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"Bitcoin Beach" El Salvador releases video to inform the public: What will happen after 9/7

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"Bitcoin Beach" El Salvador releases video to inform the public: What will happen after 9/7

El Salvador's entry into the "Bitcoin Nation" is in its final countdown. The government of El Salvador has released a video explaining what will happen after the Bitcoin Law becomes official currency, with a focus on promoting the government-provided free crypto wallet, Chivo.

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El Salvador's entry into the "Bitcoin Nation" is in its final countdown. The Salvadoran government has released a video explaining what will happen when Bitcoin becomes legal tender, with a focus on promoting the government-provided free crypto wallet, Chivo.

El Salvador's Bitcoin Law will come into effect on September 7, at which point Bitcoin will become legal tender alongside the U.S. dollar. Salvadoran President Nayib Bukele posted a video on Twitter explaining what will be different and the benefits of using the government's official crypto wallet, Chivo.

Key points explained in the video are as follows:

  1. Using Bitcoin is not mandatory. You can choose to pay and receive in Bitcoin or dollars. All cash transactions, prices, wages, and pensions will continue to be denominated in dollars.
  2. You can opt to use the government's wallet for free, transact in Bitcoin or dollars at any time of the day for free. You can also use any other wallet for transactions.
  3. By using our wallet, you will receive a $30 bonus in Bitcoin.
  4. You can choose to pay in dollars or Bitcoin via your phone without handling cash or signing vouchers.
  5. Moreover, those receiving payments from you won't have to handle cash, cards, or charge any fees.
  6. You can choose to send and receive remittances for free at any time of the day.

The video emphasizes once again: "Using Bitcoin is both simple and optional."

Nayib Bukele stated on Twitter that the country will also have 200 Chivo ATMs where people can withdraw without paying any fees.

The world is closely watching the changes that will occur in El Salvador after Bitcoin becomes legal tender. Dante Mossi, Executive President of the Central American Bank for Economic Integration (CABEI), stated that everyone is watching to see if El Salvador's situation goes smoothly, such as whether remittance costs will significantly decrease, "if so, it is expected that more countries will follow suit."

The Central American Bank for Economic Integration has helped El Salvador overcome the technical challenges of adopting Bitcoin as legal tender. However, the International Monetary Fund (IMF) has issued warnings multiple times that equating Bitcoin with legal tender is undesirable.