El Salvador to adopt Bitcoin as legal tender
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Re: El Salvador to adopt Bitcoin as legal tender
#2El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.
In a video broadcast to Bitcoin 2021 President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
Re: El Salvador to adopt Bitcoin as legal tender
#3El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar. In a video broadcast to Bitcoin 2021 President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
This is good news, but note that Japan already declared Bitcoin as legal tender in 2017
Re: El Salvador to adopt Bitcoin as legal tender
#4Here's the emotional announcement by Jack Mallers (founder of Strike) who worked with the president of El Salvador to make this happen: https://www.youtube.com/watch?v=2V8y_IV7XU8&t=76s
It's worth a watch to understand the story.
Re: El Salvador to adopt Bitcoin as legal tender
#5Though not mentioned in the article, the President of El Salvadore apparently also mentioned that the country plans to hold Bitcoin as a reserve asset.
Re: El Salvador to adopt Bitcoin as legal tender
#6Probably not unrelated: US report: Allies of El Salvador's president deemed corrupt (last month)
https://apnews.com/article/latin-america-el-salvador-1d089ae...
Re: El Salvador to adopt Bitcoin as legal tender
#7El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar. In a video broadcast to Bitcoin 2021 President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
This is good news, but note that Japan already declared Bitcoin as legal tender in 2017 https://www.coindesk.com/japan-bitcoin-law-effect-tomorrow
https://archive.fo/Gb8Wo
It looks like Japan did not, in fact, declare Bitcoin to be legal tender ("a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt"). Rather, it imposed a regulatory regime on Bitcoin exchanges.
Re: El Salvador to adopt Bitcoin as legal tender
#8> Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology.
Wow, this seems like an incredibly shitty situation for the people of El Salvador. It looks like some lobbyists got hired by a wallet company stacked with angel investors willing to pour money into the idea of being integrated into the government at such a low level. I wouldn't be surprised if they also announced that all transactions will be forced to go through a wrapper or other type of layer, maybe even justified with the classic "think of the coal" argument...
Re: El Salvador to adopt Bitcoin as legal tender
#9El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar. In a video broadcast to Bitcoin 2021 President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
This is good news, but note that Japan already declared Bitcoin as legal tender in 2017 https://www.coindesk.com/japan-bitcoin-law-effect-tomorrow
Legal tender, properly defined, means that someone you're in debt to must accept it as means of payment to discharge the debt. Afaik Japanese lenders can still insist on Yen, and almost invariably do
I suspect this will be the same (in practice if not in theory). You can pay people in Bitcoin, or if they don't actually want Bitcoin the president's buddy is hyping an app that will let them get USD instead when you send your satoshis...
Re: El Salvador to adopt Bitcoin as legal tender
#10I wonder why a country would choose Bitcoin as legal tender when better, faster, more environmentally friendly cryptos exist (ones which can feasibly be used to transact money in real-time, for instance).