Bitcoin law: El Salvador adamant, release explainer video

Bitcoin law

TL;DR Breakdown

  • El Salvador government releases explainer video on Bitcoin law.
  • Government turning deaf ears to protest and move against Bitcoin becoming legal tender.

The government of El Salvador has published an explainer video on the Bitcoin law passed by the parliament recently. The video explained how Bitcoin would work, the Chivo wallet, and what Salvadorians should expect by the 7th of September when the Bitcoin law comes into effect.

The video clearly indicates that the Salvadorian government is turning deaf ears to protests and revolt by residents demanding a reversal of the Bitcoin law.

Bitcoin Law explainer video message

In the explainer video posted by President Nayib Bukele on Tuesday, it noted that the BTC would become legal tender alongside the U.S. dollar.

Voiced in Spanish, the video stated that using Bitcoin is not mandatory. It states that locals will have the option of paying and receiving payment in Bitcoin or dollars. The video stated that cash transactions, prices, salaries, and pensions would continue to be in dollars.

“You will have the option to use the government’s 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,” the video continues.

“With our wallet, you will receive a bitcoin bonus worth $30 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.”

The video ended by stating the message comes from the government of El Salvador, emphasizing that “Using bitcoin is easy and optional.”

President Bukele had tweeted on Monday that there will also be 200 Chivo ATMs” where people can withdraw money without paying any commission.

Salvadorians caught in between over Bitcoin adoption 

As the day the Bitcoin law in the country comes to effect gets closer, Salvadorians have been divided on the subject. While one part have continued protesting against adopting Bitcoin as its legal tender, others have trooped out in show of support for the law. 

However, towards ending the difference on Bitcoin adoption in the American country, the highest Catholic Church authority in the land – Escobar Alas, the Archbishop of San Salvador stated that the public “fears” bitcoin adoption. He urged the government to allay such fears by seeking to educate the public and put an end to the “lack of information” provided to ordinary people on the subject.

This no doubt is a progressive way to end the incessant call for reversing for Bitcoin adoption in the country and getting all to move forward with the law.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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