Home Bitcoin News Why El Salvador’s Bitcoin (BTC) law is a Disgrace and Will not End Well?

Why El Salvador’s Bitcoin (BTC) law is a Disgrace and Will not End Well?

El Salvador Bitcoin End Well

Jerry Britto Executive Director of CoinCenter expressed, “While I haven’t been shy with my views on the El Salvador Bitcoin law, I feel I really haven’t said my piece, so I’m going to get it off my chest now. Perhaps one has a duty to speak out or else be complicit in sorry outcomes.

El Salvador’s Bitcoin law is a disgrace. As written in statute it forces citizens to accept Bitcoins whether they want to or not. This is intuitively wrong to any liberal.

I’m surprised that so many smart and principled people have nevertheless applauded and defended this law. They are confusing the ends of liberty with the means of Bitcoin and I hope they’re doing so merely in error.

It’s especially disappointing that in response to criticism, defenders of this law have resorted to whatabout-isms and moral equivalence. And I’m astonished by how much trust and deference so many are willing to give to a politician.

This will not end well. I hope its defenders will take a second look at what this law does, reflect on our shared principles, and reevaluate accordingly.”

Brian Cohen tried to clarify stating, I think there is a general misunderstanding what it means to be legal tender.  The United States does not force businesses to accept the Dollar in commerce (except if req. by state law). El Salvador is requiring acceptance of Bitcoin in commercial transactions. Even though the U.S. Dollar is legal tender there is no federal law requiring it’s use except debt, taxes etc.

Community reactions were like: Why don’t you try being forced to accept dollars? Is the Too Marxist for you?? Because I love dollars.

What if the merchant doesn’t have the means of accepting Bitcoin? What is the offense? How would you rephrase the law for Nayib Bukele.

There are many things a government “forces” on the citizens. Of all of them, this one doesn’t cause any harm for those that oppose it (You are credited with a USD equivalent and have no FX risk) while setting the country on a path to prosperity. Glass half full my friend.

That’s an actual point. Governments force all sorts of things and this thing is able to be opted out of by a simple auto redirect – but for the country, it promises a future of economic liberation.

So they should only be forced to accept USD? Because that’s the current situation? Wrong. The USD is not a forced tender in ordinary payments in El Salvador–or anywhere! El Salvador’s 2001 law includes no counterpart to the Bitcoin Law’s article 7, which does make BTC a compulsory tender.

Summary:  The right to refuse Bitcoin in payment is pretty much the right to force the payer to use USD. 70% of El Salvadorians are unbanked, thus have very bad access to USD, they mustn’t be forced to pay with proven exclusionary USD.

Everything will be fine and El Salvador economy will grow as a result. Bitcoin is here to stay and everyone should accept it.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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