President Bukele Guarantees Zero Commissions, Shows Confidence In Bitcoin Law

President Bukele Guarantees Zero Commissions, Shows Confidence In Bitcoin Law

To respond to the opposition’s claims and announce several key aspects of his Bitcoin Law strategy, President Bukele used a tweetstorm. On September 7th, El Salvador’s Bitcoin experiment goes into full effect. The timing is right for a presidential update, and we got it and then some. President Bukele went into familiar territory, reaffirming several facts, and also showed new cards and shared new information.

What exactly did President Bukele write to dispel the FUD? For example, 200 ATMs and 50 cashpoints will open to the public on September 7th. All of those and the Chivo Wallet will charge zero fees for all transactions. Keep reading for details and more revelations.

What Did President Bukele Say To His Opposition?

Besides the FUD against the Bitcoin Law coming from the foreign press (example 1 – example 2,) there were also internal attacks. To the opposition pushing fear of Bitcoin, Bukele said that they can only do it until September 7. “Once in effect, people will see the benefits” of the Law and the opposition will be perceived “as liars, and they will double lose.”

Con esta aplicación podrán aceptar pagos en #bitcoin o en DÓLARES, abrir un pequeño negocio y manejarlo desde ahí, recibir dinero de familiares o amigos y enviar y recibir remesas sin pagar un tan solo centavo de comisión a nadie.Si quieren, si no, pues no descargan nada y ya.— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021

Then, he clarified once again that:

  • It’s optional to download the Chivo wallet. If they do, they’ll get $30 in BTC as a bonus. If they don’t, there’s no problem.
  • With the app, they’ll be able to receive or get paid in BTC and in Dollars. Without any fees.
  • Salvadoreans abroad will be able to send to their families remittances in BTC or in Dollars, again without any fee.
  • People can immediately exchange all of the BTC they get into Dollars. They can then leave it on the wallet or extract cash in the already mentioned 200 ATMs and 50 cashpoints.
  • Here are pictures of the cashpoint kiosks. An interesting detail is that in those locations people will assist and educate the population on how to use the App, the ATMs, and the system in general.

    Los #PuntosChivo se están construyendo en todas partes.Ahí podrán recibir ayuda en cómo utilizar la aplicación, como funciona el #bitcoin, como retirar o depositar dinero, como usar los cajeros y como recibir dinero de cualquier parte del mundo.Todo SIN COMISIONES, a nadie.— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021

    Here are pictures of the Chivo ATMs.

    Otra ventaja será que los negocios podrán recibir pagos en #bitcoin de parte de turistas e inversionistas.Los trabajadores turísticos podrán recibir propinas en esta moneda también.Podrán quedarse con los #bitcoin o transformarlos automáticamente a DÓLARES sin NINGÚN costo.— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021

    President Bukele guarantees that these will charge zero commissions and dares the opposition to keep saying they’ll charge a fee. They can only get away with it until September 7th.

    What Happens If Someone Doesn’t Want To Use Bitcoin?

    President Bukele answers this question head-on. “Well, nothing, do not download the application and continue your normal life. Nobody is going to take your dollars as the opposition says.” It’s only vendors that are mandated to receive Bitcoin, and they can immediately exchange them into Dollars. The mandate is necessary for the 70% of Salvadorans that don’t have a bank account to have guaranteed access to the market with the BTC they’ll earn.

    ¿Cuándo se podrá acceder a todos estos beneficios?Pues como dice la ley, a partir del 7 de septiembre.La billetera electrónica Chivo aún no está disponible, lo estará el 7 en todas las app stores.Estén pendientes aquí: @chivowallet 👋🏼O no, como cada quien prefiera 😉— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021

    Anything else, President Bukele? Well…

  • Businesses and people in the tourism field will be able to receive payment and tips from foreigners through the network.
  • People will not have to carry cash.
  • People in the informal economy that use the government’s Chivo Wallet will have a way to prove their income. With that, they’ll have access to low-interest credits.
  • Salvadoreans pay $400M a year in remittances commissions. Savings in that area will be crucial for the country.
  • The Chivo wallet, the ATMs, and the cash points will be available on September 7th. Let’s stop speculating and see how the El Salvador experiment plays out.