Skip to main content

Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect

Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect

Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Law enters into force. The video features the government’s fee-free crypto wallet, Chivo.

Government’s Video Explaining What to Expect When Bitcoin Becomes Legal Tender

The Bitcoin Law in El Salvador will come into effect on Sept. 7 when BTC will become legal tender alongside the U.S. dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using the government’s official crypto wallet, Chivo.

According to a translation of the video content posted on Twitter, “Starting September, bitcoin will be legal tender in our country alongside the U.S. dollar,” the video begins. It further details:

Using bitcoin is not mandatory. You will have the option of paying and collecting in bitcoin or dollars. All cash transactions, prices, salaries and pensions will continue to be in dollars.

“You will have the option to use the government’s wallet for free to make transactions in bitcoin or in dollars at any time of day and without fees. You can also use any other wallet to make your transactions,” the video continues.

“With our wallet, you will receive a bitcoin bonus worth $30 USD for you to spend. You will have the option to pay in dollars or bitcoin from your mobile without the need to handle money or sign vouchers. Also, those who collect from you will not need to handle money, a card, or be charged any fees. You will have the option of sending and receiving remittances at any time of day without fees.”

The video ends with a message from the government of El Salvador stating that “Using bitcoin is easy and optional.”

On Monday, President Bukele tweeted that “There will also be 200 Chivo ATMs” where people can withdraw money without having to pay any commission. “You can buy bitcoin for your Chivo wallet or reload dollars and keep them as dollars in your electronic wallet. You can also withdraw remittances in cash without commissions.”

Many countries worldwide are watching to see what will happen when bitcoin becomes legal tender in El Salvador. Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), said last week that “Everyone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially.” If so, he expects more countries to follow suit.

CABEI is helping El Salvador with the technical implementation of making bitcoin legal tender. Meanwhile, the International Monetary Fund (IMF) has warned that making bitcoin equivalent to a national currency is inadvisable.

What do you think about bitcoin becoming legal tender in El Salvador? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3gJPQli
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more