Bitcoin has taken the world by storm. From high-profile celebrity endorsements to well-respected institutional investors, the cryptocurrency is growing in popularity by the day. But that doesn’t mean that its use in any part of the world is welcomed. Many governments don’t trust Bitcoin, and are trying to find ways to ban its use.
In a country where many are struggling to put food on the table, the government wants to impose a new tax on transactions related to cryptocurrencies. While many find this tax reasonable, it is likely to be met with resistance from the general population.
Last week, the Omoa country manager for the Venezuelan government, Ivan Rondon, said that the government will establish a “national digital currency” to stop the flow of dollars to neighboring Colombia. Rondon said that the currency would be issued to every citizen in the country with the aim of paying all the country’s bills in “digital currency.” The country is currently facing a severe economic crisis, and the governor of the eastern state of Nueva Esparta, David Salazar, warned that the country is about to collapse.. Read more about who runs bitcoin and let us know what you think.
El Salvador’s recent pro-bitcoin president Nayib Buquele’s statement clarified that citizens will not be required to use the government-issued Chivo bitcoin wallet.
In a tweet from 29. On June 9, Salvadoran President Buquelet said he would not accept misinformation about the application of the government’s wallet in the bitcoin law of June 9. which took place on the 7th. September will take effect, wanted to eliminate.
The new bitcoin wallet is called Chivo, which means cool in Salvadoran slang, and it can hold both bitcoins and US dollars. Bukele said it is just one of many cryptocurrency wallets, noting that it is compatible with other wallet apps.
Aclarando la desinformación que están tratando de esparcir acerca de la #LeyBitcoin :
1. The government portfolio is just one of many portfolios that can be used.
2. The @chivowallet will be fully compatible with other wallets.
– Nayib Bukele (@nayibbukele) June 28, 2021
To address privacy concerns, he added that the personal data retrieved by Wallet is already in the hands of the government and stressed that all requests for personal data in the app are for security purposes.
Bukele also stressed that Chivo Wallet will not charge any transfer fees, noting that unlike traditional crypto-currency exchanges, it will not charge a percentage for converting BTC to U.S. dollars and vice versa, and unlike credit cards, it will not charge merchants or users.
Bukele said all money stored or received in US dollars or BTC in the Chivo wallet can be withdrawn in cash in US dollars at any time, once the government completes the rollout of 200 new physical bitcoin ATM branches, called Chivo Points or Chivo ATMs.
Related: Athena confirms plans to install 1,500 bitcoin ATMs in El Salvador.
The chairman also stated that the decision of 25. June announced that the government’s distribution of 30 BTC would not be converted into U.S. dollars, and emphasized the government’s intention to encourage the use of Bitcoin and the Chivo wallet.
A new digital wallet initiative could radically change monetary policy in the Central American country. According to a Nasdaq report, about 70 percent of El Salvador’s population does not have access to bank accounts or other financial services.
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