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Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (Read 50824 times)

o_e_l_e_o

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 07:27:33 AM

Merited by JayJuanGee (1)

#61

Quote from: JayJuanGee on June 07, 2021, 09:47:17 PM

but seems that you are both going quite a ways beyond the announcement in terms of seeming to mostly be focusing on bitcoin and lightning network at the moment

Everything that has been said thus far is about bitcoin only. Bitcoin is becoming legal tender. Bitcoin is being exempted from capital gains taxes. The bitcoin blockchain will be broadcast by Blockstream. There has been no mentioned of a single altcoin. This is serious news, and so completely disconnected from collecting scam airdrops.

Quote from: bbc.reporter on June 08, 2021, 05:57:08 AM

what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool

I've seen statements from politicians from Paraguay, Panama, and Brazil in the last few days all saying that they are considering similar legislation to El Salvador. This could well be the first domino in a global chain. Exciting times.

Quote from: bitterguy28 on June 08, 2021, 05:24:57 AM

But as far as i know , it is not El Salvador who had Bitcoin as legal tender instead it is Japan .

Japan declared bitcoin legal property, not legal tender.

whofarted75

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 08:00:18 AM

#62

Just to be clear the OP was misleading with thread title.

They have NOT made it legal tender. He is going to submit it to Congress next week to try and make it legal tender. In politics nothing is done until it's done. Wink

Reatim

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 09:23:03 AM

#63

Quote from: whofarted75 on June 08, 2021, 08:00:18 AM

Somewhat this is correct mate that he will be sending to the congress first but as a Leader of the country majority of His passing to the congress directly will become a Legal and valid.
there are only few chances that the president , Prime minister or even the Kings has been denied by the congress to pass the upcoming law so basically this can be considered as legit and happening any time soon.

anotherdayyyy

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 09:52:39 AM

#64

Quote from: famososMuertos on June 05, 2021, 10:52:43 PM

Well, without a doubt, it is something that has been working for a long time, but they are lights of how the recognition and adoption of bitcoin could begin.

There is another thread that at the time showed the 2019 initiative, which shows that it is a slow process, so slow that it is still in the process of being approved.

Quote from: icopress on April 17, 2019, 07:27:10 PM

President of El Salvador Says Hes Submitting Bill to Make Bitcoin Legal Tender (Jack Mallers announced the news at the Bitcoin 2021 conference in Miami).

"The bill must still be reviewed by the countrys legislative assembly. Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its full text was not immediately available, and it is not yet clear what being the first bitcoin country will mean for the fiscally unstable and oppressively poor central American nation, where 70% of residents lack a banking account".

...//...:

El Salvador is ironically one of the countries where its citizens do not have access to a bank account, but a cell phone and Internet connection have a higher percentage.

it seems that people in this country are poor so most of them have no bank account, cash is the most frequently used stuff there...But the glimpse of its app(strike) propeled my worry since doing transaction in Strike can earn money for them and thus Bitcoin get widespread. I just wonder the reason behind this. since most people do not use bank, so how could bank do harm to the interest of people in this country?

goldade

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 10:30:38 AM

#65

This is an interesting piece of news and it's especially wonderful for the crypto community. It is wonderful that bitcoin is becoming the legal tender just like any currency of a country. I believe that the government of El Salvador has taken a bold leap in endorsing bitcoin as its legal tender.
Trust me, this move would make help improve the economy of that country and I wouldn't be surprised if other countries begin to follow in this steps.
Everybody knows that eventually bitcoin will become the number currency in the world and it happened to have started with El Salvador

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jjdub7

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 12:05:00 PM

#66

Quote from: verita1 on June 05, 2021, 09:41:54 PM

That's how it is! This announcement was left for the end of the 2021 Bitcoin Conference with the participation of Jack Mallers.
Among the most impressive that helped me understand why bitcoin will be the currency that will lead the country of El Salvador is this.

Quote

"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

https://twitter.com/TheBitcoinConf/status/1401279373223866369?s=19

At the conference the president of El Salvador makes the announcement.

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

This is a very interesting and positive event in my opinion. Honestly, I'm not sure how it will affect the crypto world, but if it really does, we'll find out soon enough.

The president of El Salvador has promised a lot of relief for crypto owners and users.

bryant.coleman

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 08, 2021, 02:41:13 PM

#67

Quote from: jjdub7 on June 08, 2021, 12:05:00 PM

If these measures are actually implemented, then it will make El Salvador as one of the most Bitcoin friendly countries in the planet, and definitely the most pro-Bitcoin nation in the third world. But we need to be a bit cautious here. There is no guarantee that these measures will be implemented. Unless the parliament passes such measures, I am going to be skeptical. But so far, none of the parliamentarians have spoken in support of president Bukele, as far as these crypto-friendly policies are concerned.

And I will think twice before packing my bags and moving to El Salvador. Has anyone checked the crime rates there?

bbc.reporter

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 12:53:15 AM

#68

Quote from: o_e_l_e_o on June 08, 2021, 07:27:33 AM

Quote from: bbc.reporter on June 08, 2021, 05:57:08 AM

what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool

It has begun. This is a type of revolution that does need violence or force, only the acceptance and adoption of a newly developed technology that might have been created by a lone man in his basement. I hope the bill passes into law.

.
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Mikayla Buckley

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 03:18:10 AM

#69

I have been hoping for a long time that one day one country will recognize Bitcoin and use it as legal tender. I believe this is just the beginning and in the near future more and more countries will use Bitcoin. In fact, it is really more stable than the fiat currency system.

target

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 03:32:14 AM

#70

Quote from: bbc.reporter on June 08, 2021, 05:57:08 AM

Quote from: OROBTC on June 07, 2021, 10:10:44 PM

...

Peru might be next, but NOT as legal tender. Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election. Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city. It is horrible what is happening there. They use BTC (and another crypto, Dash?) more than one would expect. In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them. Bitcoin would help Peru in such dire circumstances, but not that much.

Agreed and this would turn bitcoin more into a political tool to bring nations together against an oppressor. I reckon from the history of some South American countries, we know who this oppressor is hehe.

I thought bitcoiners laser eyes was larpy, however, what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool hehe. This is from El Salvador presidents twitter account.

Some politicians from Paraguay, Brazil, and Mexico joined El Salvador already it's like the revolution of South American Countries, they should just come together for Freedom at last! Their laser eyes are posted. It's been so long they've struggled with sanctions, they can't even trade freely without permission from higher ground. It all just needs the El Salvador president to light it all up.

rodskee

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 03:48:27 AM

#71

Quote from: target on June 09, 2021, 03:32:14 AM

Quote from: bbc.reporter on June 08, 2021, 05:57:08 AM

Quote from: OROBTC on June 07, 2021, 10:10:44 PM

SOmetimes there is only need for starter before finally making the move , as now the countries from South America is making their Movement towards changes.
they have been tied from the decision makings that needs always to consider when their economy continues to fall with this.
Now that they are entering crypto economy surely freedom will be on theirs and also they will come up with more technical and electronic way of living in which the most and effective way bigger country is doing now.
congrats in advance to all of them and hope that my country will have this same decision sooner.

peter0425

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 04:36:15 AM

#72

Quote from: Mikayla Buckley on June 09, 2021, 03:18:10 AM

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

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Shasha80

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 05:14:05 AM

#73

Quote from: peter0425 on June 09, 2021, 04:36:15 AM

Quote from: Mikayla Buckley on June 09, 2021, 03:18:10 AM

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

Japan has already legalized Bitcoin, even according to a friend of mine who lives there. Lots of merchants accept Bitcoin payments,
even in Japan there are also Bitcoin ATM machines. That's because the Japanese government supports Bitcoin, then now there is good
news from El Salvador being the first country to use Bitcoin as a legal tender. This is good news that can encourage other countries to do
the same. Hopefully in the near future there will be more countries that legalize Bitcoin, at least that's the hope of the crypto community.

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 05:41:26 AM

#74

Quote from: Shasha80 on June 09, 2021, 05:14:05 AM

Quote from: peter0425 on June 09, 2021, 04:36:15 AM

Quote from: Mikayla Buckley on June 09, 2021, 03:18:10 AM

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

This news is really great. If it will make it to the congress, then maybe after that bitcoin price will create a huge surge again. Thanks to the president of El Salvador who's smart enough thinking that bitcoin could be the answer of their financial system.

Japan was the first to legalize bitcoin and El Salvador's coming into reality soon. Now i can sense that bitcoin is starting to be realize as a unified currency in the near future.

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 05:56:38 AM

#75

Quote from: bitmover on June 05, 2021, 09:50:58 PM

Quote from: verita1 on June 05, 2021, 09:41:54 PM

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote

The bill must still be reviewed by the countrys legislative assembly. But with the populist Bukeles upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.

https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

No questions as most have said, a big step for Bitcoin and cryptocurrencies in general. One step at a time and some day we might have more countries turning to this direction of Bitcoin adoption and I strongly believe that El Salvador is going to be our new China in terms of Bitcoin mining once this bill is approved by the countrys legislative assembly.
Bitcoin has come a long way in a short time and I believe this will do the country and its people more good than harm.

verita1 (OP)

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 06:27:36 AM
Last edit: June 09, 2021, 07:01:50 AM by verita1

Merited by DdmrDdmr (3), DooMAD (2)

#76

Bravo! El Salvador has made history looking for its future with bitcoin!

Quote

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc🇸🇻

https://twitter.com/nayibbukele/status/1402507224916836352?s=19

El Salvadors newspaper today. History has been made. #Bitcoin

https://twitter.com/DocumentingBTC/status/1402507721195282432?s=19

Guys, Pay attention in a few hours Jack Mallers and Nayib Bukele will be interviewed on CNBC where they will explain all the details as Bitcoin will change the lives of the inhabitants of El Salvador.
This is happening and it seems so incredible!
Wow! Impressive! ❤️ Bitcoin

Quote

Congratulations, @nayibbukele.

Congratulations, El Salvador 🇸🇻.

Congratulations, #Bitcoin.

One small step for #Bitcoin, One giant leap for mankind.

I will be on @CNBCTechCheck tomorrow morning at 11:30 am ET to discuss it all.

See you there.

https://twitter.com/jackmallers/status/1402500978662952964?s=19

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 07:11:58 AM

#77

El salvador will become the new history of bitcoin. After 10,000 bitcoin pizza known by people, now El salvador will be known as the first country to accept bitcoin legal tender. Congratulations!

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..^Jupiter........

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molsewid

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 08:58:43 AM

#78

Quote from: Shasha80 on June 09, 2021, 05:14:05 AM

I do hope that this countries will serve as an example to other countries who were still not open minded in the legal adoption of bitcoin to be legally circulating in their economy. This is now a great news for bitcoin despite of the banning of bitcoin in China and the cancellation of Tesla to bitcoin as a mode of payment. Despite of all bad circumstances of bitcoin I believe that there are other country that sees the worth and value of bitcoin. And I hope one of these days our country will adopt it too legally.

JayJuanGee

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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

June 09, 2021, 09:00:14 AM

#79

The formulation of the bill and the discussion in the El Salvador congress does seem to be coming along.

Guy Swan just read the latest draft of the bill in his podcast.. so we can hear some of the details of what the bill says (for those of us who either do not like to read or would prefer to hear it read out loud).

Here's a link to Guy Swan's reading of the bill and some comment from him, too (its about 12 and a half minutes in length).

Bitcoin Audible: Bitcoin Law - The El Salvador Legal Tender Bill

1) Self-Custody is a right. Resist being labelled as: "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k

DooMAD

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El Salvador really has become the first country to make Bitcoin legal tender!

June 09, 2021, 09:57:05 AM

#80

I guess that's official, then. Multiple sources reporting it has passed. We'll see if there's a snowball effect and whether this changes any paradigms. Well done, El Salvador!

Quote from: molsewid on June 09, 2021, 08:58:43 AM

This is now a great news for bitcoin despite of the banning of bitcoin in China and the cancellation of Tesla to bitcoin as a mode of payment.

Do Tesla have any dealerships in El Salvador? If so, they might have to accept BTC there whether they like it or not, heh.

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.^{BitcoinCleanUp.com}.

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.^Deb^unk^ing^Bi^tco^in'^{s E}^ner^gy^Use.

...^#EndTheFUD...

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