Bitcoin Optional in El Salvador

Aug 26, 2021

When news broke that El Salvador would require all businesses to accept bitcoin as payment by September 7, Anypay got to work immediately assisting the largest businesses in Central America prepare for the upcoming deadline.

This week, CoinDesk published an article under the headline: El Salvador Will Not Require Bitcoin Acceptance

The article clarifies that El Salvador will not force any of the nation’s residents to receive bitcoin as a form of payment. Nayib Bukele, the country’s President, confirmed this on Monday by posting a thread to Twitter (linked and translated below).

Anypay was willing to make significant changes to its business to conform to the needs of this new but promising market. However, after this reversal two weeks before the implementation deadline, Anypay no longer views the opportunity in El Salvador to be a worthy pursuit for our company.

All of the businesses impacted by this law are interested in one thing only: dollars. They made abundantly clear to us that they are not even slightly interested in taking, holding, using, or learning anything about bitcoin — not for one second.

Despite this, Anypay was willing to help them professionally accept payments by customers who wanted to pay with bitcoin, and to provide integrations into existing Point of Sale devices, work with back-office accountants to monitor and track payments, and deliver a first-class payment experience for their customers.

However, since this is no longer required by law, and exactly zero of the businesses we talked to actually want anything to do with bitcoin, we must conclude that the best way forward is to let people do what they want, and that means letting businesses that want to accept dollars continue to do that, and Anypay continues to pursue businesses that actually have a desire to earn bitcoin, use it, and attract customers who want to spend it.

This news will come as welcome news to all businesses in El Salvador — instead of a mandate, you now have the freedom to wait until a true market demand emerges, when it will make economic sense for your business to pour valuable time, energy, and financial resources into using bitcoin.

Derrick Horton
Anypay President
2021-08-26

 

President Bukele on Twitter

 

Translation:

The awkward opposition always plays one-step chess.

They have bet everything to scare the population about #LeyBitcoin and they may achieve something, but only until September 7.

Once in effect, people will see the benefits, they will be left as liars and they will lose double😉

This will be what will happen on September 7:

People will be able to download an application to receive payments or gifts in #bitcoin or DOLLARS.

If they want they will download it and if they don’t want to, no.

With it they will receive $ 30 equivalent in #bitcoin for consumption.

If they want, if not, no.

Translation:

With this application they will be able to accept payments in #bitcoin or in DOLLARS, open a small business and manage it from there, receive money from family or friends and send and receive remittances without paying a single cent of commission to anyone.

If they want, if not, then they don’t download anything and that’s it.

A Salvadoran abroad will be able to send money INSTANTLY to their relative in El Salvador. He can send you #bitcoin (if he wants) or he can send you DOLLARS, if he wants to.

If he doesn’t want to, he can always go queue up at Western Union and pay commission. There is no problem.

Translation:

All the #bitcoin you receive will be automatically converted into dollars (if you wish) and you can leave it in the electronic wallet or withdraw it in cash at any of the 200 ATMs that will be everywhere.

There will also be 50 branches to withdraw or deposit money.

#PuntosChivo is being built everywhere.

There they will be able to receive help on how to use the application, how #bitcoin works, how to withdraw or deposit money, how to use ATMs and how to receive money from anywhere in the world.

All WITHOUT COMMISSIONS, to anyone.

 Translation:

 

There will also be #CajerosChivo everywhere and you will be able to withdraw in CASH, 24 hours a day and WITHOUT COMMISSIONS, even if the opposition says otherwise.

The problem for them is that they will be able to convince some people that there will be commissions, but only until the 7th 😘  

Another advantage will be that businesses will be able to receive payments in #bitcoin from tourists and investors.

Tourist workers will be able to receive tips in this currency as well.

They will be able to keep the #bitcoin or automatically transform them to DOLLARS at NO cost.

 Translation:

And what if someone doesn’t want to use #bitcoin?

Well, nothing, do not download the application and continue your normal life. Nobody is going to take your dollars as the opposition says. 

Some will prefer to believe the thieving opponents that they have done nothing more than loot our country, destroy it and pay to assassinate our people.

Others will decide to believe the Government.

But in the end, everyone will realize the reality on September 7 😘

Translation:

Our town pays $ 400 MILLION a year in commissions on remittances.

Only that saving will be a huge benefit for our people (or at least for whoever wants it).

There is also the advantage of not having to carry cash. Safer and more practical.

 

Another advantage is that informal traders, market stalls, etc., will have proof of income and will be able to access low-interest loans.

For this, they will only have to use the electronic wallet, regardless of whether they use it to receive payments in DOLLARS.

Translation:

Anyway, only charities, but the Government is not going to force anyone to receive them.

If someone wants to continue loading cash, not receive an entry bonus, not win over customers who have #bitcoin, not grow their business and pay commission on remittances, they can continue to do so 🤷🏻‍♂️

When will all these benefits be accessible?

Well, as the law says, as of September 7.

The Chivo electronic wallet is not yet available, it will be available on the 7th in all app stores.

Stay tuned here: @chivowallet 👋🏼

Or not, as everyone prefers 😉

“The Government is not going to force anyone to receive them.”

Good. Thank you for the clarification, Mr. Bukele.

 

 

Ark to Bitcoin Thread

This Twitter Thread was stored in the Bitcoin blockchain forever.

TX ID: 28e92c63c47ce0201186a8d82d2010c7faeb4a0d60a4afd436490836af8a25a0