Thread by @criptobastardo

@nayibbukele is talking in spanish to the salvadorans.

He's addressing that the colon-USD switch is being used as an excuse to tell that his administration will do the same with the BTC-USD switch.

@PeterMcCormack @coryklippsten

The wages and pension will be liquidated in USD.

Bank accounts in dollars will not be turned into BTC-accounts.

"No account will turn into Bitcoin".

If someone receive a Bitcoin payment could exchange it to USD automatically. It's not forced, Bukele says.

He inisist that people will not be forced to price things in Bitcoin. It's optional.

The state will take bitcoin for the taxpayers. "This is an option for salvadoran people. If you don't want to use it, you don't have to".

Now he's explaining that, as Bitcoin is a currency, there is no capital gains on it, as happens with any other currency.

The USD still being the Unit of Account.

Now he's about to talk about the article 7.

He says that if the article should be contextualized with the article 8 and 12.

People should take the bitcoin but is not forced to receive it, because he can exchange it automatically to dollars.

"It is totally optional", says @nayibbukele

He's explaining how the State should give the means and education to many people to understand and use Bitcoin.

He insists that article 7 should be taked in the context of the whole #BitcoinLaw.

Now he's explaining how trough the article 12 there are some people that will be extent of take BTC payments when they don't have the means nor the knowledge.

The state will improve the access to this technology, but will not force it.

He's talking about the state wallet.
It will allow USD and BTC.

People will need only Internet connection. He point that they will need to upgrade the infraestrcture of the country.

When the people downloads the app they will receive $30 in BTC to promote the app.

He's explaining that this is why article 7 is so important: merchant will accept the BTC payments, even tho they can exchange it to USD.

He says that the $30 could be more or less, addressing volatility.

The wallet will have zero fees, so people will receive the exact amount of the payments.

The idea to create the #BitcoinLaw is to attract tourist and investors to the local economy. He says that, in El Salvador, there are already 50k people using bitcoin.

I think that the key concept of the message is the optionality of the Bitcoin payments and the idea that even tho you can pay dollars or bitcoin, there will not be any fee, so salvadorans will get more dollars than they're doing rn.

"If there are more wallets, there is more money circulation and more money in salvadorans' hands", so the idea is to attract Bitcoin capitals and tourists to help the salvadoran economy.

There will be a wallet for the people and other one for companies. They're basically the same.

Now, he's explainig how Bitcoin solve remitances.

Something that I find kinda weird is how he's constantly talking about the "goverment wallet". They need a better marketing tbh

With the systems they're deploying is named CHIVO. Bukele says taht you can now send even more little remitances, like $5 dollars, and as there's no fee. It sounds good vs. the limits that traditions services have rn.

Chivo wallet will use a KYC, using some identification, a phone number and facial recognition. You can verify yourself trough phone call too.

#BitcoinLaw

Now he's explaining why they're giving away $30 in BTC.

They key idea is to incentivize people to download the app (gamification?) and also to make the system moving.

The word bonus disturbs me AF.

The bonus is a way to incentivize the economy giving away $30 in BTC.

"$30 in BTC that the State gave you" 👀👀

This blows my mind lol.

He's detailing how the Chivo wallet will work...

The wallet will work with USD and BTC and will allow the instant exchange. The user will choose which currency want to receive.

People will be able to buy Bitcoin trough the wallet, or could exchange their BTC for USD.

It is just an option, "people doesn't need to buy Bitcoin", Bukele insists.

Chivo wallet will be available from september and beyond in the app store and Google Play.

This is how Chivo wallet will looks like.

This is a "law for the people". If there are "more wallets" the "money will flow better". "I don't think that people will get mad for the state giving them money" 👀👀

Sounds weird AF tbh

I would like to know how many salvadorans will receive the $30 dollars and at what price did the Salvadoran State bought them 👀👀 @nayibbukele