Bitcoin will become a legal tender in El Salvador next to the US dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Act takes effect. The video features the government’s free cryptocurrency, Chivo.
Video of Government Explaining What To Expect When Bitcoin Becomes A Legal Offer
The Bitcoin Law in El Salvador will take effect on September 7 when BTC will become a legal tender next to the US dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using the government’s official cryptocurrency, Chivo.
– Nayib Bukele 🇸🇻 (@nayibbukele) August 30, 2021
According to a translation from the video content posted on Twitter, “As of September, bitcoin will be a legal tender in our country alongside the U.S. dollar,” the video begins. Additional details:
Using bitcoin is not mandatory. You will have the option to pay and collect bitcoin or dollars. All monetary transactions, prices, salaries and pensions will continue to be in dollars.
“You will have the option to use the government wallet for free to make transactions in bitcoin or in dollars at any time of the day and without fees. You can also use any other wallet to make your transactions,” the video continues.
“With our wallet, you will receive a bitcoin bonus with $ 30 USD for you to spend. You will have the option to pay in dollars or bitcoin from your mobile phone without having to handle money or sign coupons. Also those who collect from you will not need to handle money , card or pay any fees. You will have the option to send and receive remittances at any time free of charge. “
The video ends with a message from the government of El Salvador that says “Using bitcoin is easy and optional.”
On Monday, President Bukele tweeted that “There will also be 200 Chivo vending machines,” where people can withdraw money without having to pay a commission. “You can buy bitcoin for your Chivo wallet or recharge dollars and keep them as dollars in your electronic wallet. You can also withdraw money transfers without commissions.”
Many countries around the world are watching what will happen when bitcoin becomes a legal tender in El Salvador. Dante Mossi, executive chairman of the Central American Bank for Economic Integration (CABEI), said last week that “Everyone is looking to see if it is suitable for El Salvador and if, for example, the cost of remittances falls a lot.” If so, he expects more countries to follow suit.
CABEI is helping El Salvador with the implementation of bitcoin reading. Meanwhile, the International Monetary Fund (IMF) has warned that making bitcoin equal to national currency is inadvisable.
What do you think about bitcoin becoming a legal tender in El Salvador? Let us know in the comments section below.
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