El Salvador made it to the headlines after the region revealed that it was going all-in on crypto. While the country’s government gave the Bitcoin law a thumbs up, President Nayib Bukele took a step ahead and went on to make the first Bitcoin purchase.
El Salvador’s Bitcoin-friendly move caught the attention of the entire globe. So much so that the country’s tourism got a boost as crypto lovers flocked into the country. Even though an array of people protested this move, the President decided to go ahead with the Bitcoin law. Earlier today, he purchased the country’s first 200 Bitcoin and made it official.
In a recent tweet, President Bukele said,
“Our brokers will be buying a lot more as the deadline approaches.”
The tweet further read,
While this law obligates every business in the country to accept Bitcoin, some of them made it clear that they did not want to. Just last month, an array of people gathered to protest the Bitcoin law and clarified that they weren’t interested in accommodating the asset.
El Salvador hostile towards those against Bitcoin?
In a recent set of tweets by Diario El Mundo, it was revealed that businesses that weren’t on board with the Bitcoin law were subjected to sanctions under the Consumer Law. The legal advisor to El Salvador’s President, Javier Argueta pointed out,
“At the interview @Frentea_Frente Javier Argueta, legal advisor to the Presidency, says that businessmen who do not use the Chivo wallet and refuse to make transactions with bitcoin are subject to sanctions under the Consumer Law.”
This comes as quite shocking to many as President Nayib Bukele had previously stated that the use of Bitcoin would be a personal choice of each person. Back in August, Bukele had tweeted,
“If someone wants to continue to carry cash, not receive a sign-on bonus, not win over customers who have bitcoin, not grow their business and pay commission on remittances, they can continue to do so.”