Thread by @chowcollection

The President of El Salvador is now in @nic__carter 's Spaces room

Nayib mentioned that he has already been in contact with the US Government and the IMF

Nayib: "[It should pass with near-100% certainty within 30 minutes.] It becomes law on Wednesday."

"We're gonna do a government wallet for out merchants. So anybody can opt to use it. Accepting #Bitcoin is gonna be a mandate."

"The government is gonna put up a trust fund [to provide liquidity for the people to exchange between #Bitcoin and USD and help remove the volatility risk between this exchange]"

"I have a meeting with the IMF on Thursday. They should be happy about this. I'm sure it's gonna be good for everybody."

"In 2001 when the country was dollarized, the argument was that the US Dollar would help stabilize the economy because the dollar would be less volatile. Now #Bitcoin will be this on steroids."

"It's gonna help having both currencies as legal tender."

"Why do we have to resign ourselves to a dystopian future when we can build our future? There's a lot of inequality that comes from the central banking system. #Bitcoin is technology, it's the future. We want to support it and also demonstrate that the world can benefit from it."

"El Salvador will become a symbol of what #Bitcoin can do."

@jack has joined the room

"The El Salvadorean government #Bitcoin wallet will be developed with @ln_strike."

"It's not like we're gonna be exchanging with the Federal Reserve. We actually import our paper dollars newly minted. They come here, they are printed for us. So we actually have a very good relationship with the Fed. But the convertibility between USD and #Bitcoin will be

done directly with our government trust fund that will hold both USD and #Bitcoin to make these transactions as seamless and non-volatile as possible. The trust fund will absorb the risk of volatility, whether losses OR gains."

"This doesn't involve the Fed or even our own central bank. This will be done with our trust fund."

"A lot of people are probably going to attack this. I'm gonna focus on having this project succeed so we can have a strong system working here and probably it will create a domino effect."

"I know we're doing the right thing, there's so many smart people fighting for this and I'm sure it's gonna be great for everybody. We're learning by the minute and seeing things happening by the minute."

"We're gonna hold at least $150,000,000 USD in the trust fund. I know that's not a huge sum but for us it's quite considerable. This USD is going to pay for the #Bitcoin that the users will be transacting with *as they use it* at market value at the times of transaction."

Karim, Nayib's brother: "The bill passes with supermajority."

Nic Carter: "My personal view is that Colombia is next."