Use of Bitcoin Will Be Optional in El Salvador

The use of Bitcoin will be optional in El Salvador. The Minister of Finance of El Salvador made a statement on the subject.

Shortly before the Bitcoin law in El Salvador goes into effect, new statements continue to come. In the country, Bitcoin will be officially used as of September 9. Although there is a short time left to use Bitcoin, there is information that is not yet clear on the subject. A statement on this issue was made by El Salvador's Finance Minister, Alejandro Zelaya. Answering questions on a television program he was a guest of, Minister Zelaya stated that the US dollar will continue to be the main reference currency and that accepting Bitcoin will be optional and businesses that do not accept it will not be penalized. However, what the minister said came to the fore as a discourse that contradicts Article 7 of the relevant law, which states that Bitcoin is also a reference currency like the dollar. Earlier, President Nayib Bukele has stated many times that every business will have to accept Bitcoin. Minister Zelaya did not answer the question about whether this item would be a problem. It was observed that this issue was not clarified in the draft text published by the Central Bank of El Salvador on Tuesday and aimed to facilitate the implementation of the Bitcoin law. In the text, it was noted that among the institutions that must comply with these standards will be banks and savings and loan institutions that are interested in providing the dollar-Bitcoin exchange service.