El Salvador adopts Bitcoin as official currency, first country to do so

Re:El Salvador adopts Bitcoin as official currency, first co... by carnitine on Tuesday September 07, 2021 @12:54PM (#28447015)

Didn’t the grandparent comment explain that in such a case, legal tender doesn’t apply? There’s no debt in a normal shopping transaction, the shopkeeper is free to accept whatever they wish or reject the transaction entirely.

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Re:El Salvador adopts Bitcoin as official currency, first co... by arcticbull on Tuesday September 07, 2021 @01:03PM (#28447137)

That's how it works in the US but it's mandatory in El Salvador. I believe the dictator there has been threatening folks who don't accept Bitcoin with punishment. Needless to say this is good for Bitcoin. [1]

[1] https://u.today/el-salvador-government-to-punish-businesses-...

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Re:El Salvador adopts Bitcoin as official currency, first co... by paulgb on Tuesday September 07, 2021 @01:04PM (#28447151)

El Salvador’s adoption goes beyond making it legal tender, they require acceptance:

> every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service

https://theconversation.com/bitcoin-will-soon-be-legal-tende...

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Re:El Salvador adopts Bitcoin as official currency, first co... by bee_rider on Tuesday September 07, 2021 @05:12PM (#28450020)

Bitcoins are at like $45k, if somebody comes in to the local CVS or whatever and buys a stick of gum with a bitcoin, are they expected to have $44,999 in change sitting around? That seems... odd.

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Re:El Salvador adopts Bitcoin as official currency, first co... by topranks on Wednesday September 08, 2021 @02:32PM (#28461240)

The law is here:

https://twitter.com/nayibbukele/status/1402446890466217985

Art. 7 states "Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service".

So it goes beyond merely saying it's "legal tender".

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