Here’s a summary of all of the major points he made in a conversation which lasted for over 1 hour:
- Government Bitcoin Wallet will be developed by Jack Mallers Strike - Free & Available to all in El Salvador. Opt-in only.
- People are free to use any wallet.
- Accepting Bitcoin is going to be a mandate for all merchants.
- Merchants cannot refuse Bitcoin.
- USD will remain exclusive unit of account for corporate balance sheets.
- Taxes can be paid in Bitcoin.
- Commercial contracts can be settled in Bitcoin where previously denominated in USD.
- $150m Government Trust Fund to remove BTC exchange risk to small merchants - opt-in only.
- Initial estimate only to seed Trust Fund.
- Permanent residency to anybody who invests 3 BTC in El Salvador.
- Government will build out internet infrastructure to promote connectivity to Bitcoin.
- Not worried about international finance sector response because this is an opportunity for everybody.
- It will reduce remittance commissions from 30% to almost zero + the creation of jobs — it’s good for everybody.
- Reduce problem for US at the border because of more opportunities in El Salvador for people.
- We have to do a lot of explaining and campaigning.
- This is not something for rich people only. Bitcoin is for everybody.
- A lot of inequality comes from the central banking system.
- Everybody pays the price of their money being diluted.
- Bitcoin solves a lot of things.
- If we can change our future, other countries will follow.
- Weapons are bought with USD. Money laundering is with the USD.
Also jewels and EUR and Yen.
- The problem is the illegal activity, not Bitcoin.
- Government Mining Bitcoin: Not thinking about it, but we can do things to promote it.
- We have a plan for geothermal energy - from volcanoes that’s 100% clean.
- We lose a lot of energy in transport that could be used for industry - potentially mining too.
- A lot of people will attack this because they support other ideas - but we should support Bitcoin adoption so it takes hold.
- Bitcoin is proving it carries benefits for the common folk.
- We were inspired by the project of Bitcoin Beach and the work Jack Mallers has been doing in El Salvador.
Thank you for reading.
If you enjoyed it, please share this with your friends :)