El Salvador Announces National Bitcoin Wallet

Automatic TRANSCRIPT

Now to the other side of this peak. Twenty twenty one moment el salvador. Well the initial reaction to the el salvador news was jubilation among bitcoin. There have been some questions for international observers particularly those invested in the current fiat system. The concerns around environment crime that you would expect. We're all aired out. Libertarian minded global audiences. Meanwhile took umbrage with the compulsion inherent in the legal tender law. These folks argued in effect that forcing people to accept. Bitcoin was at odds with bitcoin locally. It seemed some people had the same concerns although it was less from. Some deep seated libertarian principles and more from practical questions about how it would actually work. What sort of additional infrastructure or processes it would take and what if someone didn't wanna deal with bitcoin volatility. I think the best way to give you. The flavor of last night's speech to actually use pull quotes as translated by alejandro machado. A honda is a co founder of the open money initiative and has been working on bitcoin and places like venezuela for years so as a particularly good source he tweets as address to the nation thread quote. Bitcoin will be optional. Nobody will receive bitcoin if they don't want it. There's no obligation to express any price in bitcoin. But it's possible to do so. The state will accept bitcoin for payments. If you don't wanna do this don't because currency so there will now be no capital gains taxes on it same as with dollars euros etc now. Article seven the opposition has demonized so much. Every economic agent must accept bitcoin as a means of payment. We can't take this article out of context. You also have to look at article. Eight and fourteen economic agents are obligated to accept bitcoin but not to accept it when a tourist from europe comes into wipes a card he or she will be spending euros but we are charging him dollars. This is what will happen with bitcoin. A tourist pain. Btc and if the merchant wants dollars it will get dollars. The government wallet will have to account one dollars in another and bitcoin the government while it will not use up any data all you need to use. The government wallet is a mobile internet signal.

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