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HomeNewsCompanies don't have to accept Bitcoin after all by Investing.com

Companies don’t have to accept Bitcoin after all by Investing.com





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Investing.com – El Salvador originally wanted to boost its economy with the introduction of bitcoin. But it is now becoming apparent that President Nayib Bukele’s schedule has been a little too ambitious.

Just last week, the country’s central bank issued proposals to the established banks on how they should deal with the legal tender.

However, there is not much time left until September 7th, the day the BTC is set to make its debut in El Salvador. The government is working flat out to get the population to accept Bitcoin.

The president is offering a $ 30 BTC welcome gift to anyone who downloads the government app. So anyone who wants to can test Bitcoin as a means of payment – without any risk.

However, this app is much more than just a disdainful wallet, as El Salvador’s President Bukele explains:

“With this app, you can take payments in #bitcoin or DOLLARS, start a small business and run it from there. You can receive money from your family or friends and send transfers without paying a single cent in commission.

Only if you want to, of course. If not, just don’t download anything and that’s it. “

Especially the free transfers are an important point for some of the people living in El Salvador, why they will use the app. If you work abroad and support your family at home with money, you are forced to fall back on Western Union and pay appropriate fees.

Nayib Bukele cites an amount of $ 400 million that is burned each year through these fees alone and thus escapes the domestic economy.

Even the volatility of Bitcoin is limited to a tolerable level with the app, because:




“All #bitcoin you receive will automatically be converted into dollars (if you wish). You can leave them in your electronic wallet or exchange them for cash at one of the 200 ATMs that will be everywhere.

There will also be 50 branches where you can withdraw or deposit money.

#PuntosChivo are emerging everywhere.

There they can get help with using the app, with the functionality of #bitcoin, with depositing or withdrawing money, with using ATMs and with accepting money from anywhere in the world.

And all of this with no commissions for anyone. “

While everything seems to be already there for the general population, the president also found that companies will need more time to prepare for Bitcoin.

In his most recent tweet he therefore spoke of the fact that no one was forced to accept bitcoins and “his business.” to expand. “

However, Article 7 of the Bitcoin Law stated:

“7. Every entrepreneur must accept Bitcoin as a means of payment if it is offered to him by someone who purchases a commodity or Service buys. “

It remains to be seen whether anything will change for the companies after this tweet. There are currently no plans to change Article 7.

There may be an amendment to the law in the next few days that allows a transition period.

by Marco Oehrl


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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