Article 7: Is It Obligatory For Vendors To Receive Bitcoin In El Salvador?
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? […]
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Camarasal, a well known entrepreneur association in El Salvador, announced the results of a poll made this month. The poll shows almost 100% of Salvadorans worry about the implementation of the bitcoin tender law approved recently. Most criticize the obligatory character of receiving bitcoin payments and don’t expect this move to bring investment to the country. Camarasal Poll Shows Concerns About Bitcoin Tender Law Implementation A quick poll conducted by Camarasal, one of the biggest entrepreneur groups in El Salvador, is showing people have deep concerns about the future....
The economic rule discussed in a previous article doesn’t take these two factors specific to bitcoin’s situation in El Salvador into account.
A Salvadoran government official has said that while businesses must accept BTC transactions, they can choose whether to receive BTC or USD upon settling transactions. In an interview with local media, Javier Argueta, the legal counsel to the Presidential House of El Salvador, clarified the obligations of businesses the day before the country’s controversial Bitcoin Law recognizing BTC as legal tender took effect.The legal counsel to the President of El Salvador has stated that businesses are mandated to accept Bitcoin from customers — but they are able to choose whether or not they will....
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 […]
Bitcoin is now legal tender in El Salvador, and the country’s bitcoin stash has grown to 550 coins. The Salvadoran government started buying the cryptocurrency Monday ahead of the Bitcoin Law taking effect. On Tuesday, President Nayib Bukele said El Salvador bought the dip.
El Salvador Buys More Bitcoin
El Salvador’s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC a national currency alongside the U.S. dollar.
El Salvador has been buying bitcoin ahead of the Bitcoin Law taking effect. President Nayib Bukele announced Monday that his government....