Thread by @gersonmartinez

#ElSalvador's Bitcoin Law goes into effect on September 7th and president @nayibbukele just made some important announcements:

1. All Salvadoran citizens will be able to download a free btc. With it, they will receive $30USD worth of btc to use (or not). Up to them.

2/ With this app they'll be able to accept payments in #bitcoin or USD, open and manage a small business, receive money from family or friends, all without paying a single penny in commissions. They can download the app, or just choose not to. Simple as that.

3/ A Salvadoran anywhere in the world will be able to send money INSTANTLY to their family member in El Salvador. They will be able to send Bitcoin or USD, whichever they choose to send. Or, they can always go to Western Union, stand in line, and pay commission. Their choice.

4/ All #bitcoin received will be converted to dollars (if they wish) that they can hold in their Chivo wallet, or exchangable for USD at one of the 200 bitcoin ATMs or 50 exchane centers in the country.

5/ #PuntosChivo are being built everywhere. Help will be available at each one on how to use the app, how bitcoin works, how to deposit and withdrawl money, how to use the machines, and how to receive money from anywhere in the world.

6/ There will also be Bitcion ATMs in all parts of the country where folks will be able to take out cash 24 hours a day with ZERO COMMISSION. No one will pay comission after September 7th.

7/ Another advantage will be that businesses will be able to receive payment in #Bitcoin from tourists and investors.

Tourist workers will be able to receive tips in bitcoin.

They will be able to hold #bitcoin or convert btc to USD without ANY cost to do so.

8/ What happens if they choose not to use bitcoin?

Well, nothing. Don't download the app and continue to live your life exactly as before. Nobody will take your dollars (as the opposition likes to suggest).

9/ Some will prefer to believe the opposition who have done nothing but ransack our country, destroying it and paying for our country to be ravaged.

Others will decide to believe the gov't.

In the end, everyone will be able to see the truth on September 7th.

10/ The people of our country have paid $400m in commisions annually for the remittances they receive.

That savings alone will be a huge benefit to our people (or at least to those who decide to benefit from this).

There's also the advantage of not having to carry cash, too.

11/ In the end, there are only benefits to this, but the government will not obligate anyone to use them.

If someone wants to keep carrying cash, to not receive a $30 bonus, not attract btc-customers, not start a business, and continue to pay for remittances, they can do so.

12/ When will these benefits be available? Well, as the law states, September 7.

The electronic wallet Chivo Wallet will be available on app stores on Sept 7.

Follow developments here: @chivowallet

Or don't, to each his own.

btc *wallet* sorry for the typo.