Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 98. (Read 43229 times)

El Salvador has never let us down and they always tell the world the truth. Why do we need CBDC when we already have bitcoin?



In recent days, I also heard that President Nayibbukele criticized the West for using dirty media saying that they have failed not to use USD but to use bitcoin for the country. Recently, Nayibbukele also said that their tourism industry is benefiting from bitcoin adoption and has grown by 95%, a congratulatory success for them.

https://twitter.com/BitcoinMagazine/status/1588220589524848640

The major draw back in most contemporary survey is, the lack of verifiable data that will support the result of the survey to confirm it authenticity so most surveys as regard to the El Salvador Bitcoin adoption among the citizens are based on assumption and lack any scientific proven method. So to that extent, we may not be able to exact any conclusion on the level of Bitcoin adoption and the rate of Bitcoin day to day usage against other currencies within the region, the topic of El Salvador Bitcoin adoption have been relegated to just theoretical discussion since we lack data that can enhance a more healthier discussion that can relate to the true realities of things in El Salvador.
This looks so appealing and indeed a piece to have around the house as a bitcoinnair that wants to see some Bitcoin fancy logos and products lying around the house, and seeing that this product is coming from the El Salvador government gave it more public acceptance since it can be proven that the content inside the can have undergone verified test by government agencies, and am also curious to know if the product is easily sold in major stores around the US.

Let me assume responding to the two quotes thesame time using this opportunity, whenever bitcoin falls the government take such advantage to cause a move in the society, government feels at ease because they had thought that it will be a time stipulated for it to go down but this never come true, that's why whenever there's a bullrun they say less because they would have realized the muchbthings they were already missing out for not investing, while from the second quote, consider yourself been a teacher and know this that not every attending students of your class will eventually know well, or pass a test given, does that mean you ain't good enough in teaching? those that will invest with bitcoin will definitely engahe it no matter the circumstance and have the knowledge while some will always be on the other side, but the government of El-Savador have done it best in providing every necessary aid to learning bitcoin and even having it for every citizen and this all started with the $30 worth of bitcoin that comes with El-Savador's chivo wallet, the free bitcoin zone, bitcoin beach, and bitcoin educational materials all given.

I’d say that, in general terms, people there are far from being bitcoin literate there. Judging by some of the stats seen on this thread, usage is still far from being a common day-to-day choice. Whether that is due to a lack of education on the subject (which is not that trivial for a newcomer), fear of using it, conscious decision to not use it, or whatnot is something to dig deeper into in a survey with boots on the ground. Obviously these things are going to take their time, but I do get the feeling that conscious education can go quite a bit further.



In the meantime, and on a rather much unrelated matter, though interesting from a merchandising point of view:

It seems that people in the US can now savour a coffee labelled "Bitcoin blend", which is brought by the hand of the government of El Salvador and Compass Coffee, created to honour the first anniversary of bitcoin adaption in El Salvador (well, created to try to earn money through it really). Regardless of what the product itself may taste like, the can certainly looks appealing, and an item to have around the kitchen for those who wish to show-off (as opposed to being discrete).
See:
https://www.compasscoffee.com/products/bitcoin-blend?variant=39564113477728
https://es-beincrypto-com.translate.goog/gobierno-el-salvador-lanza-cafe-bitcoin-promover-exportaciones/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
https://twitter.com/MilenaMayorga/status/1588234746475053056 (watch the short video)

I just want to ask questions related to the financial institution system in El Salvador in providing understanding related to Bitcoin. Have they already made a complete exposure to bitcoin so that there is no more wrong mindset in understanding bitcoin in regulation even though there are already laws that have been made.

I’ve gone over some local Salvadorian press to try to get some insights into what this collaboration between El Salvador and Lugano (Switzerland). In case anyone is wondering why Lugano, check-out the city’s crypto plans here. Bear in mind that Lugano is planning on becoming a crypto adoption hub, currently focused on bitcoin (essentially through LN), Tether and LVGA, the goal being to get close to 1K business to accept these forms of payment (currently, only around 53 do: https://planb.lugano.ch/crypto-payments/).

The article below referenced points to collaboration between the two territories in economical areas with bitcoin adaption at its core, extending the agreement to closely related initiatives in the areas of education and research amongst others.

See: https://diarioelsalvador-com.translate.goog/ciudad-suiza-y-el-salvador-firman-acuerdo-de-cooperacion-economica/290678/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Naib is a notable exception in the world..

https://nitter.net/DubiHaim/status/1588264054585688064#m

The BANDESAL stance on releasing information about the state of the El Salvador Bitcoin holdings to the public is in line with government policy on national Treasury and securities, most countries have similar laws that protect government agencies from giving out governmental plans, projects, and assets for public consumption this is so because of the way and manner the citizens may react to the state of affairs of the national treasuries and if we can recall we already encounter similar public backlash when the poll that calls El Salvador Bitcoin adoption as a failed project was conducted, from all observation that poll lacks the merits and data to pronounce El Salvador as a failed Bitcoin state just because of the price of Bitcoin at the time the poll was conducted. We have to be more data-oriented in our analysis on the subject of the El Salvador Bitcoin project as we may have to take in some variables that will help us to arrive at a point where we can have verifiable information and data which is why the government have taken that step not to allow public access to the country Bitcoins treasury and the state of things as regards the entire project. In my quest to gain more information on the current development in El Salvador as regards Bitcoin, I stumble upon a tweet that got my attention and I will like us to analyze upon which is the collaboration between El Salvador's pro-bitcoin city of Lugano to aid more Bitcoin accessibility and public adoption of Bitcoin and other stablecoins between the two regions, with focus on blockchain project development that will offer the citizens of both regions the opportunities in you g growing cryptocurrency industry to build suitable economic activities that will make their citizens to be more productive in cryptocurrency project and gaining the financial stability that will trigger economic growth of the countries through blockchain technology.

Reference: Pro-crypto city of Lugano and El Salvador sign an economic agreement based on adoption
This level of development and collaboration is what most analysis should be based upon as a long-term plan that will bring about internal growth of the economy with citizens' participation because that is one of the major factors that aid president Neyib to have made the move to adopt Bitcoin in the first place.

The Bitcoin movement in El Salvador started in El Zonte, a small town on the south coast where surfing and fishing are located. In 2019, an anonymous donor gave a group of cryptocurrency enthusiasts there the first of many large donations in the form of Bitcoin.

No one knows who he is, but the deal is that El Zonte can keep the digital coins on condition that they are not converted into dollars. The government says they don't plan to force businesses to accept Bitcoin, even though they should do so under the country's Bitcoin Act. So far, the government's steps have been limited to offering incentives.

Cash still reigns here, with more than half of El Salvadorans unbanked, but President Bukele has funneled US$200 million in public funds into a subsidized Bitcoin wallet app, called Chivo. He hopes to raise money by selling bonds called Volcano Bonds worth $1 billion (Rp 14.7 trillion), which he planned to sell in March but have yet to appear. Officials say they believe they will be able to raise the funds - and pay off a bloated $800 million foreign debt bill.

But the fall of cryptocurrencies is adding to the pressure on governments as long as they continue to bet big on Bitcoin.

The status of El-Savador's bitcoin holding remain unpredictable to the public since everyone tends to come out to prove that it investment with bitcoin is not right and using from the country's treasury to buy bitcoin is against ethical of a leader but i think if holding up information about their current bitcoin holdings can make oeace in this regard then it's fine, as long as El-Savador or the administration led by Bukele is not having other intentions that could bring the country's economy into more worst then it buying decision, holding and being private with their capacity level with bitcoin is well considered a good steps altogether.

The BANDESAL is not denying that bitcoin has been bought using funds from the 150M $ Trust it custodies or otherwise. What it is saying is that, due to banking privacy laws, it cannot reveal any type of information related to its activity; more specifically, related to bitcoin purchases.

The BANDESAL has received petitions alike, like this one corresponding to end of 2021, and continues to deny providing information on the same grounds. On this most recent occasion, the petitionary was the Centre of Anticorruption Legal Aid (ALAC) of El Salvador, having no better luck at obtaining detailed information on the Trust than on previous occasions.

EI Salvador's development Bank "BANDESAL"  trusted $150 million convertible dollars for citizens and marchants of Salvador but recently market crashed development Bank of Salvador BANDESAL denied actual acquisition of bitcoin. But Salvador president Nayib Bukele announced several times on his Twitter account that Salvador government bought 2301 BTC which fallen it's value over the past year from $103.9 million to roughly $45 million.

Source

Salvador government bought Bitcoin different times at different prices..
Here the chart of bitcoin that are purchased by EI Salvador's government..



Nayib Bukele tweet

Back to El Salvador. There is another dispute between the Development Bank for the country of El Salvador and the non-Governmental Anti-Corruption Bureau of El Salvador regarding the purchase and sale of Bitcoin funds.
The Bank acknowledged that the $150 million earmarked for citizens to ensure dollar convertibility was rejected.



How do we view it in this regard?

Source: cointelegraph

One of the most defining elements of a survey is the time frame in which it was conducted. As you said, when the bull season comes, that is, when the time frame changes, the results will be different. In some surveys, the aim is to disseminate the subject of that survey. Polls like these are especially positive for bitcoin, which we all embrace. Results may vary at any time. I have read from many sources that El Salvadorans love their leaders. The link you sent is also very interesting. My guess is that El Salvador's revenues will increase greatly thanks to bitcoin. Already at this stage, his recognition has increased. Even that is a great success.

Yes, it was interesting for bv to look at what awaits us in the future and how the attitude towards bitcoin in El Salvador will change, including in order to discuss it and also to communicate their vision, there is even a corresponding thread   El Salvador will be the richest country in the world in 8 years?
 

El Salvador leaders really know what their citizens want in their country, because the animal hospital they build in the country has brought so much employment to their youths that is making them to celebrate their potential leaders for adopted Bitcoin for the people of El Salvador to feel the impact in the environment. I guess, their unborn leaders will do everything possible within their power to allow their citizens to continue using bitcoin to improve their businesses, and other things in the country so that it will bring more development to the country in a way it will attract more foreign investors to come and invest in their land to give more job opportunity to their youths. Since the green light is preparing to be stable for the bull market to come so that both long term investors and short term investors can earn a huge amount of money from bitcoin investment, and it will also create another opportunity for El Salvador government to increase their sectors in the country.

despite the hot discussion about the surveys that have been carried out. I will be more interested in the survey results a few years later when the bullruns come and when the bitcoin price breaks through its ATH again. I believe at that time the survey results will be reversed. and more supportive citizens. a survey conducted in the midst of a bearish market, and in the ongoing global economic crisis, of course the survey results will certainly be more inclined to contra against the adoption of bitcoin.

but it seems that the citizens of El Salvador still love their current leader because of the government's actions that are arguably quite successful in fighting local drug cartels and criminal gangs. So the homicide rate in the country has decreased. that's what i read.
and if talking positive about what results el salvador has obtained from bitcoin. So as we know that the increasing number of tourists visiting El Salvador has increased rapidly since the adoption of Bitcoin. and El salvador certainly benefited greatly from this and from that profit el salvador has managed to build a large animal hospital called Chivo Pets and it is open 24/7.
For the full news, you can read it at this source El Salvador’s Bukele Still Liked Despite Bitcoin Uncertainty (Survey)

I think that we have already recognized that countries can define legal tender or the specifics regarding what status that they are giving to bitcoin in whatever way that they like, so sure the claim that El Salvador was not the first country to legalize bitcoin is correct, but there are all kinds of variations of what countries have done - besides Japan and Germany in order to allow transactions to be done with bitcoin, and no matter which way the matter is sliced and diced, it should be appreciated that El Salvador is taking a way more pro-active stance in its promotion and pushing of bitcoin as an option for itself (as government even starting to stack sats) and its citizens, and figuring out various ways that El Salvador as a government can intertwine itself into bitcoin in a variety of ways.

So even if "technically" you (referring to Blawpaw) are correct it seems quite disingenuous to be trying to diminish El Salvador's efforts by suggesting that "other countries" were first or other countries were earlier and blah blah blah.. it's all the same... blah blah blah..

What a bunch of baloney.  It's not all the same.. Consider the specifics, and there are differences, including but not limited to levels of advocacy and attempts to intertwine bitcoin into pre-existing, current or future financial/social systems.


I don't really disagree with you point Doan9269 that Satoshi caused a kind of break through.. but there are only a few things that Satoshi actually invented... instead of putting together pre-existing ideas... so sure the putting together of pre-existing ideas is a kind of invention in itself.

Permit me to clarify this that what the world need us the first to set the pace, which is the country that first make bitcoin a legal tender, that enough is a tremendous success on El-Savador to the world, just as we have a number of scientist, researchers, cypherpunk, developers and engineers in all manner of professional technological development, who have in the previous years worked on digital currency and started the process which avail to nothing not until Satoshi Nakamoto work it out and bring in bitcoin, everyone is after Satoshi and not others that have been working over years without any results to back up their works, the world need those that will make history in presenting something new, not how far but how well, officially El-Savador still remains the first country to make bitcoin a legal tender.

Nevertheless, there is a difference between a legal tender and a means of payment (legal), if the former is legally used to pay any payments and the creditor is obliged to accept it as payment of a debt, then the means of payment cannot be accepted by the bank as payment for a loan and can only be used to pay for goods and services, and also as an investment. In addition, legal tender is taken into account in the state's gold and foreign exchange reserves and GDP calculations.