El Salvador says traders need to process BTC transactions – otherwise they could face

In an interview with native media, Javier Argueta authorized advisor to the El Salvador House of Representatives, clarified the obligations of corporations a day earlier than the nation’s controversial Bitcoin legislation acknowledged BTC as authorized tender.

The authorized advisor to the President of El Salvador has acknowledged that corporations must settle for Bitcoin from prospects. However, they can select to obtain BTC or US {dollars} as soon as the transaction is complete.

According to a rough translation, Agueta burdened that it was necessary for corporations to “have an e-wallet” to obtain Bitcoin, however “for transactions.” […] You intend to get bitcoins or {dollars}, so that is voluntary. “

“If I purchase you 1,000 shirts that value $ 200 and I pay you in bitcoin, you will have pockets, however whenever you do that, you want to get bitcoins or {dollars}, so it is voluntary. “

The official added that companies that refuse to accept BTC are violating local regulations. He said doing so was a violation of consumer protection laws and could lead to action against companies.

#El Salvador | Según Javier Argueta, asesor jurídico de Capres, todos los empresarios que no hagan uso de la billetera Chivo y se nieguen a hacer la transacción con #Bitcoin se enfrentan a lawlaciones como Ley de protección de secureidor; se haran remisiones.

– elsalvador.com (@elsalvadorcom) September 6, 2021

The government’s Chivo wallet allows users to process transfers in both BTC and US dollars. The wallet, which is operated in collaboration with the Mexican crypto exchange Bitso, claims to be working with the California-based crypto-friendly bank Silvergate to enable transactions translated into USD.

The app also enables merchants to convert the bitcoins received into dollars automatically.

Related: McDonald’s now accepts Bitcoin, but only in El Salvador

The clarification comes as local companies are against the wording in the Bitcoin Act that merchants “should” accept Bitcoin as a means of payment, with representatives of the private sector pushing for a change in the law.

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