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

[Vishnu.Reang]

The best part about this thread is that the word "first" is included in it.  While Paraguay, Brazil, & Mexico all are likely to see some sort of bill put together involving Bitcoin it looks like next up for full adoption may be Panama.  I don't have any inside information or anything like that, but from what I've read it appears that Panama may see adoption of Bitcoin as legal tender before the end of the year.  I can only imagine things may accelerate from there, especially if adoption by these counties is showing a positive effect on their population.

This is the first time I am hearing about Panama. If they make Bitcoin as the legal tender, then it is going to be huge. Panama's case is not similar to El Salvador, as they have their own currency (Panamanian balboa). In El Salvador's case, the rollout was easy because the national currency (Salvadoran Colon) existed only in documents and the US Dollar was trade currency inside the country. And that is the significance here. If a country places Bitcoin at the same level as it's national currency, then it is a huge boost for Bitcoin.

But then again, how reliable is your news?

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[mycryptocoin]

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

It's going to bring bitcoin adoption to millions of people who may have otherwise not chosen to engage in the crypto space. This can only be a good thing for bitcoin and for crypto in general.

[ropyu1978]

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

it's true as you said my friend, this is a new step for bitcoin, because el salvador has become the first country to make bitcoin legal tender, over time bitcoin is getting more and more interested by everyone, even countries have started to think about how to get profit through bitcoin, maybe in the future there will be many countries that legalize bitcoin..

[bryant.coleman]

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

This is true, but it does not seem that the people of El Salvador support this idea.

How can you be so sure? One or two opinion polls involving a few hundred people is not enough to gauge the public mood regarding cryptocurrency in El Salvador. If I am not wring, the rollout hasn't begun yet. How can someone oppose a measure, when they don't have first time experience about it? That means that they are going by the rumors that are circulating around. And I heard news from some of the Latin American countries as well, regarding the acceptance by the governments there. I am feeling quite optimistic right now.

[wavessurfing]

I think it's a massive move from El Salvador. It will be a blast if the government approves it to the congress. Without a doubt it’s a big step for BTC too.

This is true, but it does not seem that the people of El Salvador support this idea.

How can you be so sure? One or two opinion polls involving a few hundred people is not enough to gauge the public mood regarding cryptocurrency in El Salvador. If I am not wring, the rollout hasn't begun yet. How can someone oppose a measure, when they don't have first time experience about it? That means that they are going by the rumors that are circulating around. And I heard news from some of the Latin American countries as well, regarding the acceptance by the governments there. I am feeling quite optimistic right now.

salvador seems to have a good leader team, will get btc legal tender, but also a modernized country.
i am judging that from outside...

[estenity]

salvador president going on with his BTC project
so 14 salvadoran officials have been sanctioned by us

https://twitter.com/nayibbukele/status/1428802786054004748

[estenity]

other alts arriving at the same time: LTC, BCH ?

https://www.reddit.com/r/btc/comments/pakuhg/bitcoincash_is_also_there/

[Daltonik]

On September 7, a law on recognizing bitcoin as a legal means of payment came into force in El Salvador, President of El Salvador Nayib Bukele said on Twitter, El Salvador has already purchased 550 BTC.  https://www.coindesk.com/policy/2021/09/07/bitcoin-now-legal-tender-in-el-salvador-marking-world-first/

[Coin-1]

On September 7, a law on recognizing bitcoin as a legal means of payment came into force in El Salvador, President of El Salvador Nayib Bukele said on Twitter, El Salvador has already purchased 550 BTC.

Undoubtedly, this is another landmark in the history of Bitcoin. I'm almost sure the government of El Salvador made the right decision. I believe that these 550 BTC which were purchased at the current price of 45000 USD will double their dollar value over the next four years. Nayib Bukele is a great Bitcoin proponent.

Now El Salvador has begun to diversify its financial assets and reserves. Perhaps other countries will follow suit. I think the International Monetary Fund is unlikely to help them with this.

[Vishnu.Reang]

Undoubtedly, this is another landmark in the history of Bitcoin. I'm almost sure the government of El Salvador made the right decision. I believe that these 550 BTC which were purchased at the current price of 45000 USD will double their dollar value over the next four years. Nayib Bukele is a great Bitcoin proponent.

Now El Salvador has begun to diversify its financial assets and reserves. Perhaps other countries will follow suit. I think the International Monetary Fund is unlikely to help them with this.

The International Monetary Fund (IMF) is a fiat-based organization. It will be ridiculous to expect them to approve this initiative. And this is also the reason why I was surprised when El Salvador asked the World Bank to help them with the implementation of Bitcoin as the legal tender. IMF, World Bank.etc are organizations that deal with fiat currency. What is the point in asking them to get involved with cryptocurrency?

Now regarding the Bitcoin purchase by El Salvador, in the long term it will obviously bring benefits for them. But I am more worried about short term fluctuations. The next presidential election is due in 2024. Hopefully BTC will be in six digits by then.

[JayJuanGee]

Undoubtedly, this is another landmark in the history of Bitcoin. I'm almost sure the government of El Salvador made the right decision. I believe that these 550 BTC which were purchased at the current price of 45000 USD will double their dollar value over the next four years. Nayib Bukele is a great Bitcoin proponent.

Now El Salvador has begun to diversify its financial assets and reserves. Perhaps other countries will follow suit. I think the International Monetary Fund is unlikely to help them with this.

The International Monetary Fund (IMF) is a fiat-based organization. It will be ridiculous to expect them to approve this initiative. And this is also the reason why I was surprised when El Salvador asked the World Bank to help them with the implementation of Bitcoin as the legal tender. IMF, World Bank.etc are organizations that deal with fiat currency. What is the point in asking them to get involved with cryptocurrency?

Now regarding the Bitcoin purchase by El Salvador, in the long term it will obviously bring benefits for them. But I am more worried about short term fluctuations. The next presidential election is due in 2024. Hopefully BTC will be in six digits by then.

I have hardly any clue about the various matters that a world leader has to consider, but off-the-top of my head, it seems that strategically and in the spirit of openness, it would have been a good thing for El Salvador to formally ask for assistance, even if they already expected that the chances of actually getting assistance was going to be quite low.. maybe in the less than 30% odds (am I being too charitable) of getting some kind of a favorable response, but El Salvador still may have been served well by having had formally asked.

[Daltonik]

Javier Argueta, legal adviser to the President of El Salvador, reports that the government of El Salvador will exempt foreign investors from capital gains tax and approach tax on transactions with bitcoin. ""If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment"- states Javier Argueta.  https://news.yahoo.com/foreign-investors-exempt-tax-bitcoin-202653347.html

[Rizzrack]

Javier Argueta, legal adviser to the President of El Salvador, reports that the government of El Salvador will exempt foreign investors from capital gains tax and approach tax on transactions with bitcoin.

Damn !
First they announce volcano steam powered BTC mining hubs, now tax exempt... hope they have enough "volcano" for all the ASICS sailing their way 

[DdmrDdmr]

Here are the latest information updates for today from @Bukele’s twitter account (translated by me):

1.   95% of Chivo Wallet’s technical errors have been corrected. It should be 100% functional over the next few days.

2.   The 200 Chivo ATMs in El Salvador are working perfectly well, as are the 50 Chivo ATMs in USA.

3.   There are 51 Chivo information centers, 100% functional.

4.   There are Chivo ATMs in USA (which can be used to recharge without paying any comissions), where the local legislation allows for it: Los Angeles, San Francisco, El Doral, Atlanta, Chicago, Dallas, El Paso, Houston, Laredo, McAllen.

5.   The option to recharge using a credit/debit card will be enabled from tomorrow onwards.

You’ll be able to recharge your @chivowallet with any credit, debit or gift card, anywhere in the world, and not paying a single cent in commissions.

6.   New registers are not enabled, nor is the app download on new phone models.
Both of these features will be enabled when the app is error free (it will take a couple more days).

7.   We’ve currently got over half a million users.

8.   There are more businesses every day that accept payments in #Bitcoin or dollars, using other apps as well as @chivowallet.

9.   Some (user) profiles are blocked due to errors during the registry process (it was incomplete), when the app still had issues. These users will be deleted in order to allow them to re-register, once their user is made newly available.

10.   Those that have has issues transferring balance to banks or making payments, will be contacted by our technical team, once the interconnection to the bank has been resolved.

This will take one or two days, but all the balances are registered and guaranteed.

11.   The minimum $5 in #bitcoin for transactions to other wallets has been eliminated. The new minimum is $0.01.

12.   We are working with more businesses to offer additional benefits (such as discounts or special products) to @chivowallet users.


We set the challenge too high (launching everything in a three month period) and we made errors, but we are now correcting them and hundreds of millions of Salvadorans CAN NOW use their @chivowallet without any problems.

Soon, all those that wish to, will be able to enjoy their benefits.

So on to use your @chivowallets!

Those that can. Those that cannot will need to wait, but it will be worth while. We’re working on creating a user experience that gets better all the time.

Also to provide more benefits.

And remember that its usage is OPTIONAL.

Needless to say that the above, on twitter, does not tend to be as clear as it should be, and more thorough explanations would be appreciated, at least by us outsiders. Local context would probably be needed to fully understand some of the above comments.

I read about some articles complaining about some grave functional issues to get some context (although the source I believe is sponsored by the opposition):
https://translate.google.com/translate?sl=es&tl=en&u=https://www.elsalvador.com/noticias/negocios/criptomonedas-nayib-bukele/878661/2021/

[wavessurfing]

El Salvador seems to be one step ahead of other countries.  I believe the government of el salvador has analyzed bitcoin so that el salvador can accept bitcoin for legal payment options.  In addition, El Salvador also proved that bitcoin could be useful for the payment system there

yes, first experience in real terms of bitcoin use.
This probably illustrates the need of something like lightning network for practical use.

[Daltonik]

Not all residents of El Salvador approve of President Bukele's policy of legalizing bitcoin, so radical opponents of bitcoin burned a bitcoin ATM during protests in the capital of the country, San Salvador, many were in fitballs with the inscription "No to bitcoin".  https://apnews.com/article/technology-elections-bitcoin-nayib-bukele-el-salvador-b4ca6f06417074dbd254a205a452b426

[Daltonik]

The President of El Salvador, Nayib Bukele, said on twitter that after the bitcoin price fell to $45,000, the government acquired another 150 BTC and now owns 700 BTC.

[DdmrDdmr]

I haven’t seen it around clearly exposed, but I figure that those 700 BTCs are meant to back the existing BTCs within the Chivo system, and not so much intended to hold as part of the countries reserves. With now over 1,1 Million Chivo wallet users, presumably nearly all will have redeemed their 30$ in bitcoin voucher, so the 700 BTCs kind of backs current redemptions (roughly, give or take).

[chichigirl]

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.

"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.

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

Bitcoin price will surely increase and become more popular since other countries already legalize bitcoin. Let us see how the people of El Salvador will react about it and how they will adopt with the crypto currency.

[Daltonik]

More and more people understand the value and usefulness of using bitcoin, so the official crypto wallet of the government of El Salvador Chivowallet is already actively used by 2.1 million residents of this country who have joined in the last 3 weeks, according to the statement of the president of the country
Nayib Bukele has more customers than all the banks in El Salvador combined.