The Bitcoin Law enters into force today in El Salvador to adopt cryptocurrency as a means of legal exchange in the Central American country. A range of economic possibilities opens up for Salvadoran citizens and for the economy in general, without neglecting controversies and positions contrary to the measure.

The president of the nation, Nayib Bukele, has been active since the early hours through his account on the social network Twitter, due to the entry into force of the legal course of bitcoin in El Salvador.

He has made reference to the benefits for the country of the adoption of this cryptocurrency for commercial transactions, making mention of the Chivo wallet, the availability for Apple, Google and Huawei, among others.

The comments and congratulations to the country for this step towards the adoption of cryptocurrencies have not been long in coming, as is the case with the crypto exchange Binance.

Welcome to #Bitcoin, El Salvador. pic.twitter.com/OYpBzpzQ9d

— Binance (@binance) September 7, 2021

The entry into force of bitcoin as a legal tender in El Salvador is the first step in a process of insertion in the fintech universe, where the country is a pioneer. The road ahead is just beginning; the cards are on the table and the progressive adjustment of this measure to the daily life of Salvadorans is expected.

M. Pino

With information from international media and social networks

La entrada Bitcoin is legal currency in El Salvador apareció primero en Bitfinance.

The Minister of Finance of El Salvador, Alejandro Zelaya, reported that the 30 dollars in bitcoin that the government is going to grant to its citizens cannot be converted into fiat currency.

The government’s intention is to encourage its citizens to join the crypto space, and not precisely to “give away money,” in the words of the minister.

In the midst of the doubts that were generated among Salvadorans by these comments from the minister, President Nayib Bukele used his personal Twitter account to clarify the convertibility of bitcoin within the Salvadoran economy.

In the first place, the president clarified that the use of the Chivo Wallet will not generate any type of commission for sending or receiving remittances or payments, nor will it generate charges for the conversion of bitcoin to dollars or from dollars to bitcoin.

On the other hand, he stressed that the money, either in dollars or in cryptocurrency, that is kept in the Chivo Wallet could be withdrawn in cash at the more than 200 Chivo points that will be kept in historic centers and shopping centers. On these sites you can also make deposits and purchase bitcoin as explained by Bukele.

K. Tovar

Source: agencies

La entrada Bitcoin from the government of El Salvador cannot be converted into dollars apareció primero en Bitfinance.