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Author Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻  (Read 33468 times)
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November 26, 2022, 11:22:32 PM
 #1021

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead from other countries. Good job on Bukele and other officials that are part of this bold move and process.

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November 28, 2022, 07:28:49 PM
 #1022

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead of other countries. Good job on Bukele and other officials that are part of this bold move and process.
El Salvador has been at the forefront of global Bitcoin adoption, and recent data show a tremendous increase and growth in the tourism sector of El Salvador and this is kudos to Bitcoin adoption since the tourism sector is one of the first targeted sectors for bitcoin usage and that move has attracted many tourists to El Salvador and using Bitcoin at the Bitcoin beach in El Salvador has also increase recently.
I saw the news about El Salvador having a new bitcoin national office.
I have not come across in the news where a Bitcoin office is mentioned in all the discussions on El Salvador's Bitcoin adoption, I am curious to know how the office look and what are their functions in the office, is it like an El Salvador Bitcoin bank, I see as an unnecessary thing at this point.
The main focus for El Salvador right now is how to promote the wider adoption of bitcoin by the general population within el Salvador and how to build a positive attitude among the citizens toward bitcoin.

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November 29, 2022, 11:09:37 AM
Merited by JayJuanGee (1)
 #1023

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead from other countries. Good job on Bukele and other officials that are part of this bold move and process.
Not only that, the steps they took to build El Salvador and the city of Bitcoin within the country of El Salvador. But the Bukele Government has also introduced a bill to launch 'Bitcoin bonds' this month which of course is to advance the country of El Salvador. So that the government continues to make efforts to make step by step for El Salvador who will continue to regard Bitcoin as very important for them now and in the future.

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November 29, 2022, 11:50:55 AM
 #1024

Not only that, the steps they took to build El Salvador and the city of Bitcoin within the country of El Salvador. But the Bukele Government has also introduced a bill to launch 'Bitcoin bonds' this month which of course is to advance the country of El Salvador. So that the government continues to make efforts to make step by step for El Salvador who will continue to regard Bitcoin as very important for them now and in the future.

It is better to borrow Bitcoin when active bull trend. Borrowing cheap money to return more expensive ones is a risky idea. That's one of ideas of inflationary fiat currencies: they are always cheaper in the future, so you always borrow expensive money today and repay cheap money tomorrow.

Bitcoin is deflationary and if you borrow at the bear market then you borrow cheap money and will need to return the risen in price.

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Doan9269
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November 29, 2022, 01:24:42 PM
 #1025

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead from other countries. Good job on Bukele and other officials that are part of this bold move and process.

Right from the beginning I'd got the idea with El-Savador's kind of determination to present something new which they always bids for and the results are already evident in it bitcoin adoption, if you take a look on the nees that sorrounds it starting from the bitcoin volcanic bond, bitcoin beach, bitcoin free zone, bitcoin educational free materials, bitcoin tourism, bitcoin investments and so many other interesting things to look upon that has place El-Savador's adoption on a upper edge to develop more means in the settlement of it accrued debts, things were already working as expected and perfectly secured through it adoption because there have been several opportunities that comes along with it, now that it's buying bitcoin per day is another unique step to help achieve part of its remaining goals for the year and beyond.
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November 29, 2022, 10:51:16 PM
Merited by JayJuanGee (1)
 #1026

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead of other countries. Good job on Bukele and other officials that are part of this bold move and process.
El Salvador has been at the forefront of global Bitcoin adoption, and recent data show a tremendous increase and growth in the tourism sector of El Salvador and this is kudos to Bitcoin adoption since the tourism sector is one of the first targeted sectors for bitcoin usage and that move has attracted many tourists to El Salvador and using Bitcoin at the Bitcoin beach in El Salvador has also increase recently.
Well, those stats don't lie and the other nearby countries might get some inspiration with what they've done. More over, if the stats will be better by next year, I guess that there will be more countries that will get to imitate the strategy of El Salvador through their adoption of bitcoin.

I have not come across in the news where a Bitcoin office is mentioned in all the discussions on El Salvador's Bitcoin adoption, I am curious to know how the office look and what are their functions in the office, is it like an El Salvador Bitcoin bank, I see as an unnecessary thing at this point.
The main focus for El Salvador right now is how to promote the wider adoption of bitcoin by the general population within el Salvador and how to build a positive attitude among the citizens toward bitcoin.
Well, I don't know mind about how the office looks like but it's like an agency that will focus more with their bitcoin activities and purchases and stuff like that.

Not only that, the steps they took to build El Salvador and the city of Bitcoin within the country of El Salvador. But the Bukele Government has also introduced a bill to launch 'Bitcoin bonds' this month which of course is to advance the country of El Salvador. So that the government continues to make efforts to make step by step for El Salvador who will continue to regard Bitcoin as very important for them now and in the future.
Very great move by them. Aside from having bank and government bonds, this is what they're working on. I know that still many are confused how it works but eventually, most of their citizens will be the first one to get all the resources and will be educated things about bitcoin.

Right from the beginning I'd got the idea with El-Savador's kind of determination to present something new which they always bids for and the results are already evident in it bitcoin adoption, if you take a look on the nees that sorrounds it starting from the bitcoin volcanic bond, bitcoin beach, bitcoin free zone, bitcoin educational free materials, bitcoin tourism, bitcoin investments and so many other interesting things to look upon that has place El-Savador's adoption on a upper edge to develop more means in the settlement of it accrued debts, things were already working as expected and perfectly secured through it adoption because there have been several opportunities that comes along with it, now that it's buying bitcoin per day is another unique step to help achieve part of its remaining goals for the year and beyond.
I think it all started with the bitcoin beach and it's done by a volunteer until it has fluorished and got the attention not just by its citizens and tourists but by their president and its government. We see here the little steps that's being done going into bigger moves that's giving the entire world the impact from this little nation which will soon be seen by most countries.

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November 29, 2022, 11:15:29 PM
Merited by JayJuanGee (1)
 #1027

I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead of other countries. Good job on Bukele and other officials that are part of this bold move and process.
El Salvador has been at the forefront of global Bitcoin adoption, and recent data show a tremendous increase and growth in the tourism sector of El Salvador and this is kudos to Bitcoin adoption since the tourism sector is one of the first targeted sectors for bitcoin usage and that move has attracted many tourists to El Salvador and using Bitcoin at the Bitcoin beach in El Salvador has also increase recently.
I saw the news about El Salvador having a new bitcoin national office.
I have not come across in the news where a Bitcoin office is mentioned in all the discussions on El Salvador's Bitcoin adoption, I am curious to know how the office look and what are their functions in the office, is it like an El Salvador Bitcoin bank, I see as an unnecessary thing at this point.
The main focus for El Salvador right now is how to promote the wider adoption of bitcoin by the general population within el Salvador and how to build a positive attitude among the citizens toward bitcoin.
The thing here is that they do really took a shot and decided to make Bitcoin as a legal tender and the rest is just a random or presumption that it would really be affecting their tourism area or part

which it really did.Despite on getting lots of criticisms or simply those critics basing up on the decision that they had made but still they are really that trying to move forward as much as they could.

It is really just something good to look at on what they have done even on a very bear market.It seems that they dont really care if its value would be going down and rather they do
just keep on purchasing on these dips which is something a decision which cant really be done by other countries which it does take lots of courage and risk taking
as a President. If this one turns out to be ending up positive then we do know on how successful El Salvador would be.

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November 30, 2022, 10:31:28 AM
Merited by JayJuanGee (2), Lucius (1), jokers10 (1)
 #1028

Below is an interesting read on some of the inner problems with the Chivo Wallet, mostly dating back to the initial days, but which presumably cost the Salvadorian government a pretty penny.

The articles below referenced, depict excerpts from Shaun Overton's testimony in a US court (Northern District Court of Texas). Overton’s company was hired by the Salvadorian government, later by Athena, to fix some of the early issues on the Chivo System in 2021. The testimony in the US Court is part of a claim against Athena for lack of payment for the rendered services, but it shines a light on some of the early faults.

Amongst the cited faults, some that we knew of, and some that I don’t recall reading before, lies a massive fault in the KYC procedure, which lead to paralyzing the procedure after just receiving 150 petitions, following its crash. That lead to the initial days having no real effective KYC being carried out, facilitating thousands and thousands of fake accounts to be created, claiming the 30$ bonus, using other people’s ID number and names to do so, with no verification to the person. Overall, Overton estimates 10%-20% of the created accounts to be fraudulent, effectively stealing between 12M$ and 24M $ from the Chivo System. The figure seems far a bit of a stretch to me, but that’s the estimate declared in the testimony.

Other interesting faults that came at a cost, that ring a bell to me were:

-   BTC/USD rates were fixed for minute intervals, allowing people to skim earings through arbitrage.

-   A coder managed to introduce a 1:1 BTC/USD pair value overnight by mistake, and although the night favoured people not being able to cash-out or transfer the erroneous operations performed with the said 1:1 parity, some managed to skim some off through LN TXs.
Although this was, for the most, really on the books of the Chivo System (no fiat TXs nor onchain involved), it did virtually (so as to say) cause El Salvador to become insolvent (around 180000 $ were trades for 180000 BTCs, with over 10 billion $ conceptual market value).


See (GT articles):

https://www-no--ficcion-com.translate.goog/project/us12millones-hurto-chivo-wallet?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
https://www-elsalvador-com.translate.goog/noticias/negocios/chivo-wallet-empresa-fraudes-bitcoin-nayib-bukele/1020228/2022/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

The former is a Guatemalan article, therefore numbers expressed with a prefix Q are in their local currency (Quetzals). The latter is a regular source for Salvadorian information, and references the former to derive its content.

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November 30, 2022, 07:01:45 PM
Merited by fillippone (2), JayJuanGee (1)
 #1029

...........
What was the fault? The businessman's explanation is that the error was generated "when the Know Your Client system provider ( Know your client ) was blocked after the first 150 users were registered in the wallet. Those responsible for Chivo did not unsubscribe the system from to fix the bug. They decided the wallet needed to stay online for new users to sign up, so they opted to eliminate the Know Your Client process entirely, "the post reads.

The KYC failure was precisely the one that the Colombian businessman Arley Lozano, responsible for the development of the Chivo Wallet application, pointed out as the main cause of the chain of errors that the platform showed and that basically the verification of the identity of the person who registered to receive the $ 30 bonus offered by the government, as he recently reported in an interview with the digital media  Factum Magazine .
This shows the flaws of the app developer that cost the El Salvador government a huge amount and from the above-quoted part of the interview it shows that the fault is totally on that of the developer, and he should take responsibility for the loss, how can their suspend Know your client procedure for a centralized wallet like chivo and since there was no identity behind any of the abuser accounts to abused the $30 welcome bonus there are free and can spend the $24 million stolen through the chivo wallet KYC deactivation.
This is a pour technical failure for the app developer and based on the contract, the company is liable and should make a refund of all the money lost back to the government.
This system failure looks much like an insider job to me since after just 150 wallets a system developed to accommodate all the number of El Salvador citizens onboard the bitcoin network through the government own chivo wallet can not just crash after a few hundred of accounts the story is not clear to me, and more investigation should be done on this case since the incident have affected the country revenue negatively and made the general El Salvador bitcoin adoption look as a set back for the country instead of it being an advantage.

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December 01, 2022, 03:17:28 AM
 #1030

Quote from: tabas
I saw the news about El Salvador having the new bitcoin national office. From the very start, they have been doing  bold move and they are only showing that they are stepping up ahead from other countries. Good job on Bukele and other officials that are part of this bold move and process.

El Salvador government is doing well for this great opportunity their president embraced to made Bitcoin real in the land so that their citizens can make a bold move on how to improve higher in profits making in the country through Bitcoin. El Salvador government has build many infrastructures in the country through the help of Bitcoin, and also create a good environment for the bitcoiners to acquire Bitcoin certificate that will make people to identify them as a potential bitcoiners in the country. I think, with time El Salvador country will be among the developed countries in the world, because of this digital currency their government made available for the country.

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December 01, 2022, 08:19:09 AM
Merited by JayJuanGee (1)
 #1031

So maybe Brazil will be next after El Salvador? On November 29, 2022, the Chamber of Deputies of Brazil adopted a law (PL 4401/2021) on the legalization of cryptocurrency as a payment method and is now waiting for the approval of the President of the Republic, Jairo Bolsonar.

https://cointelegraph.com/news/brazil-passes-law-to-legalize-crypto-as-a-payment-method
https://www.camara.leg.br/proposicoesWeb/fichadetramitacao?idProposicao=1555470&fichaAmigavel=nao
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December 01, 2022, 10:03:37 AM
Merited by JayJuanGee (1)
 #1032

<…>
I don’t really believe it will be, though these first steps are important paving stones that in the long run could lead in that direction. Nevertheless, as I pointed our in another thread recently:

It sounds positive in general terms, though it’s not going to be considered Legal Tender <…>. It establishes a regulatory framework whereby bitcoin is recognized as a digital representation of value, and will therefore be permitted to be legally used as a means of payment (and investment).

To point out a clear difference between this consideration and that of El Salvador, El Salvador requires all business to accept bitcoin for a commercial transaction of goods and services, whilst Brazil will, I presume, require both parties to agree to accept it for a given commercial/goods TX (i.e. not mandatory throughout the country).
Once approved, we’d still need to see the detailed framework of application and try to read some insights on its usage as a means of payment, but I wouldn’t get too excited about it for now.

Note: The law is also going to bring regulation to Exchanges and such that can operate in Brazil, so it goes beyond being a framework for payments to be settled in.

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December 01, 2022, 12:12:53 PM
Merited by JayJuanGee (1)
 #1033

...
made the general El Salvador bitcoin adoption look as a set back for the country instead of it being an advantage.

No one is immune to making different mistakes and implementing a new kind of money as a national currency is a technically complex process. We can see some difficulties while it, but benefits are going to be revealed with again and again with time: cheaper money transfers for labor migrants from abroad can give more money for economy of a country and not for transboundary financial companies; direct access to an online bank like system for majority which has no access to banks will IMO make positive impact on economy also. And we'll see more benefits in the future. So right, there are difficulties, and it is good that we know about them, but we should compare them with the benefits to make a decision.

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December 01, 2022, 12:32:14 PM
 #1034

The government of El Salvador is a creative thinker. He legitimized Bitcoin for his country and people. If such a thinking government is established in every country, the country will prosper, the people of the country will be freed from unemployment and the popularity of Bitcoin will increase. In the creative thinking of the government of El Salvador, he is tourism.in the sector introduced the use of Bitcoin, which really surprised the world. This thing has also become most attractive to tourists.

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December 01, 2022, 12:46:33 PM
 #1035

The government of El Salvador is a creative thinker. He legitimized Bitcoin for his country and people. If such a thinking government is established in every country, the country will prosper, the people of the country will be freed from unemployment and the popularity of Bitcoin will increase. In the creative thinking of the government of El Salvador, he is tourism.in the sector introduced the use of Bitcoin, which really surprised the world. This thing has also become most attractive to tourists.
Before legalizing  Bitcoin as payment currency I think El Savador have ideas how increasing tourism sector and accepted Bitcoin as currency transaction make tourist easy without need convert their cash money. Currently proven by the number of tourists visiting El Salvador increased dramatically after Bitcoin was legalized. Have little weakness and bad moment choosing by El Savador government because they have been legalize and invested with Bitcoin when reaching all time high price. Have possibility for Bitcoin back to higher price but El Savador have reach their goals by increasing tourism sector and become new destination become country income.

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December 01, 2022, 12:50:42 PM
Merited by JayJuanGee (2)
 #1036

It seems that a petition filed in 2021 for the Court of Accounts of El Salvador to look into the purchases of bitcoin made by the country, alongside some of the initial contracts related to the Chivo System, will finally see the light … at some point in during 2023 (*) …

That should lead to an internal audit from the Court of Accounts, on the way public money was spent in relation to the above (now people have to take it for granted), and it constitutes a first step into being able to actually take a peek behind the curtains at formal figures being spent, and their origin. Let’s see if the audit eventually gets carried out, and made somewhat available to the public …

See (GT):
https://www-elsalvador-com.translate.goog/noticias/nacional/corte-de-cuentas-chivo-wallet-cristosal-bitcoin-/1020458/2022/?_x_tr_sl=pt&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

(*) They seem to need to enhance the audit team to perform the task, as per the notification received from the Court of Accounts on the matter.

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Rigon
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December 01, 2022, 11:17:58 PM
 #1037

El Salvador has become a great person all over the world for the great work he has done by introducing the use of Bitcoin in his country. He is a really creative thinker. The thought of how to advance his country has awakened in him. Introduced the use of Bitcoin in various sectors. Again in this dumping moment he bought and accumulated a lot of bitcoins. Thanks to the creativity of the government of El Salvador, its country will become one of the developed countries.
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December 01, 2022, 11:59:19 PM
 #1038

El Salvador President Nayib Bukele have become a great person all over the world for the great work he has done by introducing the use of Bitcoin in his country. He is a really creative thinker. The thought of how to advance his country has awakened in him. Introduced the use of Bitcoin in various sectors. Again in this dumping moment he bought and accumulated a lot of bitcoins. Thanks to the creativity of the government of El Salvador, its country will become one of the developed countries.
President Nayib Bukele have made decisions thinking about the future prospects bitcoin bring to the country. People and professionals around the world criticised, but he took it thinking wider. What he made became history and the same have now begun to be the stepping stone for other countries.

Brazil's government have passed law to use bitcoin as legal tender within the country. Surely the government would've watched what El Salvador have done. What is the difference the country have experienced after the adoption of bitcoin. In the past we had Laszlo Hanyecz, the pizza guy to give value for bitcoin with the purchase of pizza in exchange for 10000BTC. Now President Nayib Bukele have taken it to the next level with the same being announced as the currency of the country.

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December 02, 2022, 03:14:25 AM
 #1039

...
Brazil's government have passed law to use bitcoin as legal tender within the country.
...

It didn't, Bitcoin is permitted to use in Brazil with this legislation act but not made a legal tender. So companies can accept payments in Bitcoin on their choice but they are not made to do it. IMO it is good as permissive legislation at my point of view is the best way of global Bitcoin adoption. Copying El Salvador's experience for other countries is not mandatory to achieve good results.

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wmaurik
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December 02, 2022, 04:54:09 PM
 #1040

Very great move by them. Aside from having bank and government bonds, this is what they're working on. I know that still many are confused how it works but eventually, most of their citizens will be the first one to get all the resources and will be educated things about bitcoin.
Education about Bitcoin will indeed be carried out by those who have legalized crypto and Bitcoin if everything needed by the government is complete and I am sure that several countries that have adopted and legalized crypto and Bitcoin are getting more attention and experiencing progress in their economic sector. Several other countries in the Americas will also make considerations to imitate and follow in the footsteps of El Salvador as happened in the example of Brazil now.

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