{"id":11546,"date":"2021-08-31T13:54:15","date_gmt":"2021-08-31T13:54:15","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-legal-tender-in-7-days-el-salvador-publishes-video-explaining-what-to-expect\/"},"modified":"2021-08-31T13:54:15","modified_gmt":"2021-08-31T13:54:15","slug":"bitcoin-legal-tender-in-7-days-el-salvador-publishes-video-explaining-what-to-expect","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-legal-tender-in-7-days-el-salvador-publishes-video-explaining-what-to-expect\/","title":{"rendered":"Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect"},"content":{"rendered":"

Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Law enters into force. The video features the government\u2019s fee-free crypto wallet, Chivo.<\/strong><\/p>\n

Government\u2019s Video Explaining What to Expect When Bitcoin Becomes Legal Tender<\/h2>\n

The Bitcoin Law in El Salvador will come into effect on Sept. 7 when BTC<\/a> will become legal tender alongside the U.S. dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using the government\u2019s official crypto wallet, Chivo.<\/p>\n

A partir del 7 de septiembre ??#Bitcoin<\/a> @chivowallet<\/a> pic.twitter.com\/HNiHWdY3x1<\/a><\/p>\n

\u2014 Nayib Bukele ?? (@nayibbukele) August 30, 2021<\/a><\/p>\n<\/p>\n

According to a translation<\/a> of the video content posted on Twitter, \u201cStarting September, bitcoin will be legal tender in our country alongside the U.S. dollar,\u201d the video begins. It further details:<\/p>\n

Using bitcoin is not mandatory. You will have the option of paying and collecting in bitcoin or dollars. All cash transactions, prices, salaries and pensions will continue to be in dollars.<\/p>\n

\u201cYou will have the option to use the government\u2019s wallet for free to make transactions in bitcoin or in dollars at any time of day and without fees. You can also use any other wallet to make your transactions,\u201d the video continues.<\/p>\n

\u201cWith our wallet, you will receive a bitcoin bonus worth $30 USD for you to spend. You will have the option to pay in dollars or bitcoin from your mobile without the need to handle money or sign vouchers. Also, those who collect from you will not need to handle money, a card, or be charged any fees. You will have the option of sending and receiving remittances at any time of day without fees.\u201d<\/p>\n

The video ends with a message from the government of El Salvador stating that \u201cUsing bitcoin is easy and optional.\u201d<\/p>\n

<\/p>\n

On Monday, President Bukele tweeted<\/a> that \u201cThere will also be 200 Chivo ATMs\u201d where people can withdraw money without having to pay any commission. \u201cYou can buy bitcoin for your Chivo wallet or reload dollars and keep them as dollars in your electronic wallet. You can also withdraw remittances in cash without commissions.\u201d<\/p>\n

Many countries worldwide are watching to see what will happen when bitcoin becomes legal tender in El Salvador. Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), said last week that \u201cEveryone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially.\u201d If so, he expects more countries to follow suit.<\/p>\n

CABEI is helping<\/a> El Salvador with the technical implementation of making bitcoin legal tender. Meanwhile, the International Monetary Fund (IMF) has warned that making bitcoin equivalent to a national currency is inadvisable<\/a>.<\/p>\n

What do you think about bitcoin becoming legal tender in El Salvador? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, ATM, Bitcoin Law, bitcoin legal tender, bitcoin national currency, cabei, chivo wallet, crypto wallet, El Salvador, government bitcoin wallet, IMF, official bitcoin wallet, President Nayib Bukele<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Law enters into force. The video features the government\u2019s fee-free crypto wallet, Chivo. Government\u2019s Video Explaining What to Expect When Bitcoin Becomes Legal Tender The Bitcoin…<\/p>\n","protected":false},"author":0,"featured_media":11547,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11546"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11546"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11547"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}