Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Bitcoin (BTC)
  • Use of Bitcoin in El Salvador Will Be Non-Compulsory but Optional
  • Bitcoin (BTC)
  • Crypto News

Use of Bitcoin in El Salvador Will Be Non-Compulsory but Optional

Blaine Matta August 22, 2021 2 min read

The Finance Minister of El Salvador tells that the use of Bitcoin in the country will be that of an alternate currency. He says that people would not be required to make use of Bitcoin on a compulsory basis but instead, the user will be optional. However, the Minister’s understanding seems to be quite opposite to what the Bitcoin legal tender describes the use of Bitcoin and has caused great confusion within the country. The law specifically provides under clause 7 that every agent of the country’s economy will be required to accept Bitcoin as a payment mechanism.

It has been more than 2 months now that Bitcoin has been officially incorporated as national currency within the country of El-Salvador. The decision of incorporating Bitcoin as national currency was fully endorsed and backed by the country’s President, Nayib Bukele. However, the decision failed to attract the countrymen to accept Bitcoin as the national currency. More than 60% of the people living in El-Salvador are not willing to accept Bitcoin in the form of a “national currency”. However, the Government functionaries have directed every state economic agent to accept Bitcoin as a mode of payment.

Recently, the country’s Finance Minister, Alejandro Zelava, appeared on a television talk show where he commented about Bitcoin’s status in the country. He said that the use of Bitcoin in El-Salvador is totally an optional one. His comment was taken as if he was denying that the use of Bitcoin in El-Salvador is on a “compulsory” basis. He further suggested that the Bitcoin law does not make it an obligation upon the citizens to use Bitcoin. According to the Finance Minister, a person has the choice of whether he wants to use Bitcoin or not. Similarly, an agent has the free will whether to accept Bitcoin as payment. This created a fuss amongst the citizens as well as amongst the Government officials. The Finance Minister has been criticized that the Minister has misunderstood the Bitcoin legal tender.

The relevant law of Bitcoin, specifically clause 7 thereof, states that Bitcoin has the status of a national currency. The clause further clarifies that every state agent of the country is duty-bound to accept Bitcoin as a mode of payment. Denial of accepting Bitcoin would be in contravention of the law and illegal action that has legal consequences.

What the Finance Minister has revealed in a televised program totally negates the Bitcoin legal tender. The Finance Minister was then referred to the relevant clause of the law and confronted with its content. However, at that moment, the Minister must have realized his mistake and then asked the interviewer to ask him another question.

In any case once against Bitcoin is under criticism in El-Salvador because of an apparent mistake by a public functionary.

Post Views: 564

Continue Reading

Previous: According to Experts, Famous Crypto Project Skycoin Offers No Use Cases
Next: Binance has Adopted Significant Regulatory Measures in Order to Comply with Regulators

Related Stories

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022
Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement
2 min read
  • Crypto News
  • Price Analysis
  • Trading

Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

August 2, 2022
Coinbase Obtains Operational License In Italy
3 min read
  • Crypto News
  • Cryptocurrency Exchange / Crypto Wallet

Coinbase Obtains Operational License In Italy

August 1, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,466.00
6.94%
ethereum
Ethereum (ETH)
$1,912.15
13.95%
tether
Tether (USDT)
$1.00
0.11%
binancecoin
BNB (BNB)
$334.81
3.87%
usd-coin
USD Coin (USDC)
$1.01
0.45%
ripple
XRP (XRP)
$0.386389
5.75%
cardano
Cardano (ADA)
$0.55
6.87%
polkadot
Polkadot (DOT)
$9.64
11.15%
dogecoin
Dogecoin (DOGE)
$0.072509
6.13%
Uniswap
Uniswap (UNI)
$9.36
11.78%

Recent Posts

  • Alfabtc Review – A Recommended Cryptocurrency Broker

    Alfabtc Review – A Recommended Cryptocurrency Broker

     Alfabtc Review Alfabtc is a competent brokerage firm known for its fast and efficient execution of trade. The
  • Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Hodlnaut has announced that it has frozen its services for the users. The firm made an official announcement
  • Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Lido DAO (LDO) has proven to be one of the top performers in the cryptocurrency industry in the
  • CTproz Review – A Recommended Crypto Broker

    CTproz Review – A Recommended Crypto Broker

    CTproz Review The number of people engaging in online trading continues to rise, and if you don’t want
  • Coinbase Obtains Operational License In Italy

    Coinbase Obtains Operational License In Italy

    One of the top crypto exchanges in the market, Coinbase recently achieved yet another milestone, as it was

Start Trading

Categories

Top Posts

  • Crypto an unsolved mystery for Pakistan

    Crypto an unsolved mystery for Pakistan

    Cryptocurrency no doubt is one of the booming industries and is making progress on daily basis. However, for
  • On-Chain Data Proves that Bitcoin (BTC) is Finally Mainstream

    On-Chain Data Proves that Bitcoin (BTC) is Finally Mainstream

    Who would have thought that Bitcoin (BTC) would end up becoming one of the hottest investment assets when
  • IGI Markets Review – An Overview of the Broker’s Offerings

    IGI Markets Review – An Overview of the Broker’s Offerings

    IGI Markets Review Even though online trading has been around for some time, it has witnessed a significant
  • Experienced Crypto Investors Share Tips that help them Gain High Profits

    Experienced Crypto Investors Share Tips that help them Gain High Profits

    One of the most common misconceptions about crypto trading is that it anybody can do it and that
  • Price Analysis for SPG, MM, and more Newly-Listed Cryptocurrencies Demonstrating Worst Performances

    Price Analysis for SPG, MM, and more Newly-Listed Cryptocurrencies Demonstrating Worst Performances

    Space Crypto (SPG) is currently the worst-performing asset on the list of newly-listed cryptocurrencies. The price analysis for

Archives

You may have missed

Alfabtc Review – A Recommended Cryptocurrency Broker
3 min read
  • Brokers
  • Reviews

Alfabtc Review – A Recommended Cryptocurrency Broker

August 10, 2022
Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022
Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement
2 min read
  • Crypto News
  • Price Analysis
  • Trading

Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

August 2, 2022
CTproz Review – A Recommended Crypto Broker
3 min read
  • Brokers
  • Reviews

CTproz Review – A Recommended Crypto Broker

August 1, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$24,466.006.94%
  • ethereumEthereum(ETH)$1,912.1513.95%
  • tetherTether(USDT)$1.000.11%
  • binancecoinBNB(BNB)$334.813.87%
  • usd-coinUSD Coin(USDC)$1.010.45%
  • rippleXRP(XRP)$0.3863895.75%
  • cardanoCardano(ADA)$0.556.87%
  • SolanaSolana(SOL)$43.178.30%
  • polkadotPolkadot(DOT)$9.6411.15%
  • dogecoinDogecoin(DOGE)$0.0725096.13%
  • UniswapUniswap(UNI)$9.3611.78%
  • bitcoin-cashBitcoin Cash(BCH)$144.668.13%