After congressional vote, El Salvador officially becomes first country to accept Bitcoin as legal tender

[NookSports]

A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar.

The law states that "all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service." It also says that tax payments can now be made in bitcoin.

Click to shrink...

CNN

It should be said that Nayib Bukele has authoritarian tendencies, and his populist message resonated with large swaths of the population, due to years of a small oligarchy controlling most of the country's land and wealth.

So he's popular and this measure will be popular just for that, but he's also slowly amassing power and is probably looking to change the constitution so he can stay in power as long as he wants. I have family down there that are worried this is just a measure to make it easy to launder money in El Salvador and turn it into a new tax haven.

That said, this does make sense in a country with really high cell phone adoption rates, and low formal banking access. Apparently there's a beach city that has a lot of foreign surfing tourists that has been operating in Bitcoin for a while.

 

[platocplx]

. I have family down there that are worried this is just a measure to make it easy to launder money in El Salvador and turn it into a new tax haven

Click to shrink...

Yup thats what this is.

 

[Shodan14]

Why not doge though? :(

 

[Yankee Ruin X]

Seems a lot of Latin and South America are looking to follow suit as well:

Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption - Stockhead

Lawmakers from Panama, Argentina, Paraguay and Brazil are looking to follow El Salvador's lead in adopting Bitcoin.

stockhead.com.au

 

[Senator Toadstool]

i love money laundering!

 

[Deleted member 862]

This is going to end in disaster.

 

[ahdurian]

*insert this-is-fine.gif*

 

[SuperHans]

Bitcoin use as a currency is terrible. Only use is for money laundering. It's value fluctuates so much you would have to price in a stable currency and the convert to Bitcoin on the fly. It adds no value just a waste of electricity.

 

[JaseC64]

Yeah I don't even understand why this is a thing in El Salvador of all places.

Do El salsadorians have easy access to the latest GPUs and can withstand the electric bills needed for it? I'm thinking back of Guatemala and electricity there was like a privilege and not cheap. So not trying to be funny. Here in the states people may not care about some cost and such but is this targeted for the layman or just for some suites in government to move money around easily without question?

 

[Gohlad]

Yeah I don't even understand why this is a thing in El Salvador of all places.

Do El salsadorians have easy access to the latest GPUs and can withstand the electric bills needed for it? I'm thinking back of Guatemala and electricity there was like a privilege and not cheap. So not trying to be funny. Here in the states people may not care about some cost and such but is this targeted for the layman or just for some suites in government to move money around easily without question?

Click to shrink...

Bitcoin doesn't run on GPUs. Bitcoin is highly traceable, so every move of bitcoin the government or anyone else tries to make will be traceable on the network. Like that would be so bad to use for money laundering since EVERYONE in the whole world can see you moving money from one address to another.

Bitcoin use as a currency is terrible. Only use is for money laundering. It's value fluctuates so much you would have to price in a stable currency and the convert to Bitcoin on the fly. It adds no value just a waste of electricity.

Click to shrink...

If it's a legal tender, then the price fluctuations don't matter, only if you compare it to other fiats. But since you can price everything in Bitcoin, it doesn't matter what it's value compared to the dollar is. If someone prices a house for 1 Bitcoin, it will always be that 1 Bitcoin. If you earn 0,5 BTC as your wage and pay all your taxes in BTC and pay all your bills and groceries in BTC, then you don't care about what it's value is next to the dollar. Just like I as a European don't care how much the apple I just bought at the supermarket is valued in Dollars.

 

[Zastava]

Every bitcoin transaction is easily traceable as the ledger is public and can be accessed from anywhere in the world. It is an exceptionally poor method of laundering money and thus unlikely to be the reason for why Bukele is doing it.

I don't have an explanation for why he's doing it though because it's dumb for numerous other reasons.

 

[mister.metronome]

Every bitcoin transaction is easily traceable as the ledger is public and can be accessed from anywhere in the world. It is an exceptionally poor method of laundering money and thus unlikely to be the reason for why Bukele is doing it.

I don't have an explanation for why he's doing it though because it's dumb for numerous other reasons.

Click to shrink...

Because you can't sanction crypto assets, nor is there any jurisdiction for repossessing it.

 

[Yankee Ruin X]

Bitcoin doesn't run on GPUs. Bitcoin is highly traceable, so every move of bitcoin the government or anyone else tries to make will be traceable on the network. Like that would be so bad to use for money laundering since EVERYONE in the whole world can see you moving money from one address to another.

Click to shrink...

Also the President has already said there are plans to run Bitcoin mining using their excess geothermal energy so 100% clean and renewable but as usual crypto hate squad is out in force as usual.

https://twitter.com/APompliano/status/1402498714875449347?s=20

 

[JustinBailey]

Every bitcoin transaction is easily traceable as the ledger is public and can be accessed from anywhere in the world. It is an exceptionally poor method of laundering money and thus unlikely to be the reason for why Bukele is doing it.

I don't have an explanation for why he's doing it though because it's dumb for numerous other reasons.

Click to shrink...

That assumes the governments actually want the transactions traced and people actually pay attention. They dont, they wont, this is basically new age corruption gift wrapped in tech bro excitement.

 

[Deleted member 3208]

Also the President has already said there are plans to run Bitcoin mining using their excess geothermal energy so 100% clean and renewable but as usual crypto hate squad is out in force as usual.

https://twitter.com/APompliano/status/1402498714875449347?s=20

Click to shrink...

Cryptocurrency doesn't bring anything of value; it is imaginary money.

It doesn't surprise me Bukele is behind this. Dude is a corrupt piece of shit and a greedy asshole. I understand people close to him has been accused of money laundering by the US.

 

[Commedieu]

It will help people not get their money stolen from gangs / robbed I'd imagine. The rich always benefit from everything in the modern world so no need to focus on that as the bad thing.

Going to be hard to shake down some shop for protection with btc transactions.. families can with ease get money sent to them from outside as well. Just transfer from your phone instead of going to western union. There's a lot of pros I can think of that outweigh the cons.

When the whole world stops btc and makes it illegal, let's have that discussion.

 

[Yankee Ruin X]

That assumes the governments actually want the transactions traced and people actually pay attention. They dont, they wont, this is basically new age corruption gift wrapped in tech bro excitement.

Click to shrink...

Have you ever used a block explorer? It's pretty easy to track transactions through them. Bitcoin is very easy to track and trace, always has been. Hell twitter bots are constantly monitoring wallets of interest to see where and what they are doing and thats just normal people with large amounts, exchanges, etc. Government treasuries would be under extreme scrutiny in comparison.

Cryptocurrency doesn't bring anything of value; it is imaginary money.

Click to shrink...

Weird because bitcoin/crypto paid off my house, bought my car and basically changed my life but yeah it's just magic internet money

 

[Joni]

Also the President has already said there are plans to run Bitcoin mining using their excess geothermal energy so 100% clean and renewable but as usual crypto hate squad is out in force as usual.

https://twitter.com/APompliano/status/1402498714875449347?s=20

Click to shrink...

Exess geothermal energy? Weird to speak about excess energy when you still have to import fossils for energy production.

El Salvador, the smallest country in Central America, is heavily reliant on imported fossil fuels, accounting for almost three-quarters of its total energy supply and one third of its electricity supply.

Click to shrink...

El Salvador adopts action plan to accelerate renewables uptake

IRENA has proposed a multi-point action plan to accelerate the transformation of El Salvador’s electricity sector with renewables.

www.powerengineeringint.com

 

[Itaremustbedangeres]

TO THE MOON

 

[Annubis]

Every bitcoin transaction is easily traceable as the ledger is public and can be accessed from anywhere in the world. It is an exceptionally poor method of laundering money and thus unlikely to be the reason for why Bukele is doing it.

I don't have an explanation for why he's doing it though because it's dumb for numerous other reasons.

Click to shrink...

MMO money laundering is easily traceable, but nobody bothers to do anything. You need a body to watch and enforce for anything to happen and that doesn't exist for bitcoin transactions.

 

[Gohlad]

That assumes the governments actually want the transactions traced and people actually pay attention. They dont, they wont, this is basically new age corruption gift wrapped in tech bro excitement.

Click to shrink...

What? They don't have control over that. They can't make their transactions "untraceable". There are literally bots on Twitter that are just automatically posting when big moves of BTC are moved from wallet to wallet. And it is easily identifiable which addresses belong to exchanges etc. The thing is that not even the people of El Salvador have to pay attention to that, but random Americans or Europeans or Asians that are bored can verify it...

Cryptocurrency doesn't bring anything of value; it is imaginary money.

It doesn't surprise me Bukele is behind this. Dude is a corrupt piece of shit and a greedy asshole. I understand people close to him has been accused of money laundering by the US.

Click to shrink...

Every money is imaginary. It just gets legitimized by your government or not. When the Euro was introduced in the EU it was also imaginary money at first since places like Germany used the Deutsche Mark as legal tender. Then that imaginary money got legalized by the Government.

 

[Deleted member 2533]

Pegging your dollar to USD gives up a lot of control. Allowing USD even more. But allowing BTC? Wow. What if someone decides to just take all the BTC from the treasury? You can't freeze their accounts. You can't reverse their transactions. This is giving up total control.

I could see a country in theory rolling their own crypto, not allowing the public to mine, that way they control the entire block chain and can trace every transaction. Letting someone else do that is stupid.

 

[Yankee Ruin X]

Pegging your dollar to USD gives up a lot of control. Allowing USD even more. But allowing BTC? Wow. What if someone decides to just take all the BTC from the treasury? You can't freeze their accounts. You can't reverse their transactions. This is giving up total control.

I could see a country in theory rolling their own crypto, not allowing the public to mine, that way they control the entire block chain and can trace every transaction. Letting someone else do that is stupid.

Click to shrink...

I was wondering that earlier which would be the first country to do something stupid and end up losing their treasury but I would assume that they would be split up over multiple wallets all with multi-sig as surely not going to have the treasury in 1 wallet with a simple PK as that would be crazy.

 

[Commedieu]

Have you ever used a block explorer? It's pretty easy to track transactions through them. Bitcoin is very easy to track and trace, always has been. Hell twitter bots are constantly monitoring wallets of interest to see where and what they are doing and thats just normal people with large amounts, exchanges, etc. Government treasuries would be under extreme scrutiny in comparison.



Weird because bitcoin/crypto paid off my house, bought my car and basically changed my life but yeah it's just magic internet money

Click to shrink...

give me a 3080.

pls.

Yeah, the imaginary argument doesn't make sense when the dollar is pretty much backed by a military that gets money printed.... coworker of mine is a multi-millionaire. He got in around like 2008 or something, i remember laughing at him and saying "LOL ITS FAKE MONEY." Hes a nice guy so never rubbed it in my face. He just sends pics of the homes he buys around the world. Itis not like one day the bank is going to take all of your assets back because you used btc and it was fake money. Its real if you can buy goods with it.

It wastes eletcricity but so does the western world. Its legal so, theres that argument. what people morally should do isn't how the world runs.

on topic,

laundering and corruption will always happen. But I can see how btc will help the public.

edit...

pm me about that 3080.

 

[Evolution of Metal]

If it's a legal tender, then the price fluctuations don't matter, only if you compare it to other fiats. But since you can price everything in Bitcoin, it doesn't matter what it's value compared to the dollar is. If someone prices a house for 1 Bitcoin, it will always be that 1 Bitcoin. If you earn 0,5 BTC as your wage and pay all your taxes in BTC and pay all your bills and groceries in BTC, then you don't care about what it's value is next to the dollar. Just like I as a European don't care how much the apple I just bought at the supermarket is valued in Dollars.

Click to shrink...

• Dollars and Euros don't intersect in the same country.
• The fluctuations are in low percents
• You cannot pay for anything with two different curriencies that aren't pegged together: all the transactions are in Euros unless both parties agree to a different payment currency.
• EU has control over Euro, but less applicate to El Salvador since they don't have a control of a native currency

You can convert BTC to USD, and you can do it with minimal fees and fast. The idea that businesses will have to accept the same amount of BTC regardless of it going up and down 10% every week is ludicrous. It will create unstable economy. No business partner of El Salvador and its companies will take BTC as the currency, and even if they take crypto, they will calculate based on the USD-Coin exchange rate. And what happens when BTC skyrockets or crashes like it does once every year?

 

[Deleted member 2533]

It will help people not get their money stolen from gangs / robbed I'd imagine. The rich always benefit from everything in the modern world so no need to focus on that as the bad thing.

Going to be hard to shake down some shop for protection with btc transactions.. families can with ease get money sent to them from outside as well. Just transfer from your phone instead of going to western union. There's a lot of pros I can think of that outweigh the cons.

When the whole world stops btc and makes it illegal, let's have that discussion.

Click to shrink...

People are regularly robbed by being kidnapped and driven to ATMs to drain their bank accounts at gunpoint. People are shot at gas stations when they say they don't know the combination to the safe. If a country makes crypto a standard, even robbers will figure out how to put a gun in someone's face and ask for crypto. The fact that crypto is already the primary option in cyber attacks shows just how good crypto is for stealing from people.

Weird because bitcoin/crypto paid off my house, bought my car and basically changed my life but yeah it's just magic internet money

Click to shrink...

People do that stuff gambling at casinos in cash, what value does crypto add for the government of El Salvador? We need to look at this at the macro level.

 

[JustinBailey]

What? They don't have control over that. They can't make their transactions "untraceable". There are literally bots on Twitter that are just automatically posting when big moves of BTC are moved from wallet to wallet. And it is easily identifiable which addresses belong to exchanges etc. The thing is that not even the people of El Salvador have to pay attention to that, but random Americans or Europeans or Asians that are bored can verify it...

Click to shrink...

Do you know what misinformation is? Have you seen that used to good effect recently, anywhere in the world?

 

[Commedieu]

• Dollars and Euros don't intersect in the same country.
• The fluctuations are in low percents
• You cannot pay for anything with two different curriencies that aren't pegged together: all the transactions are in Euros unless both parties agree to a different payment currency.
• EU has control over Euro, but less applicate to El Salvador since they don't have a native currency

You can convert BTC to USD, and you can do it with minimal fees and fast. The idea that businesses will have to accept the same amount of BTC regardless of it going up and down 10% every week is ludicrous. It will create unstable economy. No business partner of El Salvador and its companies will take BTC as the currency, and even if they take crypto, they will calculate based on the USD-Coin exchange rate. And what happens when BTC skyrockets or crashes like it does once every year?

Click to shrink...

Its not like they said they're now converting 100% to btc though...

People are regularly robbed by being kidnapped and driven to ATMs to drain their bank accounts at gunpoint. People are shot at gas stations when they say they don't know the combination to the safe. If a country makes crypto a standard, even robbers will figure out how to put a gun in someone's face and ask for crypto. The fact that crypto is already the primary option in cyber attacks shows just how good crypto is for stealing from people.



People do that stuff gambling at casinos in cash, what value does crypto add for the government of El Salvador? We need to look at this at the macro level.

Click to shrink...

Yes, but those robbers will be using tracable methods, not just getting cash which is not tracable. Its on the government to crack down on it, same as with anything. Its not like there is a world police effort out to help El Salvador crack down on crime. It will be a lot less work to steal the cash people have on them versus ... going through their phone ... setting up a wallet ... transfering money to said wallet... I didn't say its 100% effective, nothing is. You could have a phone at home that you only use for BTC and never take it anywhere. I mean, there are options here. But it will definitely help people.

Crime is a thing, yes. Let the people of El Salvador have options. Don't see a single thing wrong with that.

 

[Deleted member 2533]

I was wondering that earlier which would be the first country to do something stupid and end up losing their treasury but I would assume that they would be split up over multiple wallets all with multi-sig as surely not going to have the treasury in 1 wallet with a simple PK as that would be crazy.

Click to shrink...

I assume that if you have a highly corrupt government that the system would be designed or altered to the point where the people in power could rob the country on their way out in event of a revolution or coup. BTC would be 100% impervious to hyperinflation as well.

 

[Damaniel]

I love 'legal tender' that costs $15+ per transaction and an hour or more of verification to use, and has a hard transaction rate per hour. Makes buying the essentials of life so much easier.

All that will happen is that drug producers and smugglers will use it as a way to more easily legitimize their illegal activity, since they can deal in Bitcoin and use it directly instead of having to risk detection by dealing with crypto exchanges.

 

[SuperHans]

Bitcoin doesn't run on GPUs. Bitcoin is highly traceable, so every move of bitcoin the government or anyone else tries to make will be traceable on the network. Like that would be so bad to use for money laundering since EVERYONE in the whole world can see you moving money from one address to another.



If it's a legal tender, then the price fluctuations don't matter, only if you compare it to other fiats. But since you can price everything in Bitcoin, it doesn't matter what it's value compared to the dollar is. If someone prices a house for 1 Bitcoin, it will always be that 1 Bitcoin. If you earn 0,5 BTC as your wage and pay all your taxes in BTC and pay all your bills and groceries in BTC, then you don't care about what it's value is next to the dollar. Just like I as a European don't care how much the apple I just bought at the supermarket is valued in Dollars.

Click to shrink...

If those apples were imported from the US then you should care because if the euro vs the dollar plummets then your apples will be more expensive to import and that will be passed on.

Bitcoin only makes sense in a world where Fiat currency doest exist and that is not this world.

 

[Commedieu]

I love 'legal tender' that costs $15+ per transaction and an hour or more of verification to use, and has a hard transaction rate per hour. Makes buying the essentials of life so much easier.

All that will happen is that drug producers and smugglers will use it as a way to more easily legitimize their illegal activity, since they can deal in Bitcoin and use it directly instead of having to risk detection by dealing with crypto exchanges.

Click to shrink...

they are already making millions on drugs and smuggling people with physical dollars. The problem is the drugs and smuggling people, not accepting Discover card to do so. Paying off governments and corrupt officials is a thing. It doesn't matter what currency they use to do so. Esp one that is traceable in the event said corrupt government ever decides to crack down on you. Or when the USA decides to make an example for their once a year haul of pounds of drugs that will be replaced by morning for a pat on the back.


The cons of drugs and corruption are a constant. Along with energy waste, which isn't illegal. Maybe not moral, but its not illegal. I feel like they're covered very well in this thread.

Now onto the Pros?

 

[Deleted member 1659]

One of the things people forget about Bitcoin is its role in money laundering.

I work in the financial sector and we had a seminar at work a few years ago regarding Bitcoin and money laundering. They brought in a pro bitcoiner who was "Chain Analysis Expert" to brief us on the red flags to watch out for. I was very skeptical of him but being a work function I had to sit through it. I felt like he was avoiding some tough questions so at the end I asked him about Bitcoins role in fraud and how easily it was to hide such transactions. He looked visibly annoyed at the question but was polite and asked me to approach after the meeting before moving onto the next question.

Later that night in bed, as I strummed my hands across his hairless chest, I reminded him about my question from earlier in the day. He took a drag of his joint, blew it in my face and said "How can I think about hiding money when I have to think about hiding this?" as he slapped my ass before forcing his lips onto mine.

 

[NookSports]

If it's a legal tender, then the price fluctuations don't matter, only if you compare it to other fiats. But since you can price everything in Bitcoin, it doesn't matter what it's value compared to the dollar is.

Click to shrink...

The US dollar is El Salvador's other currency, and has been since 2001. It's not going away, and I doubt people are gonna price assets in Bitcoin because it makes no sense. Before we had Dollars in El Salvador, a lot of asset prices were already given in Dollars, to shield from local currency exchange effects (which were less than 10% in a particular short term)...

Now imagine a car dealership pricing all their cars in bitcoin. If Elon wakes up on the wrong side of the bed and tanks it, then that whole fleet can become a liability.

 

[Many]

Fucking shitty latin America leader.

 

[Evolution of Metal]

Its not like they said they're now converting 100% to btc though...

Click to shrink...

Says right there in the OP, all economic agents (which I suppose means anyone officially selling goods), will have to accept BTC as a valid form of payment.

So if they aren't doing that, then what exactly are they doing?

 

[gimmmick]

Jesus Christ don't follow suit Colombia!

 

[mikeys_legendary]

There are so many other crypto currencies that would have been better suited for adoption than BTC: Ethereum, Cardano, Algorand...

Hell, even Litecoin would have been a better choice than Bitcoin lmfao. This is not going to end well.

 

[Commedieu]

Says right there in the OP, all economic agents (which I suppose means anyone officially selling goods), will have to accept BTC as a valid form of payment.

So if they aren't doing that, then what exactly are they doing?

Click to shrink...

accepting is not saying they aren't taking other currency anymore I mean.

 

[NadaSpecialist]

I will add two more possible reasons why Bukele made this move:

1. He assumes that the increasingly contentious relationship between his government and the Biden administration will lead to sanctions in the near future, which are disastrous for any country, but especially for one that uses the USD as legal tender. Maybe he thinks of Bitcoin as a safety valve in case that happens?
2. He thinks of it as a move that will attract Crypto millionaires to his country because he thinks it will incentivize investment in the local economy, but I think we've heard this story before when San Juan, and eventually Puerto Rico as a whole, was supposed to be revitalized by this new cryptomillionaire investor class.

 

[Deleted member 721]

Seems a lot of Latin and South America are looking to follow suit as well:

Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption - Stockhead

Lawmakers from Panama, Argentina, Paraguay and Brazil are looking to follow El Salvador's lead in adopting Bitcoin.

stockhead.com.au

Click to shrink...

idk about the other countries but in brazil its unconstitutional, so i have my doubts about the source of the article, i tried to find something about the subject and the law project that i found is from a congressman that wanted to create bitcoin reserves.

 

[PanickyFool]

Seems a lot of Latin and South America are looking to follow suit as well:

Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption - Stockhead

Lawmakers from Panama, Argentina, Paraguay and Brazil are looking to follow El Salvador's lead in adopting Bitcoin.

stockhead.com.au

Click to shrink...

The simplest answer here is that bitcoin is free of transaction cost for remittances. Foreign workers in the USA sending money home. Western union, swift transfers, have significant transaction charges for immigrants in America sending money to the poorest in Latin America.

Before (or during) era going down conspiracy hole.

 

[mutantmagnet]

Cryptocurrency doesn't bring anything of value; it is imaginary money.

Click to shrink...

The inherent value of bitcoin is the public ledger. It's the only reason it gained traction in usage in the beginning.

You can argue the cost of using a public ledger is too high for the environment but back then no one was really thinking of how to make currency that can't be controlled a government. Even then the system has a flaw but until you understand what the public ledger is there is no point in me explaining what the critical flaw in bitcoin is.

 

[Sirpopopop]

The last thread on this topic got locked for a dumb reason:

El Salvador planning to make Bitcoin legal tender. Does this legitimize Bitcoin and does this mean you should have some in your portfolio?

Story here: https://www.bbc.com/news/world-latin-america-57373058 TLDR - El Salvador plans on making Bitcoin legal tender. People much richer than myself have suggested that you should be holding 1-3% of your investments in cryptocurrencies (mostly Bitcoin and Ethereum) but there is a very...

www.resetera.com

Not sure why that thread was locked while the colonial pipeline crypto thread was allowed to remain open. What makes recovering a mere 63 BTC more newsworthy than a country allowing BTC to be used as legal tender?

Answer: There is none. Let this thread stay open.

 

[Evolution of Metal]

The simplest answer here is that bitcoin is free of transaction cost for remittances. Foreign workers in the USA sending money home. Western union, swift transfers, have significant transaction charges for immigrants in America sending money to the poorest in Latin America.

Before (or during) era going down conspiracy hole.

Click to shrink...

But... this is different from adopting Bitcoin as the payment platform for everything.

You could, for example, have the government bank that accepts crypto for conversion, perhaps even capable of holding both USD and Crypto accounts. A government institution which makes receiving crypto payments as easy as possible. This way, you could leverage the international crypto payments without adopting crypto as the co-national currency.

What is more, building crypto mining capabilities using surplus electricity also doesn't rely on crypto as the national co-currency. It could just be a government-owned company.

Finally, a move like this must have a pilot program for the location. Adopting crypto as a valid payment method to simply analyze what are the pros and cons, without commiting the entire country's economy into it.

 

[NookSports]

The simplest answer here is that bitcoin is free of transaction cost for remittances. Foreign workers in the USA sending money home. Western union, swift transfers, have significant transaction charges for immigrants in America sending money to the poorest in Latin America.

Before (or during) era going down conspiracy hole.

Click to shrink...

That is one good reason for it. Another is that there will be no capital gains tax if bitcoin isn't a security but currency. He wants crypto millionaires to hold their BTC in El Salvador so they can make gains tax free.

 

[iamdelirium]

70% of Salvadorans don't have a bank account but yeah, let's make it official to use a "currency" that cost $10 per transaction.

 

[kVH2LpZd]

One of the things people forget about Bitcoin is its role in money laundering.

I work in the financial sector and we had a seminar at work a few years ago regarding Bitcoin and money laundering. They brought in a pro bitcoiner who was "Chain Analysis Expert" to brief us on the red flags to watch out for. I was very skeptical of him but being a work function I had to sit through it. I felt like he was avoiding some tough questions so at the end I asked him about Bitcoins role in fraud and how easily it was to hide such transactions. He looked visibly annoyed at the question but was polite and asked me to approach after the meeting before moving onto the next question.

Later that night in bed, as I strummed my hands across his hairless chest, I reminded him about my question from earlier in the day. He took a drag of his joint, blew it in my face and said "How can I think about hiding money when I have to think about hiding this?" as he slapped my ass before forcing his lips onto mine.

Click to shrink...

Jesus Christ I think this is the third time this story got me in a different variation. Chapeau.

 

[Yankee Ruin X]

70% of Salvadorans don't have a bank account but yeah, let's make it official to use a "currency" that cost $10 per transaction.

Click to shrink...

Their are already entire towns running on Bitcoin on El Salvador and have been very successful with it. Also they obviously use lightning network for transactions which make then instant and pretty much feeless. Check out this article from a year ago about how successful it has been in creating an economy for the bankless.

This El Salvador Village Adopts Bitcoin As Money

On the coast of El Salvador, lies a small rustic beach town of 3,000 locals, known as El Zonte. While other tourist hot-spots continue to struggle as borders remain closed, the people of El Zonte have forged their own path forward, thanks to its newly formed Bitcoin economy.

www.forbes.com

 

[Deleted member 1659]

The last thread on this topic got locked for a dumb reason:

El Salvador planning to make Bitcoin legal tender. Does this legitimize Bitcoin and does this mean you should have some in your portfolio?

Story here: https://www.bbc.com/news/world-latin-america-57373058 TLDR - El Salvador plans on making Bitcoin legal tender. People much richer than myself have suggested that you should be holding 1-3% of your investments in cryptocurrencies (mostly Bitcoin and Ethereum) but there is a very...

www.resetera.com

Not sire why that thread was locked while the colonial pipeline crypto thread was allowed to remain open. What makes recovering a mere 63 BTC more newsworthy than a country allowing BTC to be used as legal tender?

Answer: There is none. Let this thread stay open.

Click to shrink...

Official reason given is that you can't talk about investing in crypto outside of the crypto OT. Newsworthy events are fine to discuss.

But really it's because this website is weirdly full of Crypto Karens