Nayib Bukele Says Bitcoin Won’t Be Forced on El Salvador

In a Twitter thread on August 23, El Salvador’s President Nayib Bukele declared through Twitter posts to his 2.8 million followers that Bitcoin (BTC) as tender won’t be forced on El Salvador’s people to accept. It is completely their choice if they are interested and willing to use Bitcoin (BTC) as a medium of transaction.

El Salvador’s President – Nayib Bukele Said Bitcoin Is “Not Mandatory”

The first country to accept Bitcoin (BTC) as a legal tender – El Salvador is soon going to enforce this as an effective and active law. In just about two weeks, the draft regarding making Bitcoin a legal tender in the country is going to get started, that is, September 7.

El Salvador’s congress was in absolute majority to pass this pro-crypto stance in the country. However, there are speculations regarding how well this will be pulled off. Citizens of El Salvador were speculative and many raised concerns regarding the forceful implementation of Bitcoin as a tender.

On Aug 23, 2021, President Nayib Bukele posted a series of tweets clarifying that “accepting Bitcoin would not be mandatory”, it is completely up to the people “if they want to” or are “not” interested.

Bukele said, “This will be what happens on September 7,” he added “People will be able to download an application to receive payments or gifts in bitcoin or U.S. dollars. If they want, they will download the app, and if they don’t want to, no.”  

He further mentioned, “With this application, you can accept payments in 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.”

As per Bukele, most of the skepticism and doubt among the public has been raised by the opposition. To which he responds…

One of his tweets mentioned [translated], “the awkward opposition always plays one step chess. They have bet everything to scare the population about #LeyBitcoin and they may achieve something, but only until September 7,” he continues, “Once in force, people will see the befits, they will be left as liars and they will lose double.” 

Nayib Bukele outlines the benefits Bitcoin will bring to the country and clarifies that it is a choice that depends on the users, whether they will accept Bitcoin or not. 

Bukele mentioned, “businesses will be able to receive payments in bitcoin from tourism and investors. Tourist workers will be able to receive tips in this currency as well. They will be able to keep the bitcoin or automatically transform them to DOLLARS at NO cost.”

He then says, “And what if someone doesn’t want to use bitcoin? Well, nothing, do not download the application and continue your normal life. Nobody is going to take your dollars as the opposition says.”

Bukele didn’t specify anything about Article 7, which is a law that was passed to make bitcoin a “must” for anyone to accept in the country. 

Ernesto Sanabria, a representative for Bukele, revealed to CoinDesk that “the president has been clear in saying that the utilization of bitcoin isn’t compulsory.” 

Gotten some information about a potential change to Article 7, Sanabria said he had effectively resolved the issue in his reaction. He didn’t determine whether the article will be wiped out or in any case adjusted.

El Salvador Is Setting Bitcoin Infrastructure

Source: Twitter

Nayib Bukele shared a picture of the ATMs he installed on his social account, preparing to launch the bitcoin tender law on September 7. Bank of America supported the country and gave a certain beneficial outlook on this move. Whereas, IMF was completely against it.

He said, “All the bitcoin that you receive will be automatically converted into dollars (if you wish) and you can leave it in your electronic wallet or withdraw it in cash at any of the 200 ATMs that will be everywhere. There will also be 50 branches to withdraw or deposit money. The #PuntosChivo they are being built everywhere. There they will be able to receive help on how to use the application, how [to use] bitcoin, how to withdraw or deposit money, how to use ATMs, and how to receive money from anywhere in the world.”

“There will also be [ATMs] everywhere and you can withdraw in CASH, 24 hours a day and WITHOUT COMMISSIONS, even if the opposition says otherwise,” Bukele insisted. “The problem for them is that they will be able to convince some people that there will be commissions, but only until the 7th.”

El Salvador’s President Nayib Bukele attended to the concerns and responded to the opposition keeping their ambition right on stage. I feel this is a commendable job application performed by the country.

Also Read: As part of its cryptocurrency rollout plans, El Salvador will install 200 Bitcoin ATMs.

El Salvador’s move to make bitcoin legal money could damage local insurers’ credit ratings.

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