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19 September 2021

Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers – Interview Bitcoin News

Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers – Interview Bitcoin News


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Falzon says that there are a number of issues that no one is talking about in regard to the bitcoin law and the Chivo wallet, a government-crafted bitcoin wallet.

Misinformation, Falzon says, is stemming from the popular bitcoin influencers who are painting a glossy and artificial narrative of how things have been going.

In fact, they said in the commercial promoting Chivo wallet, to the population here, that people would be able to buy everything.

She said that the other markets are worried because they have transactions sent in that are not showing up.

“The president has said that bitcoin here in El Salvador was optional and that the Chivo app is also optional,” Falzon relayed.

They don’t have to use the Chivo app to use Lightning.” Falzon further added:.

“The way that the law is written, article seven says that all merchants must accept bitcoin by law, with the threat of force, you must do it,” Falzon emphasized in his statements on the phone.

“However, article twelve in the law, says that merchants who are not currently able to be equipped as far as technology to accept the payment will not have to accept bitcoin until they have been properly equipped.

For these people, from what I understand, they will not have issues with the government if they don’t accept it.

Although Falzon said that some small businesses do have the capability to add the technology and they would be forced to accept bitcoin.

“Some small business owners do have the technology, they do have mobile phones,” Falzon stressed.

What’s even worse is that Falzon says many merchants are turning to an application crafted by the largest bank in El Salvador called Banco Agrícola.

Instead of promoting a peer-to-peer electronic cash system, these Salvadoran merchants are handling bitcoin temporarily as they almost immediately get a fiat replacement for the bitcoin they accept.

“What the Wompi app does is that it lets merchants accept bitcoin and it immediately converts it into USD and puts it in the merchant’s bank account?

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