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BTC law: El Salvador adamant, release explainer video

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TL;DR Breakdown

  • El Salvador government releases explainer video on BTC law.
  • Government turning deaf ears to protest and move against BTC becoming legal tender.

The government of El Salvador has published an explainer video on the BTC law passed by the parliament recently. The video explained how BTC would work, the Chivo wallet, and what Salvadorians should expect by September 7 when the BTC law comes into effect.

The video clearly indicates that the Salvadorian government is turning deaf ears to protests and revolt by residents demanding a reversal of the BTC law.

BTC Law explainer video message

In the explainer video posted by President Nayib Bukele on Tuesday, it noted that the BTC would become legal tender alongside the U.S. dollar.

Voiced in Spanish, the video stated that using BTC is not mandatory. It states that locals will have the option of paying and receiving payment in BTC or dollars. The video stated that cash transactions, prices, salaries, and pensions would continue to be in dollars.

“You will have the option to use the government’s wallet for free to make transactions in BTC or in dollars at any time of day and without fees. You can also use any other wallet to make your transactions,” the video continues.

“With our wallet, you will receive a BTC bonus worth $30 for you to spend. You will have the option to pay in dollars or BTC from your mobile without the need to handle money or sign vouchers. Also, those who collect from you will not need to handle money, a card, or be charged any fees. You will have the option of sending and receiving remittances at any time of day without fees.”

The video ended by stating the message comes from the government of El Salvador, emphasizing that “Using BTC is easy and optional.”

President Bukele had tweeted on Monday that there will also be 200 Chivo ATMs” where people can withdraw money without paying any commission.

Outrage against BTC adoption

Salvadorians in their minions have trooped out against the BTC law.

The protest comes as the President, Nayib Bukele, prepares for the day (September 7) to come when the BTC law becomes operational. Political tension continues to heighten as the day looms.

Volatility and instability are part of the major concern over the BTC law in the country.

Hundreds of protesters took to the streets to raise their voices against the law. Among the organizing groups were workers, veterans, and pensioners.

Another reason locals are against the law is its ease of use in facilitating corruption in the country. They claim the government is notorious for its authoritarian and non-transparent policies.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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