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Jun 6 - El Salvador to become the world’s first country to adopt bitcoin as legal tender



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 2 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x30
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Jun 6 - El Salvador to become the world’s first country to adopt bitcoin as legal tender
 

 
KEY POINTS
-El Salvador President Nayib Bukele plans to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender.
-Bukele broadcast his intentions on a video at the Bitcoin 2021 conference in Miami.
-Bukele said the country is partnering with digital wallet company, Strike, to build modern financial infrastructure using bitcoin technology.


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MIAMI — El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.

In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.

Jack Mallers, founder of the Lightning Network payments platform Strike, said this will go down as the “shot heard ’round the world for bitcoin.”

“What’s transformative here is that bitcoin is both the greatest reserve a*set ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” continued Mallers.

Speaking from the mainstage, Mallers said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.

El Salvador is a largely cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvador’s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.

Bitcoin isn’t backed by an a*set, nor does it have the full faith and backing of any one government. Its value is derived, in part, from the fact that it is digitally scarce; there will only ever be 21 million bitcoin in existence.

While details are still forthcoming about how the rollout will work, CNBC is told that El Salvador has a*sembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as the base layer.

Bukele’s New Ideas party has control over the country’s Legislative a*sembly, so passage of the bill is very likely.

“It was an inevitability, but here already: the first country on track to make bitcoin legal tender,” said Adam Back, CEO of Blockstream.

Back said he plans to contribute technologies like Liquid and satellite infrastructure to make El Salvador a model for the world.

“We’re pleased to help El Salvador on its journey towards adoption of the Bitcoin Standard,” he said.

This isn’t El Salvador’s first move into bitcoin. In March, Strike launched its mobile payments app there, and it quickly became the number one downloaded app in the country.

Bukele has been very popular, with his populist New Ideas party sweeping recent elections. However, the new a*sembly recently came under fire after it ousted the attorney general and top judges. The move prompted the U.S. Agency for International Development to pull aid from El Salvador’s national police and a public information institute, instead re-routing funds to civil society groups.

visit this link https://www.cnbc.com/2021 .. l-tender-.html
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39 comments
 

 2 weeks ago '04        #2
bibbyboi 
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Hopefully this bumps that sh*t up. We've been in a slump for a while now. This plus major entities starting their bitcoin ETF's soon and the Child Tax credits about to hit should give crypto a much needed boost.
+5   

 2 weeks ago '11        #3
Sin  topics gone triple plat - Number 1 spot x30 OP
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 bibbyboi said
Hopefully this bumps that sh*t up. We've been in a slump for a while now. This plus major entities starting their bitcoin ETF's soon and the Child Tax credits about to hit should give crypto a much needed boost.
if you believed in it at $50k seeing it at $30k is a dream come true

buy more
+21   

 2 weeks ago '04        #4
bibbyboi 
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 Sin said
if you believed in it at $50k seeing it at $30k is a dream come true

buy more
I did/am.
+5   

 2 weeks ago '11        #5
Sin  topics gone triple plat - Number 1 spot x30 OP
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 bibbyboi said
I did/am.
I was waiting until $29k but im starting back up with my weekly $20 purchases
+6   

 2 weeks ago '04        #6
bibbyboi 
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 Sin said
I was waiting until $29k but im starting back up with my weekly $20 purchases
Are you only copping BTC or other crypto too?
+3   

 2 weeks ago '11        #7
Sin  topics gone triple plat - Number 1 spot x30 OP
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 bibbyboi said
Are you only copping BTC or other crypto too?
im not big on crypto so I've been buying BTC and ETH

I use gemini exchange so my options are limited
+5   

 2 weeks ago '21        #8
Keithf87 
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OMG its happening FASTER THAN I THOUGHT...


+8   

 2 weeks ago '14        #9
strungout  topics gone triple plat - Number 1 spot x3
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the president of el salvador is palestenian


+13   

 2 weeks ago '18        #10
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 strungout said
the president of el salvador is palestenian


His dad is Palestinian
+8   

 2 weeks ago '07        #11
Damagegadget  topics gone triple plat - Number 1 spot x1
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This is why large countries are talking that isht

Not to stop us in America as example but to keep countries under control of our dollar and central banks
+4   

 2 weeks ago '07        #12
Damagegadget  topics gone triple plat - Number 1 spot x1
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 DUCEDUCE said
His dad is Palestinian
Plant a tomato seed in fertility you get a tomato
+6   

 2 weeks ago '10        #13
lltreyll 
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stable coins are the only crypto I can see being widely accepted by merchants. And that's cause anybody could of thrown however many dollars at legit stable coins years ago, and to this day they would be able to cash out from the stable coin and get back the same amount of dollars they initially put in years ago..That's not happening with btc, and stable coins arent incredibly slow to transfer things like btc is either.
+3   

 2 weeks ago '18        #14
Losantana16x3  topics gone triple plat - Number 1 spot x7
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How many of yall actually own a whole bitcoin??????



Be honestl
+5   

 2 weeks ago '13        #15
BLACK MAMBA 
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 Keithf87 said
OMG its happening FASTER THAN I THOUGHT...


Stay prayed up , we outta here in about a year
+1   

 2 weeks ago '21        #16
Keithf87 
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 BLACK MAMBA said
Stay prayed up , we outta here in about a year




+2   

 2 weeks ago '11        #17
Sin  topics gone triple plat - Number 1 spot x30 OP
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 Losantana16x3 said
How many of yall actually own a whole bitcoin??????



Be honestl
I literally own $18 worth that i bought a hour ago
+7   

 2 weeks ago '18        #18
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 Damagegadget said
Plant a tomato seed in fertility you get a tomato
Plant a tomato in Italy dont taste the same as a tomato in the US.
+5   

 2 weeks ago '14        #19
strungout  topics gone triple plat - Number 1 spot x3
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 Losantana16x3 said
How many of yall actually own a whole bitcoin??????



Be honestl
I own 0.03 worth
+5   

 2 weeks ago '20        #20
itsthekid123  topics gone triple plat - Number 1 spot x1
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this is great

Paraguay coming next week, this a member of their congress





@ @ @


Last edited by itsthekid123; 06-06-2021 at 11:10 PM..
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 2 weeks ago '17        #21
dubsax 
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doesnt mean much seeing that most of the country doesnt have internet access.

All its good for in this case is laundering money directly to his pockets with the intent of avoiding any sort of future international sanctions based on some of his political moves.

This doesnt benefit the vast majority of El Salvadorians....MS-13 will do well though
+11   

 2 weeks ago '15        #22
isthistobe  topics gone triple plat - Number 1 spot x19
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+6   

 2 weeks ago '20        #23
itsthekid123  topics gone triple plat - Number 1 spot x1
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 dubsax said
doesnt mean much seeing that most of the country doesnt have internet access.

All its good for in this case is laundering money directly to his pockets with the intent of avoiding any sort of future international sanctions based on some of his political moves.

This doesnt benefit the vast majority of El Salvadorians....MS-13 will do well though
they all have phones tho

thats all u need, they will have a digital wallet... and be their own bank

70% don't have a bank account in El Salvador, but they all got phones, bitcoin allows them to be their own bank
+5   

 2 weeks ago '19        #24
ZigZag  topics gone triple plat - Number 1 spot x20
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El Salvador gonna wash all the drug money with bitcoins



+2   

 2 weeks ago '18        #25
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 dubsax said
doesnt mean much seeing that most of the country doesnt have internet access.

All its good for in this case is laundering money directly to his pockets with the intent of avoiding any sort of future international sanctions based on some of his political moves.

This doesnt benefit the vast majority of El Salvadorians....MS-13 will do well though
Bro you really calling Nayib corrupt?
+1   



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