Other countries have dabbled in cryptocurrencies, but none has gone so far as El Salvador. Starting Tuesday, all businesses will have to accept payments in Bitcoin, except those lacking the technology to do so, according to a new law.
"We accept Bitcoin" is announced at a barber shop in Santa Tecla, El Salvador, Saturday, Sept. 4, 2021. Starting Tuesday, Sept. 7, all businesses will have to accept payments in Bitcoin, except those lacking the technology to do so.
“It will be something very good for the economy,” said Justo, who says he may send bitcoins now instead of dollars.“Old people and farmers, which are many of the Salvadorans who live here , are not up with technological change,” said the 58-year-old. “It’s going to be confusing, complex for them”. The government is using a digital wallet app called Chivo that can be used for payments and remittances in Bitcoin and Bukele has promised that Salvadoran citizens who download it and sign up will receive receive $30 worth of bitcoins in credit.ADVERTISEMENT“The use of the Chivo wallet won’t cost anything,” Bukele has said on his Twitter account
Salvadorans appear skeptical as well. Face-to-face opinion surveys by three well-known local pollsters in recent weeks all found opposition to the plan, ranging from a slight majority to about two-thirds rejecting use of Bitcoin as legal currency. The volatility of cryptocurrency also worries him. A full bitcoin was worth about $65,000 in April. Two months later, it fell to half that. It’s now up around $50,000. The government expects people to make millions of transactions in tiny fractions of each coin.
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