Friday, July 30, 2021

El Salvador’s historic bitcoin law will go into effect on Sept. 7.

The Takeaway:

In a national address, El Salvador's President Nayib Bukele said that a recently passed law making bitcoin legal tender would take effect on Sept. 7.

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According to the Reuters report, El Salvador’s President Nayib Bukele announced in a national address on Thursday that the recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional. As reported earlier, El Salvador’s Congress already approved Bukele’s proposal to embrace the world’s leading cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender.

 

“The use of bitcoin will be optional.”

“The use of bitcoin will be optional, and nobody will receive bitcoin if they don’t want it… If someone receives payment in bitcoin, they can choose to receive it in dollars automatically,” said the 38-year old president Bukele. Salaries and pensions will continue to be paid in U.S. dollars, Bukele added, without specifying if that included salaries paid to state workers and private sector employees. Earlier, Athena Bitcoin said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad. According to Athena Bitcoin’s website, the ATMs can be used to buy bitcoins or sell them for cash.

 

El Salvador’s President unveils the official digital wallet ‘Chivo.’

El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency. President Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give away $30 worth of BTC after users download the app during a conference.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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