The President of El Salvador spoke out on August 23 about the upcoming law regarding bitcoin offerings, which is expected to take effect on September 7.
President Nayib Buukele says Salvadorans won’t be forced to use Bitcoin against their will
The Bitcoin Offerings Law in El Salvador will be in effect in just over two weeks, or 15 days. The law was passed by the Salvadoran qualified majority, sparking speculation about its effectiveness.
Nayib Bukele tweeted about the incident on Aug 23, 2021 Please explainTo his 2.8 million Twitter followers, he stated that the Bitcoin law would be voluntary. There has been much criticism of the law, which could have made it mandatory for citizens to use Bitcoin (BTC) against their will.
“This is what will happen on September 7, Bukele Not noted. “People will be able to download an app to receive payments or gifts in bitcoin or US dollars. If they wish, they will download the application, and if they do not wish, no, ”added the Salvadoran president. Bukele also added:
“This app allows you to accept bitcoin or DOLLAR payments. You can also open a small business, receive money from friends and family, and send and receive funds without paying any commission.
Bitcoin bank branches, cryptocurrency ATMs, or use Western Union or Pay Commission
Since the President of El Salvador launched the idea of legalizing bitcoin as a Salvadoran national offering, opinions have surfaced about choosing the country. Bank of America listed some benefits El Salvador could reap from adopting bitcoin. BTCThe International Monetary Fund (IMF), however, has expressed a negative opinion about this idea.
A group of Salvadorans protested this law. A July survey showed that most Salvadorans remain skeptical about bitcoin as a form of currency. Fitch Ratings, one the Big Three credit rating agencies released a report explaining why it doesn’t believe adopting Bitcoin is a good idea.
Bukele’s Monday tweetstorm makes it seem like everything will be fine. stressIt would be possible for Salvadorans to “go into Western Union and pay a Commission.” It is possible. There is no problem.
Bukele was added:
Any bitcoin received will be converted automatically to dollars (if desired) and you can either leave it in your electronic wallet or withdraw it cash at any of the 200 ATMs located all over. There will be 50 branches where you can withdraw or deposit money. The ATMs will be located at 50 branches. #Puntos ChivoThey can be found everywhere. They can get help on how to use it and where to find it. [to use]How to withdraw and deposit Bitcoin, how ATMs work, and how to send money anywhere in the world.
Bukele also shared a photo of a large number Bitcoin ATMs (ATMs), ready for deployment.
“There will also be [ATMs] everywhere and you can withdraw in CASH, 24 hours a day and WITHOUT COMMISSION, even if the opposition says otherwise ”, insisted Bukele. They will be able convince some people that commissions will exist, but only up to the 7th.
What did the President of El Salvador think of his latest tweetstorm about bitcoin law, and how he pointed to the fact that it would not be compulsory? We’d love to hear your thoughts on this topic in comments below.