Press "Enter" to skip to content

El Salvador Accepts Bitcoin As Legal Tender, Tesla Ought To Accept BTC As Payment Method?

Nayib Bukele, the President of El Salvador recently took part in Twitter Spaces hosted by Nic Carter.

Here’s a summary of all of the major points he made in a conversation which lasted for over 1 hour

  • Government Bitcoin Wallet will be developed by Jack Mallers Strike – Free & Available to all in El Salvador. Opt-in only.
  • People are free to use any wallet.
  • Accepting Bitcoin is going to be a mandate for all merchants.
  • Merchants cannot refuse Bitcoin.
  • USD will remain exclusive unit of account for corporate balance sheets.
  • Taxes can be paid in Bitcoin.
  • Commercial contracts can be settled in Bitcoin where previously denominated in USD.
  • $150m Government Trust Fund to remove BTC exchange risk to small merchants – opt-in only.
  • Initial estimate only to seed Trust Fund.
  • Permanent residency to anybody who invests 3 BTC in El Salvador.
  • Government will build out internet infrastructure to promote connectivity to Bitcoin.
  • Not worried about international finance sector response because this is an opportunity for everybody.
  • It will reduce remittance commissions from 30% to almost zero + the creation of jobs — it’s good for everybody.
  • Reduce problem for US at the border because of more opportunities in El Salvador for people.
  • We have to do a lot of explaining and campaigning.
  • This is not something for rich people only. Bitcoin is for everybody.
  • A lot of inequality comes from the central banking system.
  • Everybody pays the price of their money being diluted.
  • Bitcoin solves a lot of things.
  • If we can change our future, other countries will follow.
  • Weapons are bought with USD. Money laundering is with the USD.
    Also jewels and EUR and Yen.
  • The problem is the illegal activity, not Bitcoin.
  • Government Mining Bitcoin: Not thinking about it, but we can do things to promote it.
  • We have a plan for geothermal energy – from volcanoes that’s 100% clean.
  • We lose a lot of energy in transport that could be used for industry – potentially mining too.
  • A lot of people will attack this because they support other ideas – but we should support Bitcoin adoption so it takes hold.
  • Bitcoin is proving it carries benefits for the common folk.
  • We were inspired by the project of Bitcoin Beach and the work Jack Mallers has been doing in El Salvador.
  • Permanent residency to anybody who invests 3 BTC in El Salvador.

What do you think about this latest move on Bitcoin by a nation? Would you prefer to shift at a South American nation for the sake of saving capital gains tax? Let us know in the comments below!

Image by tom bark from Pixabay

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *