Summary and some voices about the Bitcoin law's entry into force in El Salvador
Bitcoin adoption as a legal tender in El Salvador is all anyone can talk about presently in the crypto space, and rightfully so. Tuesday, September 7th will see the small North American country become the first to use bitcoin as legal tender. The reactions to the move have been both positive and negative. But the president and government of El Salvador have remained steadfast in their resolve to see the country be the first to use crypto as an official currency.
El Salvador is a small nation in South America, known mainly for its coffee, tourism, and manufacturing industry. 200 Bitcoin ATMs installed in El Salvador ahead of legal tender adoption. With the Bitcoin law coming into effect in Salvador on September 7,bitcoin is now‘legal tender’in El Salvador.
But ahead of legalization, many Salvadorans took to the streets to protest against Bitcoin. A recently published survey, conducted by the University Institute of Public Opinion (IudopUCA), claims that, more than 75% people of El Salvador is skeptical of Bitcoin. Citizens of El Salvador don’t believe Bitcoin will solve the country’s financial problems. In addition, the study concluded that 9 out of 10 Salvadorians “have an inaccurate notion or don’t know what Bitcoin is”. When asked what Bitcoin is, 44% of the respondent said that it’s a digital currency, and 20.6% said that they don’t know. Other participants said that BTC is a cryptocurrency, a “new currency”, money, and more. Also, the International Monetary Fund and the World Bank promptly criticized the legislation and declined their support.
While some financial institutions continued raising their doubts, others acknowledged the key benefits of the legal tender adoption. Nigel Green, the founder of one of the world’s leading financial institutions, deVere, has publicly shown support for this move. The CEO said that this move “ushers in the start of a new world,” while acknowledging that the nation was making history with this adoption. Green also predicts other nations are bound to follow in the steps of El Salvador following its success with the implementation. “It’s almost universally recognized that the future of money is inevitably digital, in some form or another,” Green added. Central American bank: Bitcoin’s (BTC) success in El Salvador could mean legalization in other countries. Mexico, too, wants to jump on the crypto train as El Salvador legalizes Bitcoin, and the government official is following an example of neighbouring countries as he promotes Bitcoin legalization.
In the midst of it all, President Bukele remained determined, saying nothing can stop Bitcoin from seeing widespread adoption in El Salvador as he focused on the economic relief and investment opportunities that his initiative could bring to the country, and he sees no scenario in which it can be stopped. “Remember Bitcoin works by itself, so it’s not like it depends on what we do. But of course, the things that we are doing, will, you know, it will protect the decision, and guarantee that there will be more benefits for the people.”He said.