The catchy commercial importantly notes that the use of Bitcoin is not mandatory; you will still have the option to receive or pay in dollars or Bitcoin. The video reveals, according to Reddit user felipebrunet: Watch the commercial below: Indeed, the Central American country will be the first in the world to embrace Bitcoin as legal tender, and it will circulate alongside the US dollar as the official currency of the nation. The Bitcoin Law, which was adopted by the Legislative Assembly with a strong pro-government majority and will go into effect on September 7, states that every “economic agent must accept Bitcoin as a form of payment.” However, President Nayib Bukele has suggested that its usage will be voluntary.
Skepticism among Salvadorans
In spite of Bukele’s attempts on social media to promote Bitcoin and attack the opposition, according to a university poll, the cryptocurrency isn’t popular with most Salvadorans. A study by Francisco Gavidia University’s Citizen Studies Center found that 25% of respondents thought the choice was not very good, and 53.5 percent thought it was not good. In contrast, 12.9 percent thought it was excellent, and 6.5 percent thought it was very good. According to the survey:
What will happen next
From September 7, Salvadorans who receive Bitcoin will be able to withdraw dollars from a network of 200 Bitcoin ATMs in the country, according to Bukele. Construction of ATM booths in parks and public places around the country has begun; one of the ATMs has already been put in the Plaza Capitán General Gerardo Barrios, in the capital’s center, guarded by military police. However, because of the lack of information on how it would be implemented and the potential hazards of utilizing the cryptocurrency, the Bitcoin Law has sparked a debate in the country. Bankers in El Salvador want the government to explain its stance on Bitcoin as legal money and have asked for public education programs. El Salvador’s Bukele administration has touted the plan as a way to remove remittance fees from the United States, which amounted to more than $5.9 billion in 2020, according to Central Bank figures. In 2020, remittances accounted for $5.9 billion, or nearly 23% of the country’s entire economic output. As the cost of sending remittances is typically high, anything that might reduce the price could significantly impact the Salvadoran economy. Despite concerns that the widespread usage of Bitcoin might allow money laundering and tax fraud, lawmakers in Cuba and Honduras have shown increased interest in adopting the digital asset. [coinbase]
