, and would like to pass on his administration to a friendly successor.. he is pretty popular right now, and looks like he is planning on at least another term starting in 2024.. and seems to have pretty decent chances of winning that at the moment.. .. so that would take him to 2029 in terms of having to face the successorship problem.. and I suppose that he is banking on figuring out successorship by then, no?  Unless he strives to try to have the term limit rules changed (again?).. it is not easy to say how successorship might be being considered when we are talking 6-7 years from now... I suppose if there ends up being some kind of friendly-succession. .and that may well be the game they are trying to play.. and sometimes unexpected things can happen along the way, and things may well be going fine and dandy while Bukele is continuing with apparently currently pretty high levels of popularity... so who needs to seriously consider successorship issues with those kinds of current dynamics?

Despite the Bitcoin price dropping more than 30% since the first time El Salvador legalized Bitcoin, However El Salvador has become the rule model for country that has contributed quite  bit in terms of making Bitcoin as legal currency transaction. I think have each four years cycle will bring positive side for Bitcoin higher price due halving time in 2024.

Many negative viewed when Bitcoin dropping and think El Savador have failure with their investment assets, I am waiting to compete them when Bitcoin have going back to higher price later. Don't be sad and have new update about Bitcoin progress in El Savador after few hours ago publish new approval.

Salvadoran lawmakers pass digital asset issuance law in bitcoin haven

El Salvador going ever further when comes to Bitcoin and  financial tools linked to Bitcoin. Centralized but still financial tools.
When I first saw this news today I thought for a moment, what will happen to all these advances once Bukele's administration is over?, there is a good chance future administrations in El Salvador could go backwards and cancel many of these things, specially if the next presidents obey the "recommendations" from the World Bank and the FMI. 

El Salvador has approved the "Ley de Emisión de Activos Digitales" ("Law for the Emission of Digital Assets"), with 62 in favour and 16 opposing votes. It's the legal framework necessary for the "Volcano Bonds". The law also aims to increase the protection of customers of crypto services. See the Coindesk article for details.

After the approval Bukele announced (article in Spanish) that the bonds will be launched "in short". It seems Bitfinex will be part of the deal and provide "infrastructure" (I don't know if this last part is good news ...  ) .

I think you have not been following the El Salvador bitcoin adoption programs and discussion from the beginning and you may have missed a lot of information as regards this project, well let me school you a little. Sometimes around the second quarter of 2022, there was an introduction of the Bitcoin diploma program in which certificates were awarded to about 30 El Salvadorians.
the fine link below: https://bitcoinmagazine.com/business/38-high-school-students-in-el-salvador-earned-a-bitcoin-diploma
The number of bitcoin diploma holders may have increased by now giving the time space from then to now, and if there is anything the government have being actively involved in is education and awareness creation after the early crisis that rock the El Salvador bitcoin adoption program through the manipulation of the chivo wallet and how citizens abused the chivo wallet bonuses system by creating account collecting the $30 airdrop and abandoning the wallet afterwards. But with the present level of education among the citizens, their general approach to Bitcoin is beginning to change more businesses in El Salvador are beginning to accept Bitcoin as payments and more retail outlets are getting involved too even the tourism sector received a boost in revenue through bitcoin payment from client's and the records were all made public and discussed in on this thread and other discussion forum and news.
The earlier survey that announced the El Salvador Bitcoin project as a failure was not proper done and enough time was not given, ordinary national capital projects such as currency adoption shouldn't be giving short-term views at least let there be space for 5-10 years road map that way the policy and programs may have assimilated enough I to the system, for it real result to reflect and anything less than that is just a perceived attack from political opponents who are constantly ready to discredit the efforts of the president and his cabinets.

Is there a financial literacy program in El Salvador? I'm surprised if this is true then it should be reflected in the standard of living, but as far as I know the population there is quite poor. Or is it only planned to introduce?

And as for digital wallets, I don’t quite believe that this is true about four million. The coercive policy of Bukele did not bring the expected results, because many people simply do not understand why they need it. For most Salvadorans, acquaintance with bitcoin ended at the stage of downloading the Chivo wallet, and they did this only for the reason that several bonus satoshis in the equivalent of $ 30 were waiting for them there. After that, there were many complaints about missing funds from wallets.

Guillermo Contreras, CEO of DitoBanx shares the plans that El Salvador plans for 2023 in the field of further development of infrastructure related to the spread of bitcoin in the country.

So it is planned to focus on education for this purpose, the Ministry of Education of El Salvador plans to introduce a special module that includes updated content, such as cryptocurrencies and electronic wallets, which will help the inclusion of bitcoin in financial literacy programs. It is also planned that a new law on the issue of digital assets will be adopted this year.
Also, in his opinion, the adoption of bitcoin as a means of payment allowed four million Salvadorans to protect their funds with the help of digital wallets.

https://cointelegraph.com/news/el-salvador-s-bitcoin-strategy-evolved-with-the-bear-market-in-2022

I respect one of Nayib Bukele strategic steps the moment he boldly addresses thw public on the real situation of things in El-Savador with it bitcoin adoption that silent every media noise against it, this happened because he feels the need to do such when the meeia is full with the opposite of what is happening in El-Savador and this atimes may cause a public loss of interest on El-Savador and to an extent downgraded sone of it reputations it has with other countries and allies, sometimes we beed to take a bold step and be decesive in what we do and what's happening, while on the other hands, i see this new year to be another era that will unfold more of this fortunes from El-Savador's adoption that will be glaring to general view in other for others to learn as we await more countries to follow suit after adoption this year with bitcoin.

It is really just impressive on how El Salvador do make out these huge steps and not really just only good on words or talks but rather they are really that making it happen which is really something commendable.

Its President doesnt really make out these kind of decisions without having those critical thinking on what are the things that would be achieve and what are the things that are on risks.
They've been pretty aware but its not something that do make them stop on what they are trying to achieve despite of the bad condition or situation on the market that we do have today.
It is really just that good that they are really that holding despite of the market condition.

I agree with what you said because no reasonable President will sign into law a monetary system that will damage the economy of his country that's already affected and this is the reason why I said they have understood the importance and the drawback of legalizing Bitcoin in the country. This is the reason why the President partnered with some companies that will provide the needful material that will make the use of BTC for day-to-day transactions flexible.

El-Savador bitcoin education impact comes 2023 targets, they ain't just saying it, but they work by the targets in achieving it, this year already is a starting point while next year is going to be a boom in bitcoin education, something bas well got me more concerned in this as it does not got limited to El-Savador alone but also other countries have followed path in educating their pupils in bitcoin education and a good example is the school in United Arab Emirates UAE in Abu Dhabi where school taught about bitcoin education n their curriculum, so i see no doubt when i come across this below how they can impact as many as these in year 2023 with bitcoin education abd by then, not only El-Savador will be into this but many would have joined in thesame pursuit.


https://twitter.com/BTC_Archive/status/1607791200093831168?t=gFiaIQarsNtRBkWhx-SpxA&s=19

There are still countries that have banned it, so we won't be completely achieving the 100%, and there are still people who oppose it. Though I also noticed here in our country that they are starting to accept bitcoin as a payment method, I saw some with the logo of bitcoin, which shocked me since before you couldn't see anyone unless they posted it on social media. Also, I've noticed here in the forum that more and more small-time business owners are starting to accept bitcoin since it can bring in or attract customers.

Those are some serious developments in El Salvador. They are actually taking the education system and bitcoin collaboration which means Gen Z will be taught about it and they will come wit the extensive knowledge of bitcoin/blockchain if that's added into the text books Someone from El Salvador should tell us more tales about bitcoin in El Salvador to see how they are progressing with this. Isn't that impressive that they are actually trying to put bitcoin sown in the brains of students.What does that mean? I think they will be the generation who will take Bitcoin far more seriously and thus make real use of it. I think El Salvador is gonna keep their promise  and make Bitcoin Hub there. [ Off course, locals shall also accept it in the first place ]

  - What El Salvador did is a really good impact on our crypto enthusiasts, I believe that if they can do it, other countries can do it in the future, maybe not now, but eventually they will surely accept it.

It's just like the country I'm in, it's slowly being accepted here through samll merchants who use wallet apps related to cryptocurrency as a mode of payment. So I think it's only a matter of time before we can get the full 100% mass adoption of bitcoin here.

Before El Salvador president made the announcement concerning the Bitcoin legal tender in the country, showed that they have Carried out all their research to discovered that it will benefit both long term investors and short term investors before they signed it to law in the country. El Salvador president is a graduate who understood digital business very well, because he know that this legal tender will bring something good to the country, that will make their citizens celebrate his government which they did for the new standard environment he built for the citizens to learn more about Bitcoin and how to read some Bitcoin textbooks to improve in Bitcoin investment in the land.

I came across the youtube channel Nicki & James is a couple from New Zealand who moved to El Salvador after bitcoin was legalized there and they regularly post videos about their travels and life in El Salvador with a focus on bitcoin, so you can watch and listen.

https://www.youtube.com/@njelsalvador