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....
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....
El Zonte, a beach in El Salvador rebaptized as “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan of the government of El Salvador. Surf City, another beach location in the La Libertad region, will also receive road improvements and other upgrades.
‘Bitcoin Beach’ to Benefit From Infrastructure Investments
Bitcoin Beach, a beach in El Zonte, El Salvador, is getting a set of infrastructure upgrades from the country’s government. The beach is iconic due to its adoption of....
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....