Big plans to make Bitcoin a national currency

A country in flux – The Bitcoin (BTC ) wallet proposed by the Salvadoran government will be available from September 2021. The law of the same name enacted comes into force in less than a month, so in theory it will be a major step forward in the realization of the country’s project to give legal tender to the king of cryptocurrencies. Explanations!

Bitcoin, legal tender: El Salvador turns the tables with Chivo

El Salvador’s President Nayib Bukele announced in an August 22 tweet that the government-backed Bitcoin wallet Chivo will be available for download starting September 7, 2021. The launch of the wallet will coincide with the implementation of the Bitcoin Act in the country. Although the use of Chivo remains optional, the government will offer $30 in BTC to Salvadoran citizens who download it.

The head of state stressed the optional nature of both the use of Chivo and Bitcoin:

“What if someone doesn’t want to use Bitcoin? Well, nothing. Nothing – just don’t download the app and go on with your normal life.”

This statement by the president of El Salvador, however, seems to be out of step with the country’s legislation on Bitcoin. Indeed, the new law states that businesses are obliged to accept Bitcoin as a means of payment:

“Every economic agent must accept Bitcoin as a means of payment when it is offered to him by the one acquiring a good or service.”

>> The time will soon come when states will want to take over all Bitcoins… Get ahead of it! <<

Bitcoin drop-off and education points

Chivo has a feature that allows Salvadorans to automatically convert transactions received in bitcoin to the sacred dollar. Users of the wallet will also be able to HODL their BTC, or withdraw them in cash via the country’s 200 ATMs. Citizens will therefore have ATMs at their disposal, but also withdrawal kiosks (called cajeros de Chivo).

Bitcoin et le drapeau du Salvador<img width=”1920″ height=”1080″ src=” 1920w,×182.jpg?strip=all&lossy=1&quality=66&ssl=1,324w,×123.jpg?strip=all&lossy=1&quality=66&ssl=1 218w, 384w, 768w, 1152w, 1536w” alt=”Bitcoin and the flag of El Salvador” />

So, through Chivo, El Salvador seems to be on the verge of realizing its plan to make Bitcoin a national currency, although there is no unanimity on this decision. In terms of infrastructure, the country also plans to mine Bitcoin using geothermal energy produced by its volcanoes.

El Salvador is taking a giant step forward, both for its country and the bitcoinsphere, with the launch of its Chivo wallet. This news is cause for even more grumbling from organizations and institutions that view this plunge of a country into Bitcoin with a bad eye.

When a country sings the praises of Bitcoin and cryptocurrencies, it’s hard not to see it as a sign for the future. Prepare for yours by starting to accumulate BTC now. Up to 100 euros in free cryptocurrencies await you for every new registration on the Swissborg platform (for a minimum deposit of 50 euros, affiliate link).