El Salvador’s President: Bitcoin Use Will Not Be Mandatory
The latest on Bitcoin in El Salvador, of which there is some contention over what is coming in two weeks on September 7th:
With El Salvador’s Bitcoin project just two weeks away, President Nayib Bukele said that using the cryptocurrency won’t be mandatory for citizens.
“This will be what happens on September 7: People will be able to download an application to receive payments or gifts in Bitcoin or US dollars. If they want they will download the app, and if they don’t want to, no,” he tweeted today.
But then there’s this:
El Salvador’s Bitcoin Law
If we read El Salvador’s Bitcoin legislation literally, it tells prospective service providers that they will be forced to accept Bitcoin when it is offered as a means of exchange.
“Every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service,” reads Article 7 of El Salvador’s Bitcoin Law.
That, in turn, makes it difficult to understand what Bukele means when he says people do not have to embrace Bitcoin after September 7.