Bitcoin Forum

https://m.elsalvador.com/noticias/negocios/bitcoin-criptomonedas/876042/2021/?utm_source=twitter&utm_medium=deportes%20&utm_campaign=organico&fbclid=undefined

Government: it will be mandatory to receive Bitcoin and businesses are exposed to infractions of consumer law
According to the legal advisor to the presidency, Javier Argueta, it will also be mandatory to have the virtual wallet and once it is, the business is obliged to receive the cryptocurrency as a form of payment.

“You, having the electronic wallet, must accept the transaction.  The ‘shall’ is the transaction obligation… you are required to have the electronic wallet.  What is mandatory is the transaction, ”said Argueta, explaining the validity of the Bitcoin Law, which formally begins as of this September 7.

 The journalist Federico Zeledón asked him about the virtual wallet: _For the sake of clarity, then, what I am obliged to do is to have the electronic wallet?  To which Argueta replied: "To have the electronic wallet," he affirmed, to later explain that with it the costs are negligible and that the state's Chivo Wallet wallet is free.

Later he said that when making the transaction, then the businessman will be able to decide whether to accept his payment in Bitcoin or in dollars and again, in a play on words, he gave an example: “If I buy you 1,000 shirts that cost $ 200 and I'm going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that is why it is voluntary, "he said.

 And once the wallet is downloaded, the merchant is obliged to make the transaction: "If you acquire that wallet, you can make the transaction," Argueta said. According to Argueta, all businesses are obliged to make the transaction in Bitcoin and despite the fact that neither the law nor the regulations clearly state it, if the business does not accept it, it is exposed to referrals of infractions to the Consumer Protection Law.

What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news (https://cointelegraph.com/news/el-salvador-says-merchants-must-process-btc-transactions-or-they-may-face-action) today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but customers can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.


In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

I think the businesses out there with this option can choose to either accept Bitcoin direct or Fiat, whichever they are comfortable with and I believe over time, this process will smoothen out.  

But when I read news (https://cointelegraph.com/news/el-salvador-says-merchants-must-process-btc-transactions-or-they-may-face-action) today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but customers can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory)

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory)...

Yes, it's mandatory and all the receive/keep is just mumbo jumbo trying to paint an excuse on forcing somebody to do a thing while claiming they have the liberty of choice.

You have to accept bitcoin payments, that's the end of it, a business that was before only cash, no cc, no cheques nothing suddenly is forced to accept payment and deal with both crypto and digital fiat, as they will have to go through the government rules to withdraw the converted fiat, even if they stay don't choose the bitcoin option. This unless this magical conversion tool somehow prints paper money out of your phone.

From my understanding, I think that a better wording would be that the businesses will have to accept bitcoin, but it's up to them whether in their accounts they'll receive/keep (from the bitcoin transactions) bitcoin or fiat.

This may be a technological problem, and I guess that this is what makes some of those merchants unhappy (along with misinformation and lack of understanding), since they'll have to install/use one more application/tool in their shops.

There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.

As part of the law foreigners can gain permanent residence in El Salvador if they invest 3 Bitcoin into the country.

I mean, it's actually a smart move, for merchants who are Bitcoin enthusiasts, and are willing to hold Bitcoin despite it's volatility, this is an opportunity for them to build up their stash

There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.

From my understanding, I think that a better wording would be that the businesses will have to accept bitcoin, but it's up to them whether in their accounts they'll receive/keep (from the bitcoin transactions) bitcoin or fiat.

This may be a technological problem, and I guess that this is what makes some of those merchants unhappy (along with misinformation and lack of understanding), since they'll have to install/use one more application/tool in their shops.

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

That's how it should be, the protest about it makes it like they're forcing people to use bitcoin. I knew from the start that they were doing the right thing on this one and the people that were against them weren't really in the right to be against the legalization of bitcoin in El Salvador, probably they're interest are being affected negatively.

For the life of me, I couldn't remember whether El Salvador's fiat currency was in trouble (like Venezuela's), so I checked the Wikipedia page on the country before posting.  I had no idea that they used the US Dollar as their own currency.  Another interesting tidbit from the article (https://en.wikipedia.org/wiki/El_Salvador#Economy) was this:


Now that's pretty interesting!  I wonder how much real estate costs in the lower-crime sections of El Salvador and how well one could live if, let's say, they had multiple accounts participating in bounties or signature campaigns.  That would be an interesting way to live if you wanted to live on the edge, don't you think?

The second and third paragraph says, "People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS." "If they want they will download it and if they don't want to, no." respectively.

Besides, they are required by law to accept it, it's not about them wanting or not waiting to.

It doesn't say anything about companies, so allow me to keep my doubts (but I'm also open to getting fully corrected if it's the case).
However, I am no longer 100% sure which is the correct way to understand how this legal tender thing is supposed to work there (I thought it works in a way, I then though it works the other way, now I'm no longer 100% sure in either direction)
If I get convinced in the other direction I will correct or remove that post. But for now, I'm not.

There is no explicit mention of companies but the country's finance minister, Alejandro Zelaya, has also said that there are no sanctions to businesses that do not accept Bitcoin.^[2]

Bukele did not refer to Article 7 of the Bitcoin Law, which stipulates that all economic agents must accept bitcoin as a form of payment when offered by the person acquiring goods or services.
Ernesto Sanabria, a spokesman for Bukele, told CoinDesk that “the president has been clear in saying that the use of bitcoin is not mandatory.”
Asked about a possible change to Article 7, Sanabria said he had already addressed the issue in his response. He did not specify whether the article will be eliminated or otherwise modified.

One day after Bitcoin is legal tender in El Salvador, the legal adviser to the presidency, Javier Argueta, confirmed in the morning interview of Frente a Frente, that it will be an obligation for businesses to receive Bitcoin as a form of payment and It will also be an obligation to have the virtual wallet to carry it out. Otherwise, businesses are exposed to referrals of infractions to the Consumer Protection Law.

Now that's pretty interesting!  I wonder how much real estate costs in the lower-crime sections of El Salvador and how well one could live if, let's say, they had multiple accounts participating in bounties or signature campaigns.  That would be an interesting way to live if you wanted to live on the edge, don't you think?

According to the Latin American classifieds portal Encuentra 24, the median price in San Salvador reached $113 a square foot in June — a 28 percent increase from March 2020, when the median hit a low of $88 a square foot.

What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news (https://cointelegraph.com/news/el-salvador-says-merchants-must-process-btc-transactions-or-they-may-face-action) today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but marchants can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.


In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

For the life of me, I couldn't remember whether El Salvador's fiat currency was in trouble (like Venezuela's), so I checked the Wikipedia page on the country before posting.  I had no idea that they used the US Dollar as their own currency. 

Another interesting tidbit from the article (https://en.wikipedia.org/wiki/El_Salvador#Economy) was this:

Sure, but people who own small businesses in El Salvador didn't start them to speculate in a currency like bitcoin, and I can see why there's a lot of resistance to this.  You're thinking like someone who loves bitcoin already, whereas these merchants are basically being forced to accept a form of money they probably don't want any part of.

That's how it should be, the protest about it makes it like they're forcing people to use bitcoin. I knew from the start that they were doing the right thing on this one and the people that were against them weren't really in the right to be against the legalization of bitcoin in El Salvador, probably they're interest are being affected negatively.

According to elsalvadorinfo.net, the minimum wage (https://elsalvadorinfo.net/minimum-wage-in-el-salvador/) in El Salvador ranges between $ 243 ($1 per hour) for agriculture and $ 365 a month ($1.5 per hour) for the commerce, industrial, and service sectors. The cost of living (https://elsalvadorinfo.net/cost-of-living-in-el-salvador/) for single person ranges can go as low as $ 300 and higher than $ 1,300 per month, depending on the person's lifestyle and living location. In comparison to other Central American countries, this places El Salvador's cost of living somewhere in the middle.
Now I'm not exactly sure how much the real estate costs are (they probably vary a lot), but according to some sources, a two-bedroom house outside the capital can cost as little as $ 20,000. This is certainly a thought worth considering.

$130k for an apartment (https://www.encuentra24.com/el-salvador-en/real-estate-for-sale-apartments-condos/se-vende-apartamento-en-la-escalon/19810305?q=f_currency.USD&sort=f_price&regionslug=san-salvador&list=category&catslug=real-estate-for-sale-apartments-condos) of 90mp2 in what googles tells me is a safe zone in El Salvador doesn't sound like a bargain to me.

some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not.  the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.

If you want to live in some of the expat friendly neighborhoods, then the rent can be as high as $2,000 per month (for single individual, the rent may be in the $700-$800 range). El Salvador is not your typical budget destination. Things are pretty expensive, especially if you want to live in neighborhoods with low crime rate. There are countries like Thailand where you can take care of all of your expenses for just $300-$400 per month. But El Salvador is different. If you want quality life, then it may cost you $1500-$2000 per month (for single individuals).

However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary.

I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.

Family of four estimated monthly costs are 2,042.33$ without rent (using our estimator).
A single person estimated monthly costs are 567.12$ without rent.
Average Monthly Net Salary (After Tax)   399.38 $   

I am not from El Salvador so whatever I am going to say is not something that is based on experience at all. However when I check "numbeo" which is a website that compares cost of living in cities, San Salvador (capital of El Salvador) has an average of $300 for salary. So, you are telling me that people are living 6x or 7x more than average salary? Who are the others that get less? If the average is $300 and the cost of living is $2000 then there is something wrong.

I checked in more detail about how much it costs to buy food and internet, and it looks quite cheap. So, either you are misinformed about something about the cost of living (found a great home for $250 a month, and it is probably three times size of my flat) or maybe you are right and people are either living a decent life or starving and there is no middle ground to make up for that average.

Besides, that was August.
The news from Salvador now is:

some citizens who protest about the legality of bitcoin in El Salvador just think bitcoin is not safe and is mandatory, in fact the government of El Salvador frees its citizens to use Bitcoin or not.  the president of el salvador knows very well that not all of his citizens will like bitcoin so he doesn't tighten the rules about payments via bitcoin there.

That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.

That would change though as time goes by and it's a pretty normal for bitcoin to be used as a medium of payment for any type of transactions, the people will go easy on it. This is a good thing because it works the same with the goal of bitcoin which is the long-term.

It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.

It is good to hear that El Salvador government doesn't make people be obliged to pay with only Bitcoin. Otherwise, it would create an uneasiness among the people. Because not all people in El Salvador are likely to use Bitcoin in any way now. In this way, maybe those people would also start getting curious about Bitcoin and give it a try without any compelling. The government should act really carefully from now on. Otherwise, they might not reach their target by making Bitcoin legal tender.

There were some videos on the internet that shows you get to pay bitcoin as an option in El Salvador, they're not enforcing it that everyone should buy bitcoin to buy goods.
It's true that merchants and buyers can freely choose what they're up to with what they want to buy. This is really the development that should be welcomed by their people but it's also expected that not everyone is going to welcome this development as there are some protests that happens there because of this.

When you have been using your own country’s currency and then replaced it with Bitcoin for payment, as a citizen of El Salvador, you may not be able to use Bitcoin to pay according to the country’s development. However, El Salvador’s policy is still non-mandatory and can respect individual citizens’ Willing, give citizens time to choose and accept. With the passage of time, citizens of El Salvador will gradually use Bitcoin as a method of payment. It is only a matter of time.

It's quite crazy where in some countries the government is ensuring fiat is mandatory while crypto or bitcoin payments are allowed but not appreciated. Whereas, in El Salvador, they are making bitcoin transactions mandatory while allowing fiat transactions.

I just love the transition of an economy from fiat to bitcoins, something I would have laughed about if told a few years back.

I know everyone hates Elon and rightly so but he has somehow given a huge boost to the popularity of bitcoins and cryptocurrencies and hopefully more countries can take inspiration from the legendary move by El Salvador.

it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.

For us, the volatility is not a new thing. We have been dealing with cryptocurrency for many years, and we know that it can be volatile. But that is not the case with ordinary people who just started using BTC. When BTC goes down by 10% or 15% in a single day, these people get in to panic mode. And I don't know how to deal with this issue. Hopefully everything will be settled down in the next 5-6 months and the Salvadorans will realize that BTC is superior to USD in the long run. But they need to accept the short-term fluctuations first.

it's a good thing El Salvador is taking it slowly, not everyone can quickly adapt to Bitcoin and just understand it so quickly, also, I guess they made an option/choice to the sellers to receive fiat or BTC as payment since we all know how volatile Bitcoin is, probably those who are knowledgeable would likely to receive the payments as fiat just so they can play it safe and not worry about the price dipping.

El Salvador is in the phase of continuous development and I admire their country for that. It might be hard for other citizens to adopt the new changes due to their new currency but I'm sure that they only need time to accept it. It's an advantage for them especially during this pandemic because we all need digital transactions these days.

People complain they have problems accessing the wallet, withdrawing money from ATMs, and data verification... many of them didn't get $30 yet! So I guess you are right, they are in the phase of development, but they should test it before they started with it! I saw in the news somewhere that the wallet update is almost ready and soon it will work fine, that is a good thing, but I think they could do a better job before releasing it!
Well, we can only hope that everything will be fine soon! I believe that many eyes are on El Salvador now, watching what will happen with this!

Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.

https://twitter.com/JBustillo1/status/1438227533028331521?s=19 (https://twitter.com/JBustillo1/status/1438227533028331521?s=19)

Today in El Salvador protester against bitcoin destroyed a point of ATM Chivo.

If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant.

If only the adoption of bitcoin as a legal tender did not happen in a rush making the preparation too short, then maybe all the citizens might have been fully educated about bitcoin. I guess all these negative things that happen are just a manifestation of lack of education on bitcoin.

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

[...]

Jesus Christ, no one forces anyone to use Bitcoin by default, and even more so no one took away the right of choice from people. Frankly speaking, I am very annoyed by such idiotic discussions, and these fake protests that are being promoted by the media, but be that as it may, I am not able to help those who cannot soberly look through the prism of logic. By the way ... since you are talking about fear, why don't you say that the Bitcoins received from the state can be easily exchanged by the population for their national currency or for the dollar? Instead of looking at the bitcoin rate that changes by a couple of points from day to day, it would be better for people to say thank you to the president for the bonus received.

...El Salvador's adoption of bitcoin as legal tender has immediate negative implications for it credit rating S&P Global said on Thursday. ... Moody's cut its El Salvador rating to Caa1...

Yeah, it is good how El Salvador has decided to accept Bitcoin fully, but I don’t think people should be forced to make use of it. Things like this should be a matter of choice, if you want to make use of it then you can make use of it, and if not, then you shouldn't. It is good that you have said it’s not really mandatory for anyone to accept it. Those who are not accepting it now, with time they will get to understand it and if it should interest them, then I believe they will go ahead to start making use of it fully.

For now, most of them are going to be afraid because of the value of Bitcoin is volatile and it changes most of the time. So all they need is time to get to understand it , and once they are up to that stage of making use of it, they wouldn't waste time in doing so.

If opposition party opposed such a move, they will try means citizens will not like the present party in power, we can not say if the crypto ATM destruction is political or not, but this may also be an indication that those that against the El Salvadorian bitcoin law do not know exactly all about it. El Salvador makes bitcoin mandatory in the country but bitcoin use is not mandatory while people can decide to choose to accept bitcoin for payment or it to be processed into dollar immediately without no extra cost. I think this should not result into what is currently happening as dollars can be accepted and be used without even making use of bitcoin at all, but some people may just be ignorant.

El Salvador is now the third country with the highest number of bitcoin ATMs in the world.

Bitcoin ATMs by Country (https://coinatmradar.com/countries/)

Research conducted by the São Paulo-based agency Sherlock Communications suggests that 54% of Salvadoran respondents chose ‘none’ when asked which cryptocurrency they knew best out of a list of five leading coins.

While 40% chose Bitcoin over the other listed cryptos – Ether (ETH), Bitcoin, Dogecoin (DOGE)and EOS – the survey did not seek to probe the level or depth of the knowledge these respondents have of the coin.

El Salvador is now the third country with the highest number of bitcoin ATMs in the world.

Bitcoin ATMs by Country (https://coinatmradar.com/countries/)

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.

So if I really get you, you mean that it is a must that a merchant will accept bitcoin as a payment from the buyer, and then after accepting the payment  from the buy they can decide whether they want it to be converted immediately to fiat, by who?

If merchants accepts bitcoin, and since compulsory for them, is it the bank that converts it to fiat for them based on their preference?

I don’t think this is something that should be forced, it’s a thing of choice, people should decide for themselves.

I just found out who is leading the development of the Chivo Wallet Jack Mallers. He is also in charge of the latest on Twitter about sending tip payments in bitcoin to NFT for the content creators who will be receiving it.

If the Salvadorans who are still resisting using bitcoin. Now they will know first-hand on Twitter when they interact with content that is receiving bitcoin payment tip.
It is a master move so that bitcoin is definitely seen with its usefulness in everyday life for everyone thanks to the power of the lightning network.

If I were Salvadoran I would feel proud for the use of bitcoin in my country and for the contribution we would be making in the world.

Chivo wallet is a custodial wallet, all the conversion are just representation of numbers, nothing happens on the blockchain while converting from dollar to bitcoin or from bitcoin to dollar which will also makes the fee to be zero, I mean while paying in bitcoin but accepting dollar or paying in dollar but accepting bitcoin. I do not read about this, but would be how it will be operating. So bank is not necessarily involved.

The president of El Salvador Nayib Bukele has announced that the Chivo Wallet has already reached 500,000 users, this is positive in my opinion because Salvadorans are benefiting from the solution that their government seeks.

2.1 million Salvadorans are ACTIVELY USING
@chivowallet
 (not downloads).

Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.

The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.

even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population.

The president tweeted recently that 2.1 million Salvadorans are now using Chivo wallet and not including the people that only downloaded it, but people that are also using it.

even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population. of course this requires a process to socialize so that they can use bitcoin fully, so that the experience that will be in elsalvador can be a lesson for other countries later

even though it has been legalized, bitcoin users are still minimal in elsalvador which is only half a million of the total 10 million population. of course this requires a process to socialize so that they can use bitcoin fully, so that the experience that will be in elsalvador can be a lesson for other countries later

El Salvadorian population is still not  up to 7 million people (https://www.worldometers.info/world-population/el-salvador-population/).

Chivo wallet users in El Salvador was estimated to more than 2.1 million last month, probably the recent bitcoin price uptrend would have encouraged more El Salvadorians to use it.

What some people do not like about El Salvadorian government move is that they made bitcoin a legal tender, that it should have just been a legal form of payment instead of making it a legal tender. In El Salvador, anything government make a legal tender can be used as payment of goods and services while marchants and other dealers must accept it as a form of payment. But when I read news (https://cointelegraph.com/news/el-salvador-says-merchants-must-process-btc-transactions-or-they-may-face-action) today, I later knew that Bitcoin payment is mandatory but yet optional, the payment can be in Bitcoin but marchants can decide to either accept Bitcoin or fiat, the transaction will be processed automatically in accordance to what chooses by the recipient.

In my opinion, I think this is a welcome development, it can be said that El Salvadorian government are not making Bitcoin payment mandatory (although mandatory) even as it is a legal tender because the payment can be in Bitcoin while the receiver can choose to receive it in fiat and processed automatically.