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

[madnessteat]

El Salvador seeks SEC approval for cross-border crypto sandbox

Among the many positive decisions that El Salvador has made since its approval of Bitcoin to date, the most recent is its submission of a proposal to the Securities Exchange Commission for permission to establish a crypto sandbox. They are committed to ensuring the free use of Bitcoin in their own country and to extending their services beyond their borders to other countries. If the crypto sandbox gets permission and approval, it will definitely provide a free transaction system abroad, a low-cost transaction system, and even find an easy way to solve all economic problems.

Crypto Sandbox details: Read please

I don't think launching a crypto sandbox in El Salvador will solve all the economic problems. El Salvador has a huge national debt. As far as I know about 25-30% of GDP is remittances from abroad (mainly from Salvadoran migrants living in the US). Energy prices also have a noticeable impact on El Salvador's economy, and climate factors affect the agricultural sector. So hoping that the crypto sandbox will solve all of El Salvador's problems is not quite right, as there are too many variables that cannot be controlled, but in my opinion El Salvador is moving in the right direction.

[MainIbem]

El Salvador seeks SEC approval for cross-border crypto sandbox

Among the many positive decisions that El Salvador has made since its approval of Bitcoin to date, the most recent is its submission of a proposal to the Securities Exchange Commission for permission to establish a crypto sandbox. They are committed to ensuring the free use of Bitcoin in their own country and to extending their services beyond their borders to other countries. If the crypto sandbox gets permission and approval, it will definitely provide a free transaction system abroad, a low-cost transaction system, and even find an easy way to solve all economic problems.

Crypto Sandbox details: Read please

I don't think launching a crypto sandbox in El Salvador will solve all the economic problems. El Salvador has a huge national debt. As far as I know about 25-30% of GDP is remittances from abroad (mainly from Salvadoran migrants living in the US). Energy prices also have a noticeable impact on El Salvador's economy, and climate factors affect the agricultural sector. So hoping that the crypto sandbox will solve all of El Salvador's problems is not quite right, as there are too many variables that cannot be controlled, but in my opinion El Salvador is moving in the right direction.

You don't expect it to solve their economic problems immediately, it's a gradual process that could help clear their national dept and help them be debt free or almost in the future, atleast they've taken a bold step that would be very beneficial to their economy on the long run, it's better than doing nothing moreover every since they declared their interest and even adopted Bitcoin we've seen some changes, good for them, they've got a hard working president that's crypto friendly and open to new development, he's fighting to set things right and has tackled one of the major issues which was crime and security issues, hopefully with the help of crypto they'll gradually solve the countries financial issues.

[avp2306]

El Salvador seeks SEC approval for cross-border crypto sandbox

Among the many positive decisions that El Salvador has made since its approval of Bitcoin to date, the most recent is its submission of a proposal to the Securities Exchange Commission for permission to establish a crypto sandbox. They are committed to ensuring the free use of Bitcoin in their own country and to extending their services beyond their borders to other countries. If the crypto sandbox gets permission and approval, it will definitely provide a free transaction system abroad, a low-cost transaction system, and even find an easy way to solve all economic problems.

Crypto Sandbox details: Read please

I don't think launching a crypto sandbox in El Salvador will solve all the economic problems. El Salvador has a huge national debt. As far as I know about 25-30% of GDP is remittances from abroad (mainly from Salvadoran migrants living in the US). Energy prices also have a noticeable impact on El Salvador's economy, and climate factors affect the agricultural sector. So hoping that the crypto sandbox will solve all of El Salvador's problems is not quite right, as there are too many variables that cannot be controlled, but in my opinion El Salvador is moving in the right direction.

Why you came unto that conclusion about solving all their economic problems? crypto sandbox is just another business model which is been planned to launch in El Salvador. It maybe not solve their all economic problems but for sure it will bring lots of impact on business industry since if they would succeed on this then there's huge chance that there would be a lot more investors would come on their country.

This is just another good step they take to help their economy to paddle up. Also its good that El Salvador is taking this initiative since with this we could see how advance they are and how good their leaders. They are really in right direction with this and for sure all efforts made will give good results for their country in future.

[melinoe]

Why you came unto that conclusion about solving all their economic problems? crypto sandbox is just another business model which is been planned to launch in El Salvador. It maybe not solve their all economic problems but for sure it will bring lots of impact on business industry since if they would succeed on this then there's huge chance that there would be a lot more investors would come on their country.

This is just another good step they take to help their economy to paddle up. Also its good that El Salvador is taking this initiative since with this we could see how advance they are and how good their leaders. They are really in right direction with this and for sure all efforts made will give good results for their country in future.

They try what they can implement and stick to what works - truly, that's how it should be in many countries that are still skeptical about the crypto as a whole.

[Zlantann]

El Salvador seeks SEC approval for cross-border crypto sandbox

Among the many positive decisions that El Salvador has made since its approval of Bitcoin to date, the most recent is its submission of a proposal to the Securities Exchange Commission for permission to establish a crypto sandbox. They are committed to ensuring the free use of Bitcoin in their own country and to extending their services beyond their borders to other countries. If the crypto sandbox gets permission and approval, it will definitely provide a free transaction system abroad, a low-cost transaction system, and even find an easy way to solve all economic problems.

Crypto Sandbox details: Read please

When El Salvador's president accepted that deportees from the US could be housed in El Salvador prisons , I suspected that he would seek to buy favour from Trump. Now we are seeing partnerships between an El Salvadorian crypto firm and an American counterpart. This project will increase the use of Bitcoin and others for transnational trading and investment in the real estate industry. As the relationship between Bukele and Trump proposers, we hope to see more collaboration in the crypto industry.

[melinoe]

When El Salvador's president accepted that deportees from the US could be housed in El Salvador prisons , I suspected that he would seek to buy favour from Trump. Now we are seeing partnerships between an El Salvadorian crypto firm and an American counterpart. This project will increase the use of Bitcoin and others for transnational trading and investment in the real estate industry. As the relationship between Bukele and Trump proposers, we hope to see more collaboration in the crypto industry.

Trump is a real wild card - one day he can say one thing, and in another - he goes back to where his mind was before.

I hope for all the best for El Sal of course, but they should be as cautious as possible.

[JayJuanGee]

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I am not sure about your point.  You are just trying to suggest that bitcoin is failing on its own in El Salvador because it is too volatile and maybe that volatility is more of a factor for poor folks rather than richer folks?

We already know that any investment needs to have discretionary income, so poor people do not tend to have much if any discretionary income, so they are not able to invest into something like bitcoin very easily...

I accept that bitcoin is somewhat biased in favor of the rich, since the rich tend to have some discretionary income as compared with the poor, and if the poor is ONLY left with using bitcoin as a payments mechanism, then poor folks might not have a lot of incentive to use bitcoin as a payment mechanism since some of the wallets can be burdensome to use.. unless maybe they are receiving payments in bitcoin, but then they still might end up converting those payments into dollars.. so sure, getting involved in bitcoin payments might be a bit of a burden for poor people.. yet even poor people might still be able to save $10 per week.. but yeah, it can be quite difficult to presume the level of discretionary income that any person has, whether poor or not, and surely just by definition, poor people will tend to have way less discretionary income rather than higher wealth people.

Even in the west, there are a lot of folks who are not accustomed to investing or saving, so they don't really know how to save or invest, even if they actually have discretionary income that that they could use for investing (or saving up) in bitcoin.

I think the truth is if Bukele would not be hindered by the IMF to acquire more bitcoin without risking financial support or existing contracts, his pro bitcoin policy would likely pay off spectacularly in a decade or two from now. The models discussed in the forum and some of the charts and overviews shared are plausible to me. I know they are speculative, but I don't see too many good counter arguments except for the ultimate nuke that cryptography breaks, but then our smallest problem is bitcoin's integrity.

As an early mover, El Salvador under the leadership of Bukele could have landed the coup of the 21st century. They are now at less than $30 billion national debt while holding around 6,000 BTC. If they were still able to increase their holdings incrementally at these prices and the whole asset class goes up in value in a few years from now and captures more and more of total global wealth, El Salvador could theoretically become debt free based on their bitcoin investment alone.

These are assumptions, but I repeat that I think this is not unrealistic. Even if it is not debt free as a result, having reserves in a non-inflationary asset class that covers like more than 50% of national debt is a big deal, especially when that asset class hasn't reached saturation phase.

But there is one question lingering in my mind about Bukele, El Salvador and bitcoin reserves. In a criminal country like that, when the most dangerous criminals follow those news and bitcoin reserves are actually tracked publicly, what is the risk that Bukele will disappear over night one day or be attacked by a military size cartel army? You could give criminals a hard time to sell all that gold around the world, but bitcoin is so much better than gold for normal people and, therefore, criminals alike.

 

It is one thing having $30 billion in debt and another thing to actually pay it off.  Having the bitcoin off-sets the debt and then also runs the potential to appreciate faster than the interest rate of the debt, yet any individual, institution and/or  country (or other government) runs the challenge of spending within their means. .which is part of the problem with debt in the first place, which has been a practice of spending beyond ones income, and so it the budget is brought back into a positive state, then the bitcoin has the possibility to also generate income, but then it shows credit worthiness of the country, which contributes to their temptations to go back to spending beyond their means..

Of course, bitcoin is a honey pot that can always be tempting for bad guys to want to tap into, and right now Bukele has just over 4 more years in office, but yeah, there could be bad people tempted to bump him off or to otherwise interfere with his leadership, and surely another thing is that they have to figure out solid ways to assure the security of the coins that they hold, whether it is in multi-sig or some other way of holding it to contribute to the security of the coins.  And, yes bitcoin is the best of monies, which contributes to the temptations in taking it, including that it is more easy to transport than gold, yet it also might be easier to secure than gold, so long as the security is not broken then it cannot be easily transported away.. but yes, one little flaw in the security could cause coins to end up being moved without authorization.

[348Judah]

Coming across this thread https://bitcointalk.org/index.php?topic=5539476.0 makes me to understand that truly, some are there watching and taking after the footsteps of what El-Salvador is doing towards making everyone have the same and equal opportunity of learning and knowing what bitcoin is all about, seeing another institution taking after them in the offering of bitcoin course at the master's degree is something worth emulating, this shows that there are many more to come to our consciousness about how they have been benefiting form the impact of every implementations about bitcoin being done in El-Salvador.

[HelliumZ]

Coming across this thread https://bitcointalk.org/index.php?topic=5539476.0 makes me to understand that truly, some are there watching and taking after the footsteps of what El-Salvador is doing towards making everyone have the same and equal opportunity of learning and knowing what bitcoin is all about, seeing another institution taking after them in the offering of bitcoin course at the master's degree is something worth emulating, this shows that there are many more to come to our consciousness about how they have been benefiting form the impact of every implementations about bitcoin being done in El-Salvador.

I would definitely say that studying and researching Bitcoin at the university level in Spain has taken such steps or decisions following the model of El Salvador, and I would definitely say that this will create positive aspects for Bitcoin. However, it must be acknowledged that perhaps no other country has been as successful in implementing Bitcoin in education as El Salvador has been since it recognized Bitcoin as legal tender in 2021. Apart from El Salvador, several countries such as Australia, the United States, Switzerland, Japan, France, South Korea, Nigeria, the EU, etc. have launched course-based educational programs on Bitcoin, and in some cases they are still in place. However, as of the latest update, only Spain offers the opportunity to study Bitcoin at the university level, such as completing a master's degree.

[Soft Crem]

The 🇺🇸 SEC is teaming up with 🇸🇻 El Salvador’s National Digital Assets Commission (CNAD) to launch a  cross-border cryptocurrency regulatory sandbox.



https://x.com/BitcoinNewsCom/status/1915442611738886541?t=4cbQtBxdhzSTzrWrcPJr-Q&s=19

[madnessteat]

El Salvador seeks SEC approval for cross-border crypto sandbox

Among the many positive decisions that El Salvador has made since its approval of Bitcoin to date, the most recent is its submission of a proposal to the Securities Exchange Commission for permission to establish a crypto sandbox. They are committed to ensuring the free use of Bitcoin in their own country and to extending their services beyond their borders to other countries. If the crypto sandbox gets permission and approval, it will definitely provide a free transaction system abroad, a low-cost transaction system, and even find an easy way to solve all economic problems.

Crypto Sandbox details: Read please

I don't think launching a crypto sandbox in El Salvador will solve all the economic problems. El Salvador has a huge national debt. As far as I know about 25-30% of GDP is remittances from abroad (mainly from Salvadoran migrants living in the US). Energy prices also have a noticeable impact on El Salvador's economy, and climate factors affect the agricultural sector. So hoping that the crypto sandbox will solve all of El Salvador's problems is not quite right, as there are too many variables that cannot be controlled, but in my opinion El Salvador is moving in the right direction.

Why you came unto that conclusion about solving all their economic problems? crypto sandbox is just another business model which is been planned to launch in El Salvador. It maybe not solve their all economic problems but for sure it will bring lots of impact on business industry since if they would succeed on this then there's huge chance that there would be a lot more investors would come on their country.

This is just another good step they take to help their economy to paddle up. Also its good that El Salvador is taking this initiative since with this we could see how advance they are and how good their leaders. They are really in right direction with this and for sure all efforts made will give good results for their country in future.

Why ask a question if the answer is in the quoted post? It is impossible to solve the country's problems that have accompanied it for many years by introducing only Bitcoin or a crypto sandbox into the economy. Of course, this will play a certain role in the economy, but it will be insignificant compared to the problems that droughts or hurricanes bring. El Salvador needs to solve problems with the climate, high crime rates and lack of investment to support economic growth. Will the creation of a crypto sandbox solve these problems? Personally, I do not think so.

[HelliumZ]

This post is not primarily a Bitcoin-related announcement from El Salvador, but rather a special discussion about the intense reaction between Venezuelan residents and families of El Salvadoran prisoners regarding the prisoner exchange between El Salvador and Venezuela.
Here is exactly what the President of El Salvador said in response to a letter from the President of Venezuela to the President of El Salvador regarding the release of prisoners.

[xSkylarx]

Coming across this thread https://bitcointalk.org/index.php?topic=5539476.0 makes me to understand that truly, some are there watching and taking after the footsteps of what El-Salvador is doing towards making everyone have the same and equal opportunity of learning and knowing what bitcoin is all about, seeing another institution taking after them in the offering of bitcoin course at the master's degree is something worth emulating, this shows that there are many more to come to our consciousness about how they have been benefiting form the impact of every implementations about bitcoin being done in El-Salvador.

I would definitely say that studying and researching Bitcoin at the university level in Spain has taken such steps or decisions following the model of El Salvador, and I would definitely say that this will create positive aspects for Bitcoin. However, it must be acknowledged that perhaps no other country has been as successful in implementing Bitcoin in education as El Salvador has been since it recognized Bitcoin as legal tender in 2021. Apart from El Salvador, several countries such as Australia, the United States, Switzerland, Japan, France, South Korea, Nigeria, the EU, etc. have launched course-based educational programs on Bitcoin, and in some cases they are still in place. However, as of the latest update, only Spain offers the opportunity to study Bitcoin at the university level, such as completing a master's degree.

It is certainly a step forward for Spain to introduce Bitcoin studies at the university level. It shows that a country in Europe is not just paying lip service to Bitcoin but is actually attempting to connect it in tertiary education. In my opinion, El Salvador made history by accepting Bitcoin as legal tender, but they set the bar very high from there and backed it with serious educational initiatives.

The fact that Spain offers a master’s degree focused on Bitcoin in particular speaks for itself. It shows a commitment that may assist in nurturing not only future scholars and practitioners but also lawmakers and other leaders in the field. I believe this is the sort of thing that is required in order for Bitcoin to serve a serious and meaningful purpose in the world economy.

[Redley555]

Just seeing this thread, not just El Salvador. Central African Republic has followed also it's a move to the right direction and hope others will follow suit in the coming years. We can't shy from the fact that Bitcoin is becoming force to be reckon with. But it's transparency across those countries must looked into.

[tvbcof]

It is certainly a step forward for Spain to introduce Bitcoin studies at the university level. It shows that a country in Europe is not just paying lip service to Bitcoin but is actually attempting to connect it in tertiary education. In my opinion, El Salvador made history by accepting Bitcoin as legal tender, but they set the bar very high from there and backed it with serious educational initiatives.

The fact that Spain offers a master’s degree focused on Bitcoin in particular speaks for itself. It shows a commitment that may assist in nurturing not only future scholars and practitioners but also lawmakers and other leaders in the field. I believe this is the sort of thing that is required in order for Bitcoin to serve a serious and meaningful purpose in the world economy.

Hmmm...a cadre of native, crypto-proficient, future bureaucrats and enforcement personnel.  I would say 'be careful what you wish for' as such 'bitcoin friendly' nations as Argentina require by law full disclosure of personal crypto holdings.

I would say that it is basically a truism that when some entity is particularly interested in what you got, their end goal is to know how much to shake you down for.

"The CNV oversees VASP registration and compliance. Not only are VASPs affected by these new
 reforms, but users are also obliged by Law 27,743 to declare their crypto holdings for tax purposes
 as part of a simultaneous asset regularization process known as blanqueo (whitening)."
https://sumsub.com/blog/argentina-crypto-compliance/

I would point out that people who do understand Bitcoin but don't have any tend to be even more vindictive and resentful than those who have no understanding of it whatsoever.

I'm not saying that El Salvador is going down the road of reserve-building-via-extortion...but I've got my eyes open.

---

In my research for this post, here's a little aside of at least one Swiss take on the El Salvador situation for whatever it is worth:
https://archive.ph/wip/teIYI

[Altryist]

It is certainly a step forward for Spain to introduce Bitcoin studies at the university level. It shows that a country in Europe is not just paying lip service to Bitcoin but is actually attempting to connect it in tertiary education. In my opinion, El Salvador made history by accepting Bitcoin as legal tender, but they set the bar very high from there and backed it with serious educational initiatives.

The fact that Spain offers a master’s degree focused on Bitcoin in particular speaks for itself. It shows a commitment that may assist in nurturing not only future scholars and practitioners but also lawmakers and other leaders in the field. I believe this is the sort of thing that is required in order for Bitcoin to serve a serious and meaningful purpose in the world economy.

It's great that a university in Spain is introducing such a degree in Bitcoin, but we need to think about where such specialists will be able to work after graduating from the university, and how much demand there will be for it now and in the future. In El Salvador, everything starts with school, and given how Bukele attracts Bitcoin-oriented companies to the country, this will have good prospects, but in Spain there is no such trend yet. I mean, the most important thing is that this is not just hype, with the help of which the university wants to attract attention to itself.

[avp2306]

It is certainly a step forward for Spain to introduce Bitcoin studies at the university level. It shows that a country in Europe is not just paying lip service to Bitcoin but is actually attempting to connect it in tertiary education. In my opinion, El Salvador made history by accepting Bitcoin as legal tender, but they set the bar very high from there and backed it with serious educational initiatives.

The fact that Spain offers a master’s degree focused on Bitcoin in particular speaks for itself. It shows a commitment that may assist in nurturing not only future scholars and practitioners but also lawmakers and other leaders in the field. I believe this is the sort of thing that is required in order for Bitcoin to serve a serious and meaningful purpose in the world economy.

It's great that a university in Spain is introducing such a degree in Bitcoin, but we need to think about where such specialists will be able to work after graduating from the university, and how much demand there will be for it now and in the future. In El Salvador, everything starts with school, and given how Bukele attracts Bitcoin-oriented companies to the country, this will have good prospects, but in Spain there is no such trend yet. I mean, the most important thing is that this is not just hype, with the help of which the university wants to attract attention to itself.

You could apply on many jobs posting in different free lancing platforms just like linked https://www.linkedin.com/jobs/blockchain-specialist-jobs?position=1&pageNum=0 Also they can work with start up blockchain companies in their country.

There are so many opportunities available and for sure that graduates would provably get a job especially if they can show to their clients that they can do the job what they ask for. Opportunity is not limited only in their country since internet is wide and provably that they can get more decent pay rates rather than those traditional jobs that you know. Also for sure they know what they are doing and they won't offer this courses if they didn't see any demands coming up for this courses.

[Vip 75]

Bitcoin-Friendly El Salvador Pitches Tokenized Real Estate 'Sandbox' to Trump's SEC
The prospect was raised during a meeting between the U.S. Securities and Exchange Commission’s Crypto Task Force and El Salvador regulators.
The El Salvador National Commission on Digital Assets may let U.S. firms experiment with tokenized real estate in the Central American nation.
Perkin said her team includes CNAD’s president, Juan Carlos Reyes, and a former partner at Goldman Sachs, Heather Shemilt. Carmen Elena Ochoa de Medina, a former CNAD regulator, is also involved in the initiative, Perkin said.
The SEC nor CNAD immediately responded to a request for comment from Decrypt.
The proposal follows a meeting between U.S President Donald Trump and El Salvador’s President, Nayib Bukele, earlier this month. The two did not discuss their shared appreciation of Bitcoin publicly, while controversy surrounding a Maryland man who was wrongly deported to El Salvador took center stage.

The U.S. has adopted a crypto-friendly stance under Trump, but El Salvador has been experimenting with Bitcoin for years. In addition to making Bitcoin legal tender, it’s explored using energy from volcanoes to mine the asset, while cultivating a reputation for being a tourist destination among Bitcoin’s devotees.

The country has been stockpiling Bitcoin since 2021, mirroring the ambitions of Trump’s Strategic Bitcoin Reserve, which may use tariffs as a way to fund Bitcoin purchases. El Salvador’s government currently holds $573 million in Bitcoin, according to data from crypto analytics platform Arkham Intelligence.

In March, Bukele rejected conditions set by the International Monetary Fund for a $1.4 billion loan, which would effectively require El Salvador to stop buying Bitcoin. The Central American nation’s wallets still consistently receive Bitcoin, as recently as Wednesday.

https://decrypt.co/316186/bitcoin-friendly-el-salvador-pitches-tokenized-real-estate-sandbox-to-trumps-sec

[Cossyblack]

The International Monetary Fund confirms El Salvador adheres to its pledge not to accumulate Bitcoin in its fiscal sector. watch video
The IMF have come out to clear the air that El Salvador recent consistent buying of bitcoin are still in line with the agreed program requirements/conditionality and that they haven't violated any of the essentials terms. This clarification is going to stop the rumors that El Salvador isn't keeping to agreement with the IMF standards.
This is a clearer evidence that El Salvador is still on the right paths and haven't lost a single steps while accumulating Bitcoin and still keeping to IMF agreement.

[Powerjumboo]

El Salvador honors IMF deal, halting Bitcoin hoarding. “El Salvador continues to comply with its commitment to not hoard bitcoin by the fiscal sector,” says IMF’s Rodrigo Valdés.

Is this the end of their accumulation?


https://x.com/coinbureau/status/1916378594705596562?t=Kng8aviiC3SPN-_MFPyqBw&s=19