RIO DE JANEIRO, BRAZIL – President Nayib Bukele has assured that the use of the cryptocurrency will not be mandatory for citizens, explaining further on Twitter.
“This is what will happen on September 7: people will be able to download an app to receive payments or bonuses in bitcoin or U.S. dollars. If they want to, they may download the app. If they don’t want to, [then] they won’t.”
The country’s official bitcoin digital wallet app is called Chivo.
Chivo will allow Salvadorans to accept bitcoin, open a small business, and send bitcoin with no additional fees. However, not all citizens want to use the innovation, so the country’s president is providing them with an option.
“If you don’t want to, you can join Western Union’s [waiting] list and pay a commission fee. No problem. What if someone doesn’t want to use bitcoin? Well… Nothing will happen. Don’t download the app and continue living your normal life.”
However, there is indeed a problem, since the president is in contradiction with an article in the bitcoin law – written this year.
El Salvador’s bitcoin legislation states that potential service providers will be forced to accept bitcoin whenever the cryptocurrency is being offered as a means of exchange.
“Each economic agent must accept bitcoin as payment when it is offered by anyone acquiring a good or service,” according to Article 7 of El Salvador’s Bitcoin Law.
Therefore, this conflicts with what Bukele said: that people will not be required to join bitcoin as of September 7.
According to the president, there will be 200 bitcoin ATMs (“Cajeros Chivo”) across the country, as well as 50 kiosks (“Puntos Chivos”), which will help citizens understand how to use the app, withdraw or deposit funds, and offer help on how bitcoin works.