President of El Salvador, Nayib Bukele, reported that the country bought its first 200 bitcoins.
President of El Salvador, Nayib Bukele, reported that the country bought its first 200 bitcoins. By Angel Di Matteo @shadowargelAccording

to Bukele, more purchases would be contemplated as part of the entry into force of Bitcoin

as legal tender in El Salvador, which will take place tomorrow.

The president of El Salvador, Nayib Bukele, reported in a message published through his Twitter

account that the country has already acquired its first 200 bitcoins, indicating that there will be more purchases in the future


This was revealed by Bukele in the respective message, which reads

as follows:

“El Salvador has purchased its first 200 coins. Our brokers will continue to buy a larger amount as the deadline approaches. #BitcoinDay #BTC.”

The announcement comes a day before the official adoption of Bitcoin as legal tender in El Salvador, an event originally scheduled for next September 7 after the approval of the respective bill. In this regard, Bukele today expressed his enthusiasm in relation to this milestone that will take place tomorrow, calling it a milestone for the country’s history and referring to it with the hashtag #BitcoinDay


The first of several purchases

As such, this would be the first Bitcoin purchase officially made by a constitutional government. In the case of El Salvador, the move comes precisely to start managing reserves in the digital currency, in the face of the officialization of Bitcoin as legal tender locally

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At the moment, it is unknown how many more purchases are contemplated in this first stage, as well as the company / service through which state traders operated to acquire the corresponding BTC funds.

According to the current exchange rate, estimated at an average of USD $51.960 for this September 6th, the purchase of the 200 BTC would be equivalent to almost USD $10.4 million. Let’s keep in mind that the Assembly of El Salvador agreed to the creation of a trust for USD $150 million, with which they would be exchanged for dollars and vice versa. Bitcoin for dollars and vice versa.

Criticism of Bitcoinadoption

While the Salvadoran government is counting the hours until the measure is made official, tempers are heating up between supporters and opponents.

One of the events that generated special rejection today were the declarations of the legal advisor for the presidency of El Salvador, Javier Argueta, who recently indicated in an interview that companies that refuse to carry out transactions with Bitcoin could face legal sanctions. In response to these comments, opponents and critics said that there are strong contradictions at the government level, precisely because both Bukele and the finance minister had indicated that this would be optional.

However, for some analysts, the measure is not contradictory because the optional nature is aimed at users, so that just as would happen with any legal tender, all businesses are obliged to accept payments with Bitcoin to anyone wishing to purchase products or services with the cryptocurrency, for which they would be free to choose the wallet of their preference if they do not wish to use Chivo, the country’s official wallet.

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Last week the authorities of El Salvador carried out the arrest of a person who was listed as a critic to the adoption of Bitcoin in social networks and specialized forums. Opponents pointed to irregularities in due process, calling the measure an attempt to intimidate activists who are not in favor of the measure.

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Source: Twitter

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash