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Author Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻  (Read 14558 times)
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June 05, 2021, 09:41:54 PM
Merited by paxmao (1)
 #1

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

Quote
"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

Quote
President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

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June 05, 2021, 09:50:58 PM
 #2

Quote
President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote
The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.
https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

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June 05, 2021, 10:52:43 PM
Merited by paxmao (1)
 #3

Well, without a doubt, it is something that has been working for a long time, but they are lights of how the recognition and adoption of bitcoin could begin.

There is another thread that at the time showed the 2019 initiative, which shows that it is a slow process, so slow that it is still in the process of being approved.

President of El Salvador Says He’s Submitting Bill to Make Bitcoin Legal Tender (Jack Mallers announced the news at the Bitcoin 2021 conference in Miami).

"The bill must still be reviewed by the country’s legislative assembly. Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its full text was not immediately available, and it is not yet clear what being the first bitcoin country will mean for the fiscally unstable and oppressively poor central American nation, where 70% of residents lack a banking account".

...//...:

El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.

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June 05, 2021, 10:59:19 PM
 #4

Well, without a doubt, it is something that has been working for a long time, but they are lights of how the recognition and adoption of bitcoin could begin.

There is another thread that at the time showed the 2019 initiative, which shows that it is a slow process, so slow that it is still in the process of being approved.

President of El Salvador Says He’s Submitting Bill to Make Bitcoin Legal Tender (Jack Mallers announced the news at the Bitcoin 2021 conference in Miami).

"The bill must still be reviewed by the country’s legislative assembly. Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its full text was not immediately available, and it is not yet clear what being the first bitcoin country will mean for the fiscally unstable and oppressively poor central American nation, where 70% of residents lack a banking account".

...//...:

El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.

That will be good for adoption, we basically need internet connection and a gadget to make crypto transaction. If most of its citizens will use crypto, this will be a very good example to follow and their neighboring countries may also follow if they show successful implementation, in terms of crypto payment and other related businesses. Couple of years from now, and we will see what is the effect of bitcoin or crypto on their economic system.

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June 05, 2021, 11:52:43 PM
 #5

I am glad as a bitcoin enthusiast if the news is true that a country is considering it as a legal tender which is a huge thing but i was more surprised by the fact that 70% of the population does not have a bank account which means either they are really poor or not earning enough to create a bank account or making any trade to create an account and if that is the situation what will be the advantage even if they make Bitcoin a legal tender.

Let them allow and in due time we will see how many people adopted Bitcoin in El Salvador and whether there will be an increase in Bitcoin users simply because the government wanted it to be a legal tender.
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June 05, 2021, 11:52:43 PM
 #6

Being the legal tender of a foreign country has a major effect on the legal status of Bitcoin in the U.S.: https://bitcointalk.org/index.php?topic=5342104.0

Note that several countries have said that Bitcoin is legal, but El Salvador would be the first to make it "legal tender", which is a special status.

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June 06, 2021, 12:05:38 AM
 #7

This is a Huge move from a small country in Central America, and I suppose this is only the start for other nations to also think and join for bitcoin adaptation. El Salvador moves could help the majority in terms of p2p, remittance, cashless payment to its citizen to Facilitate bitcoin.

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June 06, 2021, 02:04:13 AM
 #8

South America getting in is a pretty good move, although El Salvador is a small country, it will still make a difference for the market if the head of the government is the one that actively supports it.
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June 06, 2021, 02:46:41 AM
 #9

South America getting in is a pretty good move, although El Salvador is a small country, it will still make a difference for the market if the head of the government is the one that actively supports it.
Yeah I just hear the news too and this will certainly break the laws that other South American cities around the world follow and will lead the way for them to adopt towards use in their own countries.
I can see Venezuela being next.

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June 06, 2021, 02:55:11 AM
 #10

If 70% of the country's citizens are unbanked, a digital currency that requires zero/minimal registration will be more attractive to them. I just wonder how heavy the regulation on custodial services and other merchants will be once the bill is approved.

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June 06, 2021, 03:04:17 AM
 #11

If 70% of the country's citizens are unbanked, a digital currency that requires zero/minimal registration will be more attractive to them. I just wonder how heavy the regulation on custodial services and other merchants will be once the bill is approved.

I'm sure it will be heavily regulated and won't allow that so much freedom from the government.

If there's something to learn about making Bitcoin a legal tender, Japan is a good example, and here is the country's regulation, (https://www.loc.gov/law/help/cryptocurrency/japan.php). In any case, it's a win-win situation for the government and El Salvadorian, another welcoming news.

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June 06, 2021, 03:04:44 AM
 #12

This is big. I am amazed at how open-minded El Salvador's president is. It is one thing to legally declare Bitcoin as an alternative currency or mode of payment in the entire country, it is another to declare it as a legal tender. It is almost unbelievable reading about a country declaring Bitcoin as a legal tender. We will see in the following days and weeks the bill's content and whether or not it will receive approval in El Salvador's congress.

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June 06, 2021, 03:17:37 AM
 #13

I am glad that the people of El Salvador will have an option that gives them greater financial freedom and opportunities. I looked at the Wikipedia page of Nayib Bukele and it seems like he is a right wing authoritarian leader. Being associated with a corrupt dictator might not be such good publicity for Bitcoin. I hope this will eventually lead to more freedom, not just financially but in other areas where people are oppressed.

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June 06, 2021, 04:24:30 AM
 #14

but it's not completely legal. need congressional approval to do so. but i appreciate this, this country is one step ahead for bitcoin usage. their president will go down in history as one of the people who made bitcoin legalized.

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June 06, 2021, 04:56:18 AM
 #15

I'm not sure if using the term "Legal tender" makes any difference legally but with a search about the definition it seems like other countries have already done it if not using this term exactly. For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?

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June 06, 2021, 05:05:09 AM
 #16

We should all be travelling to 'El Salvador' next week to celebrate this amazing news.

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June 06, 2021, 05:07:49 AM
Merited by paxmao (1)
 #17

It's a very good news. Having legal tender means that anyone MUST accept it as a form of payment, it can be used for paying TAXES, it can be used for paying salary, and generally speaking it's something accepted by government and regulated by some laws.

It's something very good , but let's wait for official decision made by parliament.

I'm not sure if using the term "Legal tender" makes any difference legally but with a search about the definition it seems like other countries have already done it if not using this term exactly. For example Japan back in 2017 accepted bitcoin as a "currency" which you can use in payments which seems to be the same definition as "legal tender", isn't it?


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June 06, 2021, 06:45:14 AM
 #18

Quote
President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote
The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.
https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

Agreed. It might depend on how much political influence Bukele’s political party has on congress. It might be good to know which political party Bukele belongs, does his political party have the majority in congress and what type of political system does El Salvador have. Is it a 2 party system or a multiparty system?

However, this might be good if the bill is signed and passed into law. It will be the first experiment on bitcoin as an adopted currency. All larps and criticisms will be proven correct or wrong.

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June 06, 2021, 06:54:47 AM
 #19

Quote
President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote
The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.
https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

Agreed. It might depend on how much political influence Bukele’s political party has on congress. It might be good to know which political party Bukele belongs, does his political party have the majority in congress and what type of political system does El Salvador have. Is it a 2 party system or a multiparty system?

However, this might be good if the bill is signed and passed into law. It will be the first experiment on bitcoin as an adopted currency. All larps and criticisms will be proven correct or wrong.

70% is a majority I think the majority of the lawmakers will also favour the bill since most of their relatives I guess doesn't have financial access. If they successfully pass the law I guess there will be miners going to this country. It wouldn't be BTC that might just be adopted to the country.  I hope they make it so the rest of South America will also follow steps to freedom.

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June 06, 2021, 06:57:07 AM
 #20

El Salvador the Savior!
Okay, let's pack our bags and get ready to go to El Salvador to create new bitcoin-based businesses and let's allow to prosper what could become the first bitcoin-friendly nation state.
I need an office in Miami (thanks Mayor Suarez!) and one in El Salvador!
Huge news, really huge!
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