El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 83.

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Continuing with the positive plans coming from El Salvador, after continuing their plan to issue bitcoin bonds, they also recently established a new National Bitcoin Office (ONBTC). The mission as well as the purpose of the establishment of ONBTC is: to manage crypto-related projects, to provide information about bitcoin, blockchain, and crypto to anyone interested in El Salvador. And strengthen support for foreign investors who want to invest in this country.

Quote

Article 2 defines the objective of the ONBTC which will be to design, diagnose, plan, program, coordinate, follow up, measure, analyze and evaluate plans, programs and projects related to Bitcoin for the economic development of the country. It will also be able to collaborate with other countries when required, in matters related to the BTC.

Among the functions of the entity are to conceptualize and provide information related to Bitcoin, Blockchain and cryptocurrencies in El Salvador, "to the media and any interested person".

The ONBTC must also support international Bitcoin, Blockchain and cryptocurrency companies or investors who wish to invest and visit the country, as well as play an active role in Salvadoran participation in different international forums.

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Quote from: DdmrDdmr on November 23, 2022, 08:06:02 AM

Quote from: yudi09 on November 23, 2022, 03:39:10 AM

<…>

Just to note that Bitcoin Bonds still requires for the legal framework to be approved by the Asamblea Legistaliva (The Legislative Assembly) before anything can be set in motion. Although I haven't seen a timeframe for this to occur, I’m pretty sure Bukele will push for a prompt resolution to settle the legal framework.

The said legal framework is in fact more ambitious, and goes beyond giving legal coverage to the bitcoin bonds alone. Labelled La Ley de Activos Digitales (The Digital Assets Issuance Law), the 33 page document (see full version linked below) extends really to any digital asset that is to be used in a public offering. It also will lead to the creation of a new institution called La Comisión Nacional de Activos Digitales (The National Commission of Digital Assets).

See (In Spanish): https://www.asamblea.gob.sv/sites/default/files/documents/correspondencia/4CCA02DF-7C4F-4B25-9725-821EB3618A5D.pdf

From what I read on the legal framework presented by the president, it show a lot of details and total separation of what digital asset are covered by each frame work and their mode of operation and separate laws and policies are guiding each asset, e.g from what I read it classify the assets into two classification which are blockchain based asset and CBDC because Bitcoin bonds was covered in the blockchain asset class other altcoins fall into this categories also, but other digital assets, that does run on the blockchain are listed under a separate legal framework. But the document is one document and this will give us further room for analyses on this topic as this document will provide more public information and data that El Salvador Bitcoin adoption and development is progressing. The major backlash that this adoption have receive from various body and institutions is majorly with the aspect of lack of legal framework before El Salvador's President announced the Bitcoin legal tender status, But with this document being presented to the legislators once approved some of the other parts of the document will be released to the public and that will give El Salvadorans and visitor a window view of what is at stake in El Salvador.

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Quote from: DdmrDdmr on November 23, 2022, 08:06:02 AM

Quote from: yudi09 on November 23, 2022, 03:39:10 AM

<…>

Just to note that Bitcoin Bonds still requires for the legal framework to be approved by the Asamblea Legistaliva (The Legislative Assembly) before anything can be set in motion. Although I haven't seen a timeframe for this to occur, I’m pretty sure Bukele will push for a prompt resolution to settle the legal framework.

The said legal framework is in fact more ambitious, and goes beyond giving legal coverage to the bitcoin bonds alone. Labelled La Ley de Activos Digitales (The Digital Assets Issuance Law), the 33 page document (see full version linked below) extends really to any digital asset that is to be used in a public offering. It also will lead to the creation of a new institution called La Comisión Nacional de Activos Digitales (The National Commission of Digital Assets).

See (In Spanish): https://www.asamblea.gob.sv/sites/default/files/documents/correspondencia/4CCA02DF-7C4F-4B25-9725-821EB3618A5D.pdf

Yes, right. The emphasis is in particular on Bitcoin-backed bonds. As from the sources we have mentioned, Nayib Bukele targets that before Christmas it will be completed according to the expected results.
If another goal will lead to the formal establishment of a digital asset institution, I personally welcome the concept.

Of course we will always follow developments regarding this matter.

Doan9269

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I also expected them to begin the volcanic launch sooner before the end of this year as initially proposed earlier this year that it will be launched towards the end of 2022 and now we have just one month with some days left tlfor this year to go, i think that's why the president Nayib Bukele is taking further steps in reengaging the legislative about the issue on table and once this has been approved, things will still work out as planned with the expectations ontbthe volcanic bond, bitcoin tourism and their newly implemented daily buy, this actions taken by Nayib are not just a decision he thinks are right but a collective agreement with all his judicial surbodinates in power altogether.

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Quote from: yudi09 on November 23, 2022, 03:39:10 AM

<…>

Just to note that Bitcoin Bonds still requires for the legal framework to be approved by the Asamblea Legistaliva (The Legislative Assembly) before anything can be set in motion. Although I haven't seen a timeframe for this to occur, I’m pretty sure Bukele will push for a prompt resolution to settle the legal framework.

The said legal framework is in fact more ambitious, and goes beyond giving legal coverage to the bitcoin bonds alone. Labelled La Ley de Activos Digitales (The Digital Assets Issuance Law), the 33 page document (see full version linked below) extends really to any digital asset that is to be used in a public offering. It also will lead to the creation of a new institution called La Comisión Nacional de Activos Digitales (The National Commission of Digital Assets).

See (In Spanish): https://www.asamblea.gob.sv/sites/default/files/documents/correspondencia/4CCA02DF-7C4F-4B25-9725-821EB3618A5D.pdf

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Quote from: Odusko on November 23, 2022, 03:43:40 AM

Quote from: yudi09 on November 20, 2022, 04:11:12 AM

The basic formula is that tourists will visit a country because that country has an attraction and El Salvador currently has an attraction, namely Bitcoin.
Nayib Bukele as President targets this, but so far we have not seen these statistics.

As I said earlier that El Salvador added another amount of Bitcoin with an average price of $19,000, then when the Bitcoin price was below $19,000 they would definitely buy it again. It would be better if El Salvador made a management in buying Bitcoin so that the percentage was more organized.

And from the look of things, it seems @yudi09 you are mixing up some things such as taking Bitcoin as a tourist attraction instead seeing Bitcoin as an alternative currency that is used in the already existing El Salvador tourist sector.

Oh no. Of course I do not mix adoption with tourism my friend. We may look again carefully that I convey that tourists will visit a country because in the country visited there is a unique thing that is not owned by other countries.

El Salvador's tourist destinations are not only Bitcoin even though El Salvador is the first country as a legal tender and it is not wrong if any of us say that El Salvador will be visited by many tourists because one of the factors is Bitcoin such as the delivery of @DdmrDdmr

Quote from: DdmrDdmr on November 19, 2022, 04:09:52 PM

The sources that reference an 81%-82% increase in tourism all seem to point to this study from the UNWTO, dated march 2022 , though I'd say that the chart embeded within is linked, and is actually displaying a more recent set of data (jan-jul 2022; published in September 2022 as per the chart).

Regardless of the date jumble, what the document states is that, at the time of the readings, El Salvador was down 19% compared to 2019 (for an equivalent period of time presumably). The way that is being read is as if there was a large rise in tourism vs prior year (80+%), but the trick is that is comparing data to pandemic times, which is pretty easy to beat once people have started to move around this 2022. Let’s say that the data is deliberately taken advantage of by omitting part of the content, and letting people infer that the increase is, in any case, due to bitcoin (as opposed to natural post-pandemic recovery).

Bitcoin obviously will have got some tourism moving in their direction, but I haven't seen it quantified properly to date.

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Quote from: yudi09 on November 20, 2022, 04:11:12 AM

[
The basic formula is that tourists will visit a country because that country has an attraction and El Salvador currently has an attraction, namely Bitcoin.
Nayib Bukele as President targets this, but so far we have not seen these statistics.

.

I don't know if this information can help answer your question? I am not a native of El Salvador, but from what I have heard, the tourism industry of the EL SALVADOR has been doing very well since the country accepted bitcoin as legal tender. Earlier this year, they also announced that they had restored tourism revenue and achieved growth after the Covid pandemic ended. At the same time, other countries are still struggling to find ways to revive the tourism industry.

https://elsalvadorinenglish.com/2022/06/01/el-salvador-received-521000-tourists-in-the-first-quarter-of-2022/

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Quote from: yudi09 on November 20, 2022, 04:11:12 AM

The basic formula is that tourists will visit a country because that country has an attraction and El Salvador currently has an attraction, namely Bitcoin.
Nayib Bukele as President targets this, but so far we have not seen these statistics.

As I said earlier that El Salvador added another amount of Bitcoin with an average price of $19,000, then when the Bitcoin price was below $19,000 they would definitely buy it again. It would be better if El Salvador made a management in buying Bitcoin so that the percentage was more organized.

We should come to a point where we separate Bitcoin adoption in El Salvador from El Salvador bitcoin holdings.
And the tourist sector in El Salvador.
For better u understanding and educative analysis of events as they keep unfolding as we progress in the journey of Bitcoin adoption usage and its economic advantage on El Salvador as a nation.
And from the look of things, it seems @yudi09 you are mixing up some things such as taking Bitcoin as a tourist attraction instead seeing Bitcoin as an alternative currency that is used in the already existing El Salvador tourist sector.
And also since the El Salvador president announced the daily Bitcoin purchase, it becomes more exciting to know how much Bitcoin stash is El Salvador holding right now and which wallet is holding them.
Even though El Salvador is in for a long term, we should also give it a short-term result since the Bitcoin is bought with government revenue and we understand the economic situation in El Salvador so there is a need for transparency and accountability.

yudi09

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The government of El Salvador has issued a securities bill in an effort to issue Bitcoin-backed bonds. That's the information I got from the source Bitcoin Magazine.
Through the Minister of the Economy, El Salvador submitted the bill to parliament and it is not long before the results will be announced since it was submitted on November 17.

The following is a sheet of the bill.
For the rest of this information, please read the source: bitcoinmagazine.com

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The fate of crypto in El Salvador is good, and we are observing that. But the people and financial institutions have to evolve to make it assimilate into the mainstream; otherwise, the efforts of the president of El Salvadore will fail.

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Quote from: Bobrox on November 19, 2022, 01:48:26 PM

Quote from: jokers10 on November 19, 2022, 11:17:54 AM

I don't really think that a majority can be professionals in any field, in investments also. So for good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc.

El Salvador legalizes Bitcoin not only as an investment asset in the future, but so far after one year of legalizing Bitcoin, tourist visits have increased quite drastically due to the legalization of Bitcoin transactions. Reported from Cointelegraph the first half of 2022 more than 82% increasing of tourism visited El Savador impact with Bitcoin legalize.

Tourists get good service with all aspects already implementing payments using bitcoin in El Savador, I think first destination why Bukele want to legal Bitcoin as currency transaction there because want to development with exploring tourist attraction there.

May be so. I guess he expects new investments in El Salvador's economy as well. New options for investing using Bitcoin has some additional attractiveness. Lower commissions for transactions from labor migrants to their families is another important aspect (many Salvadorians are working in other countries and financial services like WU transfers are not so cheap to use, better to use Bitcoin). Lack of bank services for significant number of Salvadorians is a reason also, now they have some same decisions with Bitcoin and Chivo Wallet. And I'm sure there are much more positive ideas which could be realized with Bitcoin in El Salvador.

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Quote from: wmaurik on November 18, 2022, 03:55:01 AM

Quote from: yudi09 on November 18, 2022, 02:48:47 AM

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

And that has happened where Nayib Bukele himself also said in his tweet yesterday although he did not mention the amount, but in general El Salvador will buy Bitcoin again starting from yesterday. I am even very impressed with the attitude of El Salvador who continues to buy Bitcoin when the price is cheap without thinking about any conditions that are happening at this time.

Besides, I think that the country of El-Salvador will have better progress also in the field of tourism, because Nayib Bukele himself also said that in his tweet after @lonelyplanet.

The basic formula is that tourists will visit a country because that country has an attraction and El Salvador currently has an attraction, namely Bitcoin.
Nayib Bukele as President targets this, but so far we have not seen these statistics.

As I said earlier that El Salvador added another amount of Bitcoin with an average price of $19,000, then when the Bitcoin price was below $19,000 they would definitely buy it again. It would be better if El Salvador made a management in buying Bitcoin so that the percentage was more organized.

DdmrDdmr

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Quote from: Bobrox on November 19, 2022, 01:48:26 PM

<…>

The sources that reference an 81%-82% increase in tourism all seem to point to this study from the UNWTO, dated march 2022 , though I'd say that the chart embeded within is linked, and is actually displaying a more recent set of data (jan-jul 2022; published in September 2022 as per the chart).

Regardless of the date jumble, what the document states is that, at the time of the readings, El Salvador was down 19% compared to 2019 (for an equivalent period of time presumably). The way that is being read is as if there was a large rise in tourism vs prior year (80+%), but the trick is that is comparing data to pandemic times, which is pretty easy to beat once people have started to move around this 2022. Let’s say that the data is deliberately taken advantage of by omitting part of the content, and letting people infer that the increase is, in any case, due to bitcoin (as opposed to natural post-pandemic recovery).

Bitcoin obviously will have got some tourism moving in their direction, but I haven't seen it quantified properly to date.

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Quote from: jokers10 on November 19, 2022, 11:17:54 AM

I don't really think that a majority can be professionals in any field, in investments also. So for good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc.

El Salvador legalizes Bitcoin not only as an investment asset in the future, but so far after one year of legalizing Bitcoin, tourist visits have increased quite drastically due to the legalization of Bitcoin transactions. Reported from Cointelegraph the first half of 2022 more than 82% increasing of tourism visited El Savador impact with Bitcoin legalize.

Tourists get good service with all aspects already implementing payments using bitcoin in El Savador, I think first destination why Bukele want to legal Bitcoin as currency transaction there because want to development with exploring tourist attraction there.

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Quote from: livingfree on November 18, 2022, 04:39:15 PM

...
But for naysayers and doubters, they'll think that it's a dumb thing for a president to do.
...

It is risky but I'm sure he knew that. Crypto is still high risky. But if to do all correctly the benefits can be fabulous also. And we all hope El Salvador will succeed in this path.

Quote from: Wakate on November 18, 2022, 06:59:58 PM

we know that people are still learning about Bitcoin in El Salvador which is going to take sometimes for the citizens to understand how Bitcoin works. We don't need to rush it or castigate the president for his actions but the major problem the country will need to understand is that Bitcoin is volatile and the price can change within seconds make holders to make loses or gains if they decided to sell their holdings at that spot. I believe with time people will understand the big investment opportunity that one has as a Bitcoin investor.

I don't really think that a majority can be professionals in any field, in investments also. So for good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc.

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Quote from: jokers10 on November 18, 2022, 10:12:16 AM

Quote from: livingfree on November 17, 2022, 02:31:58 PM

Yeah, he's most likely won't.

He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.

While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.

After he tied the fate of El Salvador with Bitcoin even a little he is very interested in Bitcoins future and further adoption around the globe. Positive Bitcoin news are good for Bitcoin, for El Salvador and for his own endorsement inside the country. FUD can be bad for all of that as well. So ignoring some stupid things is a good behavior pattern.

we know that people are still learning about Bitcoin in El Salvador which is going to take sometimes for the citizens to understand how Bitcoin works. We don't need to rush it or castigate the president for his actions but the major problem the country will need to understand is that Bitcoin is volatile and the price can change within seconds make holders to make loses or gains if they decided to sell their holdings at that spot. I believe with time people will understand the big investment opportunity that one has as a Bitcoin investor.

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Quote from: jokers10 on November 18, 2022, 10:12:16 AM

Quote from: livingfree on November 17, 2022, 02:31:58 PM

Yeah, he's most likely won't.

He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.

While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.

After he tied the fate of El Salvador with Bitcoin even a little he is very interested in Bitcoins future and further adoption around the globe. Positive Bitcoin news are good for Bitcoin, for El Salvador and for his own endorsement inside the country. FUD can be bad for all of that as well. So ignoring some stupid things is a good behavior pattern.

Yep and that's like working consistently. He's announced about the 1 BTC daily purchase. That's the sort of exposure that he's getting from doing so, everything he does is brilliant of course for us that's part of this great community.

But for naysayers and doubters, they'll think that it's a dumb thing for a president to do.

Well, he's the only official that has shown this great appreciation and adoption and bullishness for bitcoin. I just hope that other high rank officials will follow him.

jokers10

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Quote from: livingfree on November 17, 2022, 02:31:58 PM

Yeah, he's most likely won't.

He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.

While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.

After he tied the fate of El Salvador with Bitcoin even a little he is very interested in Bitcoins future and further adoption around the globe. Positive Bitcoin news are good for Bitcoin, for El Salvador and for his own endorsement inside the country. FUD can be bad for all of that as well. So ignoring some stupid things is a good behavior pattern.

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Quote from: wmaurik on November 18, 2022, 03:55:01 AM

Quote from: yudi09 on November 18, 2022, 02:48:47 AM

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

And that has happened where Nayib Bukele himself also said in his tweet yesterday although he did not mention the amount, but in general El Salvador will buy Bitcoin again starting from yesterday. I am even very impressed with the attitude of El Salvador who continues to buy Bitcoin when the price is cheap without thinking about any conditions that are happening at this time.

Besides, I think that the country of El-Salvador will have better progress also in the field of tourism, because Nayib Bukele himself also said that in his tweet after @lonelyplanet.

I think that there would be a great way to gamify the whole process of El Salvador's daily buys of BTC that would allow for buying more than 1 BTC, and then accounting for El Salvador's average cost per BTC.

Accordingly, in such a gamification step, El Salvador could authorize up to their average cost per BTC to daily for their daily BTC buys, and then we would hopefully through time see that their average cost per BTC would come down, approach 1 and maybe even get below 1 at some point.

So for example if their current average cost per BTC is $43k, then they could authorize $43k to buy BTC today and at today's price of $16,700 they would end up buying 2.5748503 BTC for today's buy, and so that purchase would slightly bring down their average cost per BTC for their BTC purchase on the next day would end up being less, and hopefully with the passage of time, the BTC price will also rise in order that both their average cost per BTC and the actual cost per BTC meet......

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Quote from: n0ne on November 17, 2022, 05:59:28 PM

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

Many people don't really understand what it's meant from buying the dip, this could ever bebthe best decision made by the president because now that we are on dip already with bitcoin price, whenever a new purchase is made will always yield it own little profit since we have been on this same dip @ $16k wjen the price jump to $21k , now consider when you buy the dip as the said price and it surges eventually within a day to that extent as well, that could be a reasonable realization on profits, this also is an indication that at whatever level the bitcoin price is, they could buy and still earn from the dip it has purchased from, till they got to continuously progress to when we begin to experience a new ATH which will also launch them into realising from their past investment purchases made.

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 83. (Read 38876 times)