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[Josemendez]

El Salvador didn't just adopt bitcoin but made it a legal tender in the country which has received many criticism from many financial bodies.

Being a legal tender it becomes a burden for petty trader who may not have the technology to use bitcoin ,and also the technical know how on how to deal with bitcoin volatility.

Terrorist findings and fraudulent activities can be easily sponsored and untraced

 

[Niftyicon]

I do hope he already weighed these cons before declaring the adoption as a legal tender. What worries me is the fact that several financial bodies don't seem to be in agreement with the president's decision.

 

[Josemendez]

I do hope he already weighed these cons before declaring the adoption as a legal tender. What worries me is the fact that several financial bodies don't seem to be in agreement with the president's decision.

Even the international monetary fund are against it because it is not yet recognized . I hope that the issue is solved before September 7

 

[SCAMEXPOSER]

I think the country may not be having a serious security threat. However on the issue of petty traders I don't think it a for them to rush because their traditional Currency still exists so it gonna be a gradual integration to all classes of citizens.

 

[Josemendez]

I think the country may not be having a serious security threat. However on the issue of petty traders I don't think it a for them to rush because their traditional Currency still exists so it gonna be a gradual integration to all classes of citizens.

Being a legal tender one is forced to accept it when a customer decides to pay with it. One cannot reject it less he will be punished.

 

[SCAMEXPOSER]

Being a legal tender one is forced to accept it when a customer decides to pay with it. One cannot reject it less he will be punished.

I don't think the law will be so strict on that now couple with the fact there is unresolved issues with IMF and this is a new development that needs to be mature.

 

[Wisdom01]

If terorist want to operate they will still operate and it would be difficult to track them , because they are already making use of flat and still untrackable , so bitcoin shouldn't be seen as the only means they can still use flat

 

[SCAMEXPOSER]

If terorist want to operate they will still operate and it would be difficult to track them , because they are already making use of flat and still untrackable , so bitcoin shouldn't be seen as the only means they can still use flat

That's the fact, without or with cryptocurrency terrorist are already one step ahead but with sincerity of purpose and commitment they can nail them.

 

[kaycee001]

I think its a wise move but the government should to regulate and control the activities of cryptocurrency so as to prevent irregular activities been done with it. Petty traders can still make use of the countries' normal currency crypto should only be an option to traders

 

[Josemendez]

I don't think the law will be so strict on that now couple with the fact there is unresolved issues with IMF and this is a new development that needs to be mature.

Actually the adoption has not been effected. It will be effective from September 7. By then it will be a force for all business to accept it

 

[SCAMEXPOSER]

Actually the adoption has not been effected. It will be effective from September 7. By then it will be a force for all business to accept it

I don't think they will force any body immediately because bitcoin is digital but they are working smart to ensure all that is needed for smooth transition are in place.

 

[Josemendez]

I don't think they will force any body immediately because bitcoin is digital but they are working smart to ensure all that is needed for smooth transition are in place.

What I mean is this. If a customer comes to a shop and decides to pay for what he bought through bitcoin , you bound by law to accept the payment.

 

[Razor1911]

What I mean is this. If a customer comes to a shop and decides to pay for what he bought through bitcoin , you bound by law to accept the payment.

Legally it might be accepted. But it will time for the people who adjust with it. As per law, yes the owner has to take the payment. But the customer can't force to take it.

 

[SCAMEXPOSER]

Legally it might be accepted. But it will time for the people who adjust with it. As per law, yes the owner has to take the payment. But the customer can't force to take it.

That's my point, every one in the world of cryptocurrencies knows that there are still challenges with domestic uses of the coin so for now it will be more of optional in the country but everyone can freely spend and accept it.

 

[Josemendez]

Legally it might be accepted. But it will time for the people who adjust with it. As per law, yes the owner has to take the payment. But the customer can't force to take it.

I think as a legal tender it should go both ways . Everyone should be liable to give or accept it. I believe it is part of the reason why the IMF are against it

 

[Razor1911]

I think as a legal tender it should go both ways . Everyone should be liable to give or accept it. I believe it is part of the reason why the IMF are against it

But you can't force anyone to take that. Suppose you have cash in hand and the owner of the shop only accept card payment, probably you will either pay him by card or search for another shop. But you can't force him to take cash.

 

[Josemendez]

But you can't force anyone to take that. Suppose you have cash in hand and the owner of the shop only accept card payment, probably you will either pay him by card or search for another shop. But you can't force him to take cash.

This is different. Credit card and cash are all still going to give the same Fiat currency. Consider this thing like the rule on placing sanitizer in one's shop irrespective of whether the person likes it or not.

 

[Josemendez]

This is different. Credit card and cash are all still going to give the same Fiat currency. Consider this thing like the rule on placing sanitizer in one's shop irrespective of whether the person likes it or not.

But you can't force anyone to take that. Suppose you have cash in hand and the owner of the shop only accept card payment, probably you will either pay him by card or search for another shop. But you can't force him to take cash.

" Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country". This is from Google for clear understanding.

 

[Razor1911]

" Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country". This is from Google for clear understanding.

So, does it elaborate if someone has no intention to accept any legal tender, and he has another option to choose. can you will be able to force him to accept that?

 

[DashPiku]

Bitcoin owners are very happy after the El Salvador accepting it as legal tender. Most of the countries already started to accept it. I think more countries should accept then only we can see growth of the Bitcoin.