“Bitcoin doesn’t need the Bitcoin Law, but it benefits from it,” according to the Salvadoran panelist.
In Bolivia, it has been proposed to criminalize “illegal coin trafficking”.
The entry into force of the Bitcoin Law, which recognizes the cryptoasset as legal tender in El Salvador, inspired a discussion on the topic, within the Blockchain Summit Latam conference, last September 7.
The panel, which was moderated by Fernando Quirós, journalist of Cointelegraph, allowed Latin American referents of the bitcoin community to express their opinions. They were the Salvadoran Nolvia Serrano, head of marketing at Blockcbank; the Bolivian Luis Rivas, president of the Bitcoin Bolivia Community; the Argentine Nicolás Bourbón, Bitcoin enthusiast; and the Venezuelan Aarón Olmos, CEO of Olmos Group.
After the moderator’s introduction, the Salvadoran representative started the dialogue
. Her joy for the Bitcoin Law was evident in her initial words: “today in El Salvador we are celebrating”. For her, what happened in her country could cause “a domino effect” that produces replicas in other nations.
Then, the president of the Bitcoin Community Bolivia, showed the contrast that his country lives, in relation to El Salvador. As reported by CriptoNoticias months ago, for the financial authorities of that South American nation, bitcoin (BTC) cannot be considered money
. Not only that, but its commercialization is prohibited. “We have in Bolivia a very strong restriction,” Rivas said. He added that there have even been attempts to consider a crime and criminalize “the illegal trafficking of coins”.
Venezuelan Olmos said that his country “is very particular for the use and adoption of cryptoassets”. According to the company Chainalysis
, Venezuela ranks seventh in the world in terms of cryptocurrency use. Olmos attributes this to “an economic issue and due to the lack of purchasing power of the monetary sign,” the bolivar. According to him, “cryptocurrencies offer an alternative for individuals and companies.
Finally, Bourbon described the situation in Argentina as a middle ground between Bolivia and El Salvador: “here it is legal to operate with cryptocurrencies, buy them, sell them, or use them to buy an apartment if one wants to, but they are not recognized as currencies. The developer added that his country shares inflation with Venezuela and, he said, for that reason “Argentina is dollarized by obligation because people know that in their currency they cannot save”.
<img width=”700″ height=”393″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/Blockchain-Summit-Latam..png” alt=” /> Reading: Fernando Quirós, Nicolás Bourbón, Aarón Olmos, Nolvia Serrano and Luis Rivas. Source: Youtube.
BTC does not need the Bitcoin Law, but benefits from it
each panelist explained the status of bitcoin and cryptocurrencies
in their country, Quirós asked them their opinion about the role of the State: “do you think bitcoin depends on what a State says for its use by citizens?
With certain nuances, the opinions of the four panelists were quite similar and agreed that governments should not impose or hinder the use of bitcoin
For the Salvadoran Serrano, although she welcomes the Bitcoin Law, there is no need for such legislation for BTC to be successful.
The marketing specialist gave as an example the case of the community of El Zonte, near the capital of El Salvador.
Bitcoin has been working as a circular economy in this small community. Bitcoin Beach, which is so popular today, was born there. People didn’t have bank accounts, it’s an area that is relatively remote, so they started using BTC as a form of payment.
Bitcoin in El Zonte has worked since 2018 until today, which already has the support of the government. But, had the Bitcoin Law not existed, this community would have continued to use BTC as a currency of exchange among themselves.
Nolvia Serrano, head of marketing at Blockbank.
However, Serrano recognizes that the support of a government does create facilities for the adoption and use of bitcoin. According to her, El Salvador is an example of both things: that BTC does not need the state for its success, but it is also useful to have “a regulatory framework that prevents any kind of scam and helps educate people.
“Each person should be able to choose what currency to use
To the same question, Rivas, from the Bitcoin Bolivia Community, responded that, according to him, “bitcoin should work in a free way, following economic freedom, monetary freedom and especially the line of the Austrian School of economics, which speaks that the State should not intervene either to impose or to restrict.”
Rivas shares the ideal of Austrian economist Friedrich Hayek: the denationalization of money. “Each person should be able to choose with which currency to make their transactions and, if the state wants to put some laws, these should be to reduce transaction costs so that they are optimal and good,” adds the Bolivian bitcoiner.
On the Bitcoin Law of El Salvador, although he considers it “very positive”, the president of the Bitcoin Community Bolivia sees with resentment the article 7 that imposes the obligation to accept BTC as a means of payment. According to him, monetary freedom would be the ideal scenario.
There should not be any kind of state intervention
There should not be any kind of state intervention because, in fact, Bitcoin, at the ontological level, in its philosophical and philosophical
It was not intended to be regulated. With those words, Olmos made clear his position on the issue.
For the Venezuelan representative, “nothing forced works”. As an example, he mentioned the creation of the Petro cryptocurrency, developed and promoted by the Venezuelan government. CryptoNews has reported that, almost 4 years after its creation, its use as a means of payment is almost nonexistent
. “Welcome Petro!” said, in 2018, President Nicolas Maduro when making it official as a commercial currency. Source: Youtube.
According to Olmos, the ecosystem around BTC in no way needs state intervention to flourish, but rather “grows on its own, because people are looking for outlets for the shortcomings of the traditional financial system.”
“Governments have the ability to hinder
For the Argentine panelist, the best thing the state can do in relation to bitcoin, is not to hinder. “I think governments have the ability and the facility to hinder, especially on issues that do not dominate,” he explained.
Bourbon referred to the case of Bolivia where, as mentioned, the ban is total. He indicated that “for the bitcoiner, the fact that BTC is prohibited is irrelevant because it can be used anyway”. However, he recognizes that “it does hinder its use if you genuinely want to save with your money and not feel like a criminal in the country”.
The developer took the opportunity to express what he would consider ideal for his country: that bitcoin ceases to be classified as a financial asset that pays rent
Imagine that I want to buy something with bitcoin. Then, I have to go around declaring at what price I bought the BTC and at what price I sold it in each instance, and calculate the profit I made at each moment to then be able to pay tax on that. It’s impractical! So, all I’m saying in terms of what the government can do is not to get in the way.
Nicolás Bourbón, Argentine bitcoiner.