Bitcoin is Legal Tender!

Jun 09, 2021

El Salvador President Nayib Bukele participated in Twitter Spaces hosted by Nic Carter.

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.

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