- Bitcoin as legal tender in El Salvador is optional
- Businesses in El Salvador can accept Bitcoin but not receive them
- El Salvador gives $30 Bitcoin to its citizens
El Salvador president Nayib Bukele stated on the last national chain that Bitcoin as a legal tender is optional. Specifically, Bukele pointed out that businesses in their country can decide if they will accept Bitcoin or not. This statement by the president of El Salvador contradicts the current law of Bitcoin as a legal tender in the country.
Bukele further explained:
“ Using Bitcoin as legal tender “will be optional” and businesses will decide “to accept them, but not receive them.”
Truly, this news instantly changes the role of Bitcoin in the society of El Salvador. It is remembered that upon the announcement of Bitcoin as a legal tender in the past, Bukele strongly stated the BTC must be accepted at all cost. “Every economic agent must accept Bitcoin as a form of payment when it is offered by whoever acquires a good or service,” he said.
On the other hand, the government of El Salvador is giving away Bitcoin amounting to $30 to all its citizens. Interestingly, this program of the government is applicable to all citizens of El Salvador that will download the virtual wallet: Chivo. “Justy by downloading it you will receive $30 equivalent in Bitcoins that will be given away,” he stated.
In other news, despite the effort made by El Salvador in promoting Bitcoin’s technology and benefits, the World Bank sees it differently. For this reason, the country has failed to gain the support of the World Bank in its Bitcoin implementation.
