And then ,The President Nayib Bukele On twitter , Just when bitcoin just fell , Bought again 150 Bitcoin . El Salvador now holds 550 Bitcoin . This is El Salvador 9 month 7 Japan 9 At around , It is also the first day that bitcoin officially became the legal tender of El Salvador .
This year, 6 month 9 Japan , The Salvadoran parliament passed a bill , Approve bitcoin as the legal tender of the country , The bill is in 90 Days later 9 month 7 Effective date . Despite widespread skepticism in El Salvador , The international community has also warned consumers of risks , This does not prevent El Salvador from becoming the first country in the world to officially recognize bitcoin as legal tender . Residents can download the government's digital wallet for free , During the setup process, you will receive value 30 Bitcoin for dollars .
Two days ago ,Nayib Bukele Express , As the deadline approaches , El Salvador will buy more bitcoin .Nayib Bukele Also said that the bitcoin process in El Salvador will have a learning process , Not in a day or a week .
Split El Salvador
On one side is the president of El Salvador who keeps buying , On one side are public opinion demonstrations and one-sided opposition .
According to Reuters, the University of Central America (UCA) According to a poll of ： Most Salvadorans disagree with the government's decision to adopt bitcoin as legal tender , Many people don't know how to use this digital currency , And don't trust the project .
Under investigation 1281 people , There are at least 67.9% Of people said they disagreed or strongly opposed the use of bitcoin as legal tender , More than 32% Of people said they agreed to some extent . The survey also shows that ,90% People don't have a clear understanding of bitcoin ,80% Of people said they had little or no confidence in the use of bitcoins ; Most people (70%) Think legislators should repeal the law of bitcoin as legal tender .
Besides , International monetary fund （IMF） Warned El Salvador again on twitter that , Private issued encrypted assets like bitcoin are accompanied by huge risks , It is not advisable to use it as a national currency .
From the bitcoin act , The government of El Salvador looks forward to the adoption of the bill , To attract investment 、 Facilitate the transportation of overseas remittances 、 Promote financial inclusiveness 、 Strengthening currency diversification and other multiple purposes . however , This can not cover up the social doubts about its safety and practicability .
Fire coin Research Institute William Analyzed the relevant regulations of bitcoin act on qucoin , Found some very interesting places ：
（1） Act No 6 strip , For accounting purposes , The dollar will be used as the reference currency
This Law means that bitcoin has no unit of account function in El Salvador （ Even if article 2 of the act stipulates that the price can be expressed in bitcoin ）, On the key accounting settlement , El Salvador still uses dollars . therefore , Residents of El Salvador are not exposed to the risk of commodity price changes caused by the high volatility of bitcoin price （ This is similar to some bitcoin stores , Although it will be priced in bitcoin , But the price will be adjusted in real time according to the price of bitcoin against the US dollar ）. However , This will also bring relatively large menu costs （ It means that the manufacturer changes the price , Need to reprint its product price list , The resulting series of expenses and costs ）.
（2） The first 14 strip , Prior to the entry into force of this Law , The state will pass the bank in El Salvador （BANDESAL） Establish a trust to ensure the automatic and immediate conversion of bitcoin into US dollars .
The law means that El Salvador regards bitcoin as an official reserve asset similar to foreign exchange reserves . However , This may pose a potential risk of financial crisis for the country . A country's finance is mainly used for revenue and expenditure activities to meet public needs , It is related to the well-being of its residents , But the Salvadoran government buys bitcoin with fiscal revenue . If bitcoin falls sharply in the future , The assets in the hands of the Salvadoran government will face serious shrinkage , At that time, El Salvador may face the crisis of government shutdown or national bankruptcy .
（3） The first 7 strip , All economic agents must accept bitcoin as the payment method , Whether it's paying for goods or services .
The first 8 strip , Without affecting the behavior of the private sector , The state should offer alternatives , Allow users to conduct bitcoin transactions , If they want to , Bitcoin can be automatically and instantly converted into US dollars .
At present, bitcoin can flow freely around the world , And there is no international regulation , El Salvador rashly listed bitcoin as legal tender , Allow bitcoin to be freely traded in the country , And there are no clear measures to limit the inflow of overseas funds , El Salvador risks becoming a paradise for money laundering （ For example, a black money flows into El Salvador , Change into US dollars after many local transactions ）.
The spillover effect is obvious
Despite the fragmentation within El Salvador , There are many disputes and the implementation effect is unknown , However, the Salvadoran government's move has formed a positive impact on Latin American countries “ Demonstration effect ”, Many countries have started or accelerated the process of relevant legislation .
Since the introduction of the bitcoin act in El Salvador , panama 、 Paraguay 、 Mexico 、 Some parliamentarians from Brazil and other Latin American countries have started or accelerated the formulation of bitcoin related bills . Gavrel, member of the Panamanian parliament · Silva said , Preparing to submit bitcoin related bills , Become... For Panama “ Technology and entrepreneurship center ” Provide necessary virtual currency support ; Carlitos, member of the Paraguayan parliament · Rehala said , Is studying the feasibility of bitcoin bill with experts , It is expected that bitcoin investment will promote Paraguay to become the world cryptocurrency investment hub ; Mexican Senator Eduardo · Murat said he would submit bitcoin related bills to strengthen the construction of the legal framework , Ricardo, the country's Entrepreneur · Salinas announced that its group's Aztec bank is planning to provide cryptocurrency related business .
however , Fire coin Research Institute William Think Bitcoin as legal tender also needs to solve the following problems ：
First, price fluctuation . One of the most important functions of fiat money is as a bookkeeping unit , But at present, the price of bitcoin fluctuates too much , It is difficult to account for other goods . Even if El Salvador lists bitcoin as legal tender , But in essence, it is more like an official payment instrument ;
Second, regulatory issues . Bitcoin is still facing market manipulation 、 Money laundering and other issues , This requires international regulatory cooperation ;
The third is security . Bitcoin is listed as legal tender , This means that the hard-earned money of local residents may be stored in the form of bitcoin , How to ensure the security of bitcoin , It is the focus of debate among all parties at present .
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