El-Salvador’s Finance Minister, Alejandro Zelaya has said the use of Bitcoin as a payment method in the country will be fully optional.
According to him, it is not compulsory for citizens to download the state-offered wallet.
The Minister said this during a locally televised interview. However, his comment has generated worries because it seems to contradict a key article in the country”s Bitcoin Law which states that it is mandatory to accept bitcoin as a payment method.
“Every economic agent must accept bitcoin as a form of payment when it is offered by whoever acquires a good or service,” the law states.
Reacting to the contradiction and why the article in the law was not changed, Alejandro asked another question, thus leaving a complicated clause just three weeks before the Central American country starts enforcing the acceptance of bitcoin.
The Bitcoin Law
Salvador’s Central Bank of Reserves, last Tuesday, published a draft of a set of norms for a better implementation of the Bitcoin Law.
The draft which outlines the duties of the economic agents that will use bitcoin in the Salvadoran economy has caused a stir in the international crypto space.
The law had stated that entities must establish an organizational and functional structure to prevent money laundering and terrorist financing that includes applying KYC measures, thus generating controversy.
CoinDesk reports that the bank opened a consultation period for changes to be suggested to the document, which will extend until September 6, just one day before the law becomes active.
Though crypto adoption seems to be gaining ground, a recent poll by Francisco Gavidia University, shows 77.5% of Salvadorans think that adopting bitcoin as legal tender in the country is a poor or wrong decision.
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