El-Salvador Moves Forward With Bitcoin Law
President of El-Salvador, Nayib Bukele, announced today that 200 ATMs and 50 in-person kiosks are being built to launch on September 7. Bukele also stated that the “government will facilitate the buying and selling of Bitcoin without collecting any commission.” Taking to twitter to make the announcement, Bukele made it clear that the Bitcoin law is moving forward with BTC infrastructure implementation set to finish September 7th.
El-Salvador will be facilitating the buying and selling through their new Chivo App. This is the app that citizens must download to receive their Bitcoin airdrop. Bukele stated that the Chivo App will be available for download on Sept 7th; this date will mark the beginning of implementation of the major law El-Salvador passed to make Bitcoin legal tender in June.
Bukele touted the development of the ATM’s and kiosks, posting numerous photos of them being built across the country. In a long twitter thread, Bukele noted the opposition to the law, stating: “the awkward opposition always plays one-step chess. They have bet everything to scare the population about the #LeyBitcoin and they may accomplish something, but only until September 7.”
He mentioned that citizens can either participate in downloading the app and using Bitcoin, or not. Referencing the FUD spread by multiple entities about Bukele “forcing” Bitcoin down the throats of El-Salvadorians. “People will be able to download an application to receive payments or gifts of bitcoin or DOLLARS, open a small business and run it from there, receive money from family or friends and send and receive remittances without paying a single penny of commission to anyone”, he said.
Bukele spoke the remittance benefits of Bitcoin for El-Salvadorians abroad by using the Chivo app: “a Salvadoran abroad will be able to send money INSTANTLY to their relative in El Salvador. Will be able to send you bitcoin (if you want) or you can send DOLLARS, if you wish.” Bukele again stressed the fact that if people don’t want to use this, they can go to “western union” and “wait in the queue and pay commissions”.
According to the announcement, citizens will be able to convert any Bitcoin received to dollars; they will be able to leave it in their crypto wallet or withdraw it at the forthcoming ATM’s and kiosks. Participants will be able to withdraw “24 hours a day”. Bukele again referenced “opposition” saying they are liars who will be proven wrong on September 7th, regarding apparent political opponents who have stated that the government will be charging commissions, which Bukele disputes.
Bukele went on to tout the benefits that businesses and tourists will have. Apparently, businesses will be able to accept Bitcoin from tourists, and tourist workers will be able receive tips in Bitcoin. Bukele again stressed they will be able to keep the Bitcoin or convert it to dollars–clearly a point of contention for those debating the law.
The opposition Bukele references over and over in the thread has clearly caused a sore spot. He calls them thieves who “have done nothing more than loot our country, destroy it, and pay to assassinate our people.” El-Salvadorian citizens pay over 400 million in remittances, and Bukele agrees that Bitcoin fixes this–as well as the convenience of not having to carry cash, something he deems “safer and more practical.”
So despite the naysayers, the Bitcoin law looks to moving swiftly. However, global financial entities that wield enormous power are speaking out against Bukele and the law, such as the IMF. Just this month, the IMF (again) warned against countries “using cryptocurrency as legal tender”. The IMF claims that widespread use of crypto will threaten “macroeconomic stability”.
As if macroeconomic stability through lenders like the IMF have helped El-Salvador, or any other country for that matter. It is in fact the opposite, and the bondage which entities like the IMF thrust upon countries like El-Salvador is a direct result of fiat, debt based economics which has proved to be a failure. It is no surprise those that have the most to lose from Bitcoin, like the IMF, want to thwart countries that have the most to gain from Bitcoin, like El-Salvador.
Luckily, the Bitcoin train is coming down the tracks in El-Salvador, and it seems that there is no way to stop it. Even if the IMF stops lending El-Salvador money, people will rally around countries that support Bitcoin, and we will find a way, as Bitcoin always does.
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