The bitcoin law of El Salvador came into force today, and the public questioned it

minerhub 2021-09-14 14:07:45 阅读数:563

bitcoin law el salvador came

    ​    ​9 month 7 Japan , El Salvador bitcoin law comes into force , The country became the first country to use bitcoin as legal tender . For all that , The local people are generally not optimistic about the resolution , Economists also warn of possible risks .


△ Local people held a large-scale protest in San Salvador last Friday , Oppose the plan to introduce bitcoin as legal tender . source : Marvin · Recinos / Agence France-Presse

    ​    ​ Restaurant owner Issa · Maria was turning over two tortillas filled with cheese on the grill , Her customers scanned the bitcoin collection QR code posted on the wall , Then she received payment for the business : One in four hundred thousand bitcoin . After this , The rain poured down from the broken tin roof , The strong wind overturned the blue plastic tablecloth , There was a power failure in the store .

    ​    ​ With 9 month 7 The bitcoin law came into force on the th , El Salvador will become the first country in the world to adopt bitcoin as its legal tender , However, a series of unrest is waiting for this small Central American country , technology 、 Challenges such as finance and crime may make President naib · Booker (Nayib Bukele) The plan for —— Riding the cryptocurrency wave , Let the national economy sail away from the choppy sea and come to naught .

    ​    ​El Zonte Is a person who has about 3000 A beach town of residents , Not much like a place that will be linked to the global financial revolution . However, since the 2018 Since then , A project called bitcoin Beach (Bitcoin Beach Project) The U.S. project has made the town a Petri dish for cryptocurrency . The project distributed value free of charge to every local family 50 Bitcoin for dollars , Encourage local shopkeepers to use cryptocurrency , And use cryptocurrency to pay for dozens of social projects, from life-saving to garbage collection .


△ Isa · Maria is driving El Zonte Our restaurant

    ​    ​" Now you can use bitcoin to spend in local grocery stores and restaurants, or pay Internet fees with bitcoin ," Jose, founder of bitcoin beach project · Roman introduced ," For many people , This is the first time they have received cryptocurrency payment ."

    ​    ​ Encryption enthusiasts interested in the project have brought new business opportunities to the local tourism and real estate industry ." When I was a kid , The only thing Salvadorans want to do is cross the border , Go to America . Now the children here can find opportunities in their own country ." jose · Roman said .

    ​    ​ However, can such a circular economy experiment sponsored by a few foreign encryption preachers be popularized all over the country ? Now we don't have a say , But we're about to see the answer .

    ​    ​ This year, 6 month , Naib · Booker announced that bitcoin will be the legal tender of the country , From then on , He's like Elon · musk (Elon Musk) equally , Start in his Twitter Crazy order for bitcoin on the account .

    ​    ​ Just five days after the announcement of the resolution , The Salvadoran parliament passed the bill by a majority . And then , A group called Chivo China's national digital wallet began to enter the development stage , It will distribute value to every Salvadoran resident 30 Bitcoin for dollars . Bitcoin transactions will be exempt from capital gains tax , Invest more than three bitcoins in the country ( Currently about 15.6 Thousands of dollars ) Foreigners will be granted permanent residence .


△ President naib of El Salvador · Buchler this year 6 Bitcoin plan announced in June . source : (Reuters) -

    ​    ​ This year, 8 month , Bank of America (Bank of America) A study of Declare enthusiastically , Bitcoin method will reduce cross-border transaction costs ( Remittances account for more than... Of El Salvador's GDP 20%), Increased financial penetration ( The country's 70% People don't have bank accounts ), And attract foreign investment and promote the adoption of global cryptocurrency .

    ​    ​ However , International financial organizations and Salvadorans are obviously not so optimistic .

    ​    ​ Ricardo, a local economist · Castaneda said :" This law is without any technical research and public debate , Get through quickly . The president did not fully consider the impact of the law , It may cause serious macroeconomic problems , And turn El Salvador into a criminal paradise for illegal money laundering ."

    ​    ​ The regulatory framework adopted by bitcoin has not yet been announced , And as the deadline for the new law to come into force approaches ,  Local banks flooded with customers who ran on dollars . They prefer to withdraw their dollar deposits , Rather than risk entering the volatile cryptocurrency market .

    ​    ​ In recent days, , Rating agencies Moodie (Moody's) Downgraded El Salvador's debt , The reason is worried about the financial chaos caused by the promulgation of the new law . Previous news , International monetary fund (IMF) Rejected the proposal of the government of El Salvador 10 A $billion loan request , And published a blog post , Emphasize the risk of using cryptocurrency as national currency .

    ​    ​ Castaneda said :" The change from excitement to doubt is very fast . The argument that bitcoin can significantly reduce the cost of cross-border remittance is one-sided and exaggerated , actually , If you consider the violent shock of the encryption market , The cost of remitting with bitcoin may be higher than that of traditional remittances ." 

    ​    ​8 month , Hopki University (Hopkins University) Released a survey of local people , Survey results show that , More than two-thirds of Salvadorans said they would not accept bitcoin payment and collection .

    ​    ​ The currency ATM Machine manufacturer Chainbytes Eric, CEO • Greer (Eric Grill) Express , Their plan to build a mine in El Salvador faces many serious challenges . Earlier, the president said , The country's volcanoes will be used to provide energy for bitcoin mining , But local geothermal energy experts say , Combined with the current infrastructure construction in El Salvador , This is tantamount to wishful thinking .


△ Awachapan geothermal power plant in El Salvador, which uses geothermal energy for power generation

    ​    ​ The government says Salvadorans are free to convert bitcoin into dollars , The country is 2001 In, the United States dollar was used as the national currency , To ensure the liquidity between bitcoin and the US dollar , The Salvadoran government has also established a national development bank with a capital scale of 1.5 A billion dollar Trust Fund . But now , With the rising suspicion of the people , The money is unlikely to be used .

    ​    ​ meanwhile , The new law will also open the door to illegal acts , Bitcoin has long been trading anonymity on the Silk Road (Silk Road) Wait for the dark net to emerge , Now these criminals can even launder money through a national bank , Convert bitcoin into US dollars .

    ​    ​ Another bigger concern is , It will make a country where most people have a very low level of financial education , Without any economic protection net , Directly exposed to the highly volatile cryptocurrency market .

    ​    ​ stay El Zonte, Locals are developing their own common sense investment strategies . Dominga · Penny sells shaved ice drenched with fruit syrup on the beach .


△ Dominga · Penia is El Zonte Selling shaved ice on the beach , Her stall accepts bitcoin payment .

    ​    ​ Dominga said , Every time 10 There are... In every customer 1 Individuals pay with bitcoin , She saved most of bitcoin as an emergency spending Fund , A small part of the expenditure for daily small purchases ." The staff of bitcoin BEACH program explained to us the advantages and disadvantages of accepting encrypted payment , This has changed my investment mentality , But I won't keep too much money in bitcoin , Because the price rise and fall is too big ."




author | Mat Youkee

translate & proofreading | Lin mango

From the perspective of mining ( Miracle Moore ) Translation, arrangement and editing , If you want to reprint , Please indicate the source