Miami Bitcoin Conference: El Salvador declares to legalize Bitcoin

[Yugocean]

El Salvador, a small country located in North America, has announced the recognition of bitcoin as a legal currency. With this, the process of treating cryptocurrencies as equivalent to the legal currency of a country has begins.

The Bitcoin conference 2021 was held in Miami, Florida, USA, due to the Corona epidemic, it was organized through video conferencing.

At this conference, El Salvador President Nayib Bukele proposed to use bitcoin technology to build his country's financial infrastructure to legitimize it against the dollar. President Bukele has also legitimized it by announcing a partnership with digital wallet company Strike, which is country based mobile app .

El Salvadorians are using cryptocurrency openly and government is trying to save its economy in this pandemic. President Bukele is ready to send the bill in country's parliament next week.

EDIT (9th June)
El Salvador parliament passed the Bill, Bitcoin is now legal in the country.

 

[sincerem]

That's interesting update. The country "El-Salvador have seen the future benefits of crypto from afar and decided to adopt it now which is still not beyond them in terms of benefits. That's what i expected my country govt to do, regulate it, and adopt it to help bolster the economy since many citizens trade it and see it as means of livelihood.

 

[Alexandoy]

Yes, this is an interesting development. However, it looks like El Salvador has a dictator for a president. Here that cannot happen just like that because there is a senate approval for such commodity trading and also the central bank governor needs to approve it. Anyway, that development is good for the crypto lovers in that country.

 

[Yugocean]

That's interesting update. The country "El-Salvador have seen the future benefits of crypto from afar and decided to adopt it now which is still not beyond them in terms of benefits. That's what i expected my country govt to do, regulate it, and adopt it to help bolster the economy since many citizens trade it and see it as means of livelihood.

This is just a chance for Bitcoin due to their economy turmoil in corona period. All countries are going to accept it, some are just keeping it Non Legal and Non illegal; but now El Salvador's move will legalize it.

Yes, this is an interesting development. However, it looks like El Salvador has a dictator for a president. Here that cannot happen just like that because there is a senate approval for such commodity trading and also the central bank governor needs to approve it. Anyway, that development is good for the crypto lovers in that country.

El Salvador Presidential remains for five years, there is no permission for consecutive re-election, however ex-Presidents are allowed to run for second term in a non-consecutive manner. El Salvador also has 84 member parliament.

 

[sincerem]

This is just a chance for Bitcoin due to their economy turmoil in corona period. All countries are going to accept it, some are just keeping it Non Legal and Non illegal; but now El Salvador's move will legalize it.


El Salvador Presidential remains for five years, there is no permission for consecutive re-election, however ex-Presidents are allowed to run for second term in a non-consecutive manner. El Salvador also has 84 member parliament.

I really admired what El-salvador govt did when it concerns digital coins. They've studied the future of the coin, and understand that, their is reasons for its adaptation. It will be very pleasing if other lower countries will take a bow like the way El-salvador govt just did to enjoy future benefits of its adaptation to help boost their low economic power.

 

[Yugocean]

Update
As I edited the thread, El Salvador parliament has already passed the Bill, making Bitcoin legal; now it depends how other countries are going to take it. In past some governments tried to make pact with some cryptos, like Stellar by Ukraine government, however, such legalizing is not done anywhere, and really not for a decentralized Bitcoin. El Salvador opened its door for Bitcoin owners.

 

[Lens1000]

I applaud him for this gesture but I am looking at the rivalry that will take place between bitcoin and the country's currency
What if bitcoin overrides their convectional currency ? If this happens, is there possibilities of impending danger on the country's economy as it has no control over it.
Let's ponder on this. Maybe, the president placed limits on the usage of bitcoin

 

[Yugocean]

I applaud him for this gesture but I am looking at the rivalry that will take place between bitcoin and the country's currency
What if bitcoin overrides their convectional currency ? If this happens, is there possibilities of impending danger on the country's economy as it has no control over it.
Let's ponder on this. Maybe, the president placed limits on the usage of bitcoin

This issue is something to do with Parliament discussion, and already their parliament passed bill with overwhelming majority. It is not true that the Government will have no control over its economy, because Cryptocurrency value and Fiat currency value are both market based; legal or no legal, Bitcoin already have influence, so legalizing it will help the infrastructure.

 

[Lens1000]

This issue is something to do with Parliament discussion, and already their parliament passed bill with overwhelming majority. It is not true that the Government will have no control over its economy, because Cryptocurrency value and Fiat currency value are both market based; legal or no legal, Bitcoin already have influence, so legalizing it will help the infrastructure.

I thought as much, it's pretty obvious that the government must have played the game wisely. What's the economic impact of the adoption of the cryptocurrency in the country's market? Or is it that they noticed a fall in the fiat currency ?
Tell me more

 

[btaliat]

This is a welcome development and it is highly commendable but the decision won't have much effect as the country is not popular and its population is not as more to the extent of influencing the growth of bitcoins. But this does not mean that other countries may start adopting bitcoins as their legal currency as well.

 

[Yugocean]

I thought as much, it's pretty obvious that the government must have played the game wisely. What's the economic impact of the adoption of the cryptocurrency in the country's market? Or is it that they noticed a fall in the fiat currency ?
Tell me more

This is all due to Covid, lockdown and restrictions resulted in economy slowdown. Jobless people get online to find other ways of living;. In 2020, t he GDP growth was −5.4%, also there is civil unrest with high crime rate. Cryptocurrency made many jobless youth to stay at home and earn online instead of getting involved in crime. So government found this is better option to stop crime in this serious economy slowdown.

 

[Bookwormlux]

This is all due to Covid, lockdown and restrictions resulted in economy slowdown. Jobless people get online to find other ways of living;. In 2020, t he GDP growth was −5.4%, also there is civil unrest with high crime rate. Cryptocurrency made many jobless youth to stay at home and earn online instead of getting involved in crime. So government found this is better option to stop crime in this serious economy slowdown.

This is a very good move by the President which I must commend. I like it when I read about presidents coming up with great Innovations like this. It is unfortunate that my own country did not consider the potential in Crypto Currencies and felt it would be better for them to ban it.
I believe more people in El Salvador will be happy with this latest development.

 

[Yugocean]

Governments are filled with corrupt politicians, so not always public have choice expect once during election, then it is left on its own. According to reuters, now President Bukele is arguing Salvadorans for remittances (who are living in foreign countries). However people are giving mixed reviews, some are supporting this, some are opposing this.