A Rocky Start for Bukele’s Bitcoin Law — El Salvador After Adoption
The adoption of bitcoin as legal tender in El Salvador has been one of the biggest events in the cryptocurrency world this year. However, Nayib Bukele, president of the country, has taken a course of action many consider mistaken. In any case, the Bitcoin Law has put Bitcoin in the global spotlight as a potential engine for financial change in the Central American country. Bukele’s Bitcoin Law Barges In When President Nayib Bukele announced he would push to approve a law declaring bitcoin legal tender in El Salvador, he might not have expected to set in motion all of the events....
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El Salvador’s bitcoin experiment has been ongoing for less than a year. Things aren’t going as smoothly as the small Central American country had hoped, at least in terms of bitcoin investments as the crypto market enters a bloodbath. El Salvador Bitcoin Experiment Last June, El Salvador’s President Nayib Bukele shocked the globe by announcing […]
A political party in El Salvador has filed a lawsuit alleging President Bukele’s new Bitcoin law could be unconstitutional and harmful to the country. El Salvador’s grand plans to promote Bitcoin adoption could be turned on their head if President Bukele’s Bitcoin law is proven to be unconstitutional in the country’s courts.A group of citizens joining forces with political party, Farabundo Martí National Liberation Front (FMLN), has filed a lawsuit claiming President Bukele’s Bitcoin adoption program is unconstitutional.FMLN legislator, Jaime Guevara, led the move along with citizens....
Cointelegraph traveled to El Salvador to investigate whether citizens believe its new Bitcoin Law will be beneficial to the nation's economy. Last month, Bitcoin was adopted as legal tender in El Salvador, joining the U.S. dollar.The country's new Bitcoin Law, which will be enforced starting Sept. 7, will allow Salvadorans to use Bitcoin (BTC) as a currency to purchase goods and services, as well as to pay taxes and debt. El Salvador’s president, Nayib Bukele, has stated that Bitcoin adoption will hugely benefit the 70% of the local population that lacks access to banking services. He also....
Every economic agent in El Salvador must find a way to accept Bitcoin and the law comes into force in less than 90 days. Yikes! The controversial Article 7 of President Bukele’s Bitcoin law sparked analysis, a few interesting conversations, and doubt. Can they even enforce it? Is it ethical? Aren’t they coercing the population? […]
The WSJ proves once again that the Bitcoin Law in El Salvador is still the story of the century. Their latest article about it is… a little one-sided. The WSJ and other legacy publications are losing their minds. The press could focus on the legitimate criticism that President Bukele’s government gets, but no, they have […]