The small state of The Savior, almost imperceptible on globes, is about to enter history. Famous so far for the landing of Christopher Columbus, today the Central American country is about to break a record: it will be the first in the world to accept nationally the Bitcoin as a payment method. The September 7 next looms as a historic date for the Salvadoran population: the government has in fact indicated next month as the official date of entry into force of Bitcoin as legal currency. The dollar, however, will remain the official currency for salaries and pensions, but products and services can be denominated in both currencies.
The Minister of Finance, Alejandro Zelaya, specified that the use of Bitcoin as a trading currency will be optional and not mandatory: no sanctions, therefore, for shopkeepers who will continue to accept payments only in dollars and not in Bitcoin. The Minister’s words are in part in contrast with the provisions of article 7 of the “Ley Bitcoin”, a decree published in the Official Gazette of the State of El Salvador on June 9, which states that “every economic agent must accept Bitcoin, as a form of payment when it is offered by those who buy a good or a service “.
Apart from internal contradictions, the change that is about to take place is however epochal, especially for two reasons, underline the experts of Crypto Smart (Italian platform for the purchase, exchange and deposit of cryptocurrencies). The first is that it would make economic transactions less expensive, as with Chivo, the App created by the Salvadoran government to encourage the use of Bitcoins, costs and commissions would be saved. “The second, on the other hand, will concern the relationship, hitherto of dependence, between the Salvadoran state and the American central bank, which, in all likelihood, in the medium to long term will be questioned – report by Crypto Smart -. If Bitcoin catches on, El Salvador will be able to say goodbye to the subjection to the currency of the United States ”.
To encourage its use among the population, the Salvadoran government has created the Chivo e-wallet App, which provides a bonus: the government will give the equivalent of 30 dollars in Bitcoin to every citizen who downloads this app.