El Salvador’s Finance Minister Says Use Of Bitcoin Will Be Optional

El Salvador’s Finance Minister, Alejandro Celaya, said in a television interview yesterday that the use of bitcoin in el Salvador would be entirely optional. However, this has caused confusion because it apparently appears to contradict Article Seven of the bitcoin Act, which came into force last June, which announced that every economic agent must accept bitcoin as a form of payment.

El Salvador’s Finance Minister Says Use Of Bitcoin Will Be “Entirely Optional”
El Salvador’s Finance Minister, Alejandro Celaya, said the use of bitcoin as a payment method in the country would be entirely optional and citizens would not be required to download the state wallet if they did not want it. These statements were presented in an interview given on a local television channel. However, this appears to contradict one of the most important clauses of the bitcoin Act. The seventh article mentions the mandatory acceptance of bitcoin into payments. The article says:

Every economic agent must accept bitcoin as a form of payment when it is offered to those who purchase a good or service.

However, when Jalaya was asked about this possible contradiction and why they had not changed the article, he simply answered another question. So the confusion continues only three weeks before the law takes effect.

Developed technical standards for Bitcoin law
El Salvador’s Central Bank released a series of draft standards on Tuesday that would allow better enforcement of the bitcoin law. The project details the tasks of economic agents who will use bitcoin in El Salvador’s economy. Presentation of the document, international institutions, KYC crypto currency created excitement in the environment because the implementation of measures to prevent money laundering and financing of terrorism, including organizational and functional framework they need to create, he says.

The bank has opened a consultation period to propose changes to the document.

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