The government hopes that bitcoin will reduce bank fees for Salvadorans sending money via the diaspora. This change is met with resistance by the population.
El Salvador has become the first country to legalize bitcoin as a currency, joining the US dollar. This initiative was criticized by international financial institutions, which started with a computer system crash.
“@Chivowallet does not work, we have disengaged it while we increase the capacity of our servers.”Twitter user early Tuesday, Nayib Bukele, the popular initiator of monetary Reform despite resistance from the population, tweeted his appreciation.
With a market value $ 21 million, the government purchased its first 400 coins.
He also launched an electronic wallet “Billy Goat”(« Super »To make daily bitcoin transactions with your phone, you will need to know the following:
“Tomorrow” [mardi], for the first time in history, all eyes will be on El Salvador ”President Nayib Bukele announced in a tweet Monday that his country had purchased its 200 first bitcoins.
The head of state and government will save $ 400 millions on bank charges for Salvadorans when they send money via the diaspora to the United States. This is a 22% share of the country’s GDP. country.
But, more than two thirds of the 6.5million Salvadorans are against this popular President Bukele’s decision. They say in separate polls they want to keep using the US dollar as the legal tender for El Salvador for the next twenty years.
“These are important decisions [prises] Without consultation by the government or parliamentarians […] people do not see how they will have a positive impact to significantly change their living conditions ”You are the Central American University’s director of polls, Laura Andrade.
In El Zonte, where cryptocurrency is used in daily life since 2019, Mike Peterson (a 47-year old Californian surfer who lives on these beaches along the Salvadoran Pacific coast) defends bitcoin.
“A lot of people don’t have access to bank accounts […] Now they can make payments online, send or receive money with family members, and do it all with very little or no charge ”, said to the AFP.
According to the UCA, 65.2% of the population is not interested in downloading the “Chivo” electronic wallet (« Super »In colloquial terms, it is necessary to conduct daily bitcoin transactions, despite the $ 30-welcome offer by the government.
Salvadoran Parliament, which has been dominated by President Bukele supporters since the last legislative election, passed June’s law making bitcoin legal tender in El Salvador. Accept bitcoin as a payment method. Bitcoin’s value “Will be established free and clear by the market”The law, as it is written.