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

[Sithara007]

If the bitcoin bill is passed and becomes El Salvador's legal tender, it will be a great progress in the cryptocurrency and bitcoin industry.
Starting from El Salvador, it gradually influences other countries and finally the whole world. This is an important part of social and human development.

It was only a logical thing to do. A large part of the Salvadorian population is working in other countries and they send billions of USD worth of remittance every year back to their home country. Bitcoin makes these remittance payments more affordable when compared to other services such as Western Union and Moneygram. For medium sized amounts, these services charge as much as 10% of the total amount (if we take in to account the fee and currency conversion charges). With Bitcoin, the these expenses go below the 1% level.

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[Obito]

If the bitcoin bill is passed and becomes El Salvador's legal tender, it will be a great progress in the cryptocurrency and bitcoin industry.

Starting from El Salvador, it gradually influences other countries and finally the whole world. This is an important part of social and human development.

How will hey address the issue of people not having access to bitcoin though, I am sure that not everyone have a phone or electronic device in their country and probably they have a really big population that are below or in the poverty line. It's important but the problem is if they take it too hasty, they will probably experience the effects which are opposite of what they are trying to do.

[passwordnow]

Great news and very impressed to see a country like El Salvador is going to do that and the initiative came from its president which is exceptional.

as far as the news I read, indeed the government has submitted a bill to legalize bitcoin as a means of payment. if approved, then el salvador will be the first country to legalize bitcoin. and I think for internal problems as you describe of course the rules are a compulsion

Just a correction, it is no El Salvador the first country to legalize bitcoin but they're the first country to declare bitcoin as a legal tender. Being used legally and being declared as a legal tender are different or am I wrong with my understanding, cmiiw. But over all of it, very good news.

[Karartma1]

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!

You know, the day of the inauguration of your business will be the day of closure too after being visited by a gang.

Please spare me from this shit. This is the most stupid comment I've received during my bitcointalk life.
If you wanted to be funny, well you weren't.
I'll take my risks in case and I don't need nobody to patronize me on what could I do or not.
Jeez.

[Vishnu.Reang]

I think this a great move in making Bitcoin a legal currency! But also more regulations will be imposed.

Nothing is official as of yet, and I would be rather cautious. All we have is a statement form the president (Nayib Bukele). A bill needs to be introduced in the parliament and passed, in order for Bitcoin to be declared as legal tender in El Salvador (it should not be a problem for Bukele, as his party is having a majority in parliament). But I will be vary of delaying tactics from the parliamentarians and regulations from the authorities. If in the end they impose all sort of restrictions on the usage of Bitcoin in remittance, then very few people may use it.

[snipie]

-snip-

I feel sad reading your response and I am not kidding or spreading jokes. No need to be so agressive if you didn't recognise the message I told you.
That country has/is one of the most dangerous places in earth. If you really want to open a real business there (not virtual), you better study very well the situation there in addition to the market.
Good luck to whatever project you want to run. I am sorry for the misunderstanding and for thinking about your safety. I might be very influenced by the media and reports I read about the situation there.

Edit: /quote, for obvious reasons.

[Renampun]

...

This news has spread very quickly throughout the world...

we all have to agree that el salvador is the richest country in the world today. I don't know what obstacles the president of el salvador faced when he wanted to ratify this but he has managed to bring his country's reputation very well.

[dkbit98]

Here comes the answer from Unites States as Trump just announced that Bitcoin is a scam, but this looks to me like someone is afraid that other countries may start to do the same as El Salvador.
Russia already removed dollar for all trading, and I am expecting that many other smaller countries will follow example of El Salvador accepting Bitcoin as legal tender and backup currency.
If something like this continue to happen it would be totally unstoppable, and no politician would be able to stop Bitcoin with false claims that it's a scam, because there is no bigger monetary scam than dollar now.
We surely don't need central global government to survive and prosper with Bitcoin.

[worle1bm]

 It is great initiative taken by Nayib Bukele the El Salvador president and great news for all the residents who already are not having much bank accounts for the country population as per reports.This decision has came up in the time btc was struggling with all the FUD in the market and prices were tumbling.They are making it as legal tender which means giving it status of use like fiat and reserve assest instead of fiat and gold.So this can truly have major impact on the other small African nations as well in the coming time.Just HODL your coins safe with you.

[DooMAD]

I'd rather wait for the bill to go through before adding to the hype.  I suspect there are people in this world with vested interests, who occupy positions of power and influence, who would prefer this didn't happen.  If this goes through and other countries did follow suit, it changes certain paradigms.  So it would make sense that anyone who doesn't want those paradigms to shift will react swiftly to this development.  Maybe don't treat it as a foregone conclusion just yet.  There is still time to exert pressure on those in the El Salvador Congress.  Nation states have proven time and again that they aren't above meddling in the affairs of other nations.


//EDIT:  Seems I was being overly pessimistic.  Multiple news agencies are now reporting the bill has passed (9th June 2021).

[JayJuanGee]

I'd rather wait for the bill to go through before adding to the hype.  I suspect there are people in this world with vested interests, who occupy positions of power and influence, who would prefer this didn't happen.  If this goes through and other countries did follow suit, it changes certain paradigms.  So it would make sense that anyone who doesn't want those paradigms to shift will react swiftly to this development.  Maybe don't treat it as a foregone conclusion just yet.  There is still time to exert pressure on those in the El Salvador Congress.  Nation states have proven time and again that they aren't above meddling in the affairs of other nations.

Exactly.  I have felt similar reservations straight from seeing Jack Maller's Miami presentation that included the El Salvador president's statement.  Right from the start Maller and other commenters upon the topic were presenting the matter as if it were a "done deal" - even the President seemed to proclaim that it will be done in the coming week - and I have hardly known any government to get things done that quickly, especially the more complicated the legislation or rule that is going to be passed.

Another devil in the detail matter would be if the President sends over a draft legislation and the congress looks at the matter and decides if they want to pass it "as is" - something like "the sky is blue" would be easy to get agreement, not have any debate and then pass without amendment, but if there are stake holders with varying interest, including potential pressures from outsiders, then surely there might be some considerations regarding whether some of the language of the draft legislation needs to be changed or if they are able to agree to passing the draft exactly as proposed.

So, at this point, we not ONLY have a lot of presumption that whatever was proposed would just go through without modification and then even questions about what is being proposed exactly - though I presume that some links have been shared about what is being proposed.

Surely, I am going to become more interested if something does actually pass (and to see what that is, exactly), and surely surprised if something actually passes this week as seems to be a kind of presumption towards the President's statement that he is "sending something to parliament on the topic this week".. what is he sending exactly?  Did he already send it?  Define this week.

[Republikcoin.com]

Of course this will be a very long process and a doorway to even more complex blockchain elements. All countries can start to observe and evaluate the development of Bitcoin and El Salvador as the country that first made Bitcoin a legal tender.
This study can of course be used as initial data for the implementation of blockchain technology on a wider scale in other countries. I strongly support this.

[acquafredda]

I'd rather wait for the bill to go through before adding to the hype.  I suspect there are people in this world with vested interests, who occupy positions of power and influence, who would prefer this didn't happen.  If this goes through and other countries did follow suit, it changes certain paradigms.  So it would make sense that anyone who doesn't want those paradigms to shift will react swiftly to this development.  Maybe don't treat it as a foregone conclusion just yet.  There is still time to exert pressure on those in the El Salvador Congress.  Nation states have proven time and again that they aren't above meddling in the affairs of other nations.

Exactly.  I have felt similar reservations straight from seeing Jack Maller's Miami presentation that included the El Salvador president's statement.  Right from the start Maller and other commenters upon the topic were presenting the matter as if it were a "done deal" - even the President seemed to proclaim that it will be done in the coming week - and I have hardly known any government to get things done that quickly, especially the more complicated the legislation or rule that is going to be passed.

Another devil in the detail matter would be if the President sends over a draft legislation and the congress looks at the matter and decides if they want to pass it "as is" - something like "the sky is blue" would be easy to get agreement, not have any debate and then pass without amendment, but if there are stake holders with varying interest, including potential pressures from outsiders, then surely there might be some considerations regarding whether some of the language of the draft legislation needs to be changed or if they are able to agree to passing the draft exactly as proposed.

So, at this point, we not ONLY have a lot of presumption that whatever was proposed would just go through without modification and then even questions about what is being proposed exactly - though I presume that some links have been shared about what is being proposed.

Surely, I am going to become more interested if something does actually pass (and to see what that is, exactly), and surely surprised if something actually passes this week as seems to be a kind of presumption towards the President's statement that he is "sending something to parliament on the topic this week".. what is he sending exactly?  Did he already send it?  Define this week.

I have to agree, indeed, too. I have always been told to look for the catch in anything because most of the times there is always a catch. Maybe this is the time in which there is not but better wait some more before having to re-think our enthusiasm. It happened with Elon too.

[CaVO32]

Of course this will be a very long process and a doorway to even more complex blockchain elements. All countries can start to observe and evaluate the development of Bitcoin and El Salvador as the country that first made Bitcoin a legal tender.
This study can of course be used as initial data for the implementation of blockchain technology on a wider scale in other countries. I strongly support this.

Anyway, if they fail, they can always go back to where they are. No harm done. But people will now be open to other possibilities when they start to orient themselves with crypto. Maybe, find another means how to earn money on their own. Because during this pandemic, a lot of people rely on crypto market to earn a lil bit of income like doing these bounty programs, participating on crypto tasks, getting airdrop, doing programming works and the likes, selling their artworks via NFTs, and many other things. This will open more jobs to people and so it will help their economy in return.

[JayJuanGee]

Of course this will be a very long process and a doorway to even more complex blockchain elements. All countries can start to observe and evaluate the development of Bitcoin and El Salvador as the country that first made Bitcoin a legal tender.
This study can of course be used as initial data for the implementation of blockchain technology on a wider scale in other countries. I strongly support this.

Anyway, if they fail, they can always go back to where they are. No harm done. But people will now be open to other possibilities when they start to orient themselves with crypto. Maybe, find another means how to earn money on their own. Because during this pandemic, a lot of people rely on crypto market to earn a lil bit of income like doing these bounty programs, participating on crypto tasks, getting airdrop, doing programming works and the likes, selling their artworks via NFTs, and many other things. This will open more jobs to people and so it will help their economy in return.

They are talking about bitcoin, so you seem to be making a lot of assumptions that various shitcoins and shitcoin projects are going to be able to flourish there, which might not be incorrect, but seems that you are both going quite a ways beyond the announcement in terms of seeming to mostly be focusing on bitcoin and lightning network at the moment.. and surely more directly from those developments some shitcoins are likely to try to come into the space too.. so it could be interesting if there are attempts to protect citizens from various shitcoin related scams.. which is sometimes hard to do and also can be seen in the bitcoin space that a lot of shitcoins do leech off of bitcoin and try to present themselves as offering something of actual value... but can do so because bitcoin does provide some level of legitimacy to the whole space and then the shitcoiners can come in and act like they are either the same thing or something similar.

[OROBTC]

...

Peru might be next, but NOT as legal tender.  Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election.  Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city.  It is horrible what is happening there.  They use BTC (and another crypto, Dash?) more than one would expect.  In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them.  Bitcoin would help Peru in such dire circumstances, but not that much.

[Kasabus]

Of course this will be a very long process and a doorway to even more complex blockchain elements. All countries can start to observe and evaluate the development of Bitcoin and El Salvador as the country that first made Bitcoin a legal tender.
This study can of course be used as initial data for the implementation of blockchain technology on a wider scale in other countries. I strongly support this.

Anyway, if they fail, they can always go back to where they are. No harm done. But people will now be open to other possibilities when they start to orient themselves with crypto. Maybe, find another means how to earn money on their own. Because during this pandemic, a lot of people rely on crypto market to earn a lil bit of income like doing these bounty programs, participating on crypto tasks, getting airdrop, doing progring works and the likes, selling their artworks via NFTs,  and many other things. This will open more jobs to people and so it will help their economy in return.

But if the bill passes the congress, then it will be a big hit for bitcoin and the whole crypto market will definitely be in bullish season. If not, they will surely end up another means to sustain their needs aside from bitcoin.

I'm impressed on how open minded the President is. I see he's a good leader because his citizens comes first in him and the fact that he believes in bitcoin when most of the governments refuse to adopt, he must be one thing of a kind.

[yazher]

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.

The easiest way is when they don't use the bank anymore if they have any local exchanges in their country to fully support it. I think the first who will introduce that to their country will be the most used exchanges throughout the years just like our local exchanges Coins. but they need to create convenient and user-friendly crypto exchanges that would give their clients the next crypto experience they could on their first transactions.

[bitterguy28]

...

Peru might be next, but NOT as legal tender.  Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election.  Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city.  It is horrible what is happening there.  They use BTC (and another crypto, Dash?) more than one would expect.  In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them.  Bitcoin would help Peru in such dire circumstances, but not that much.

Thanks to Peru if they will add this to their Legal tender.

But as far as i know , it is not El Salvador who had Bitcoin as legal tender instead it is Japan .

[bbc.reporter]

...

Peru might be next, but NOT as legal tender.  Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election.  Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city.  It is horrible what is happening there.  They use BTC (and another crypto, Dash?) more than one would expect.  In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them.  Bitcoin would help Peru in such dire circumstances, but not that much.

Agreed and this would turn bitcoin more into a political tool to bring nations together against an oppressor. I reckon from the history of some South American countries, we know who this oppressor is hehe.

I thought bitcoiners’ laser eyes was larpy, however, what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool hehe. This is from El Salvador president’s twitter account.