In seven days, Bitcoin will become legal tender in El Salvador alongside the US dollar. The Salvadoran government has released a video explaining what to expect when the Bitcoin law goes into effect. The video shows the government’s toll-free crypto wallet, Chivo.
Government video explaining what to expect if Bitcoin becomes legal tender
Bitcoin law in El Salvador goes into effect on September 7th, when BTC becomes legal tender alongside the US dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using the government’s official crypto wallet, Chivo.
– Nayib Bukele 🇸🇻 (@nayibbukele) August 30, 2021
According to a translation of the video content published on Twitter: “Starting in September, Bitcoin will be legal tender in our country alongside the US dollar,” the video begins. There more details:
The use of Bitcoin is not mandatory. You have the option to pay and collect in Bitcoin or Dollars. All cash transactions, prizes, salaries, and pensions will continue to be in dollars.
“You have the option of using the government wallet for free to transact Bitcoin or dollar transactions at any time of the day and free of charge. You can also use any other wallet to carry out your transactions, ”the video continues.
“With our wallet you receive a Bitcoin bonus worth 30 USD that you can spend. You can pay in dollars or Bitcoin from your mobile phone without having to deal with money or sign vouchers. Plus, those who pick you up don’t have to pay any money, cards or fees. You can send and receive transfers free of charge at any time of the day. “
The video ends with a message from the El Salvador government stating that “using Bitcoin is easy and optional”.
On Monday, President Bukele tweeted “There will also be 200 Chivo ATMs”, from which you can withdraw money without commission. “You can buy bitcoin for your Chivo wallet, or you can top up dollars and keep them as dollars in your electronic wallet. You can also withdraw cash transfers without commissions. “
Many countries around the world are watching what will happen when Bitcoin becomes legal tender in El Salvador. Dante Mossi, Executive President of the Central American Bank for Economic Integration (CABEI), said last week: “Everyone is looking to see whether things are going well for El Salvador and whether, for example, the cost of transfers will drop significantly.” If so, he expects other countries to follow suit .
CABEI supports El Salvador in the technical implementation of Bitcoin as legal tender. Meanwhile, the International Monetary Fund (IMF) has warned that it is not advisable to equate Bitcoin with a national currency.
What do you think of Bitcoin becoming legal tender in El Salvador? Let us know in the comment section below.
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