Government: Bitcoin acquisition will be mandatory and businesses will be subject to consumer law violations
According to the president’s legal adviser, Javier Arcuda, it is mandatory to have a virtual wallet in Chivo State, and once it is available, the business is obliged to obtain cryptocurrency as a form of payment.
After a day of legalizing bitcoin in El Salvador, Javier Arquetta, legal adviser to the president, confirmed in an interview with Friend A Frende that it is the duty of businesses to receive bitcoin as a fee. It is an obligation to have the Chivo State Virtual Wallet to implement it. Otherwise, businesses are subject to recommendations for violations of the Consumer Protection Act. The latter is not expressed in law.
“You who have an electronic wallet must accept the transaction. ‘Mandatory’ is the transaction duty … You must have the electronic wallet. The transaction is mandatory,” Argueta said, explaining the validity of the Bitcoin Act, which begins this September 7 for the first time.
He then said that the entrepreneur could decide whether to accept his payment in bitcoin or dollars during the transaction, again in a play on words, he gave an example: “If I buy you 1,000 shirts it will cost $ 200 and I will pay you in bitcoin, you There is a wallet, but in transaction, when you do that, you have the option to get bitcoin or dollars, which is why it is voluntary, ”he said.
Once the wallet is downloaded, the merchant is obliged to make the transaction: “If you buy that wallet, you can make the transaction,” Argueta said.
This obligation is a key feature that various manufacturing sectors have developed about Bitcoin law, and for companies, the word “strictly” needs to be reformed or better explained, which is one of the most confusing. Regulation However, the Government has refused to make an amendment or actual interpretation of Section 7 of the Act and the regulations do not explain the matter.
According to Arcuda, all businesses are obligated to trade in Bitcoin and even if the law or regulations do not explicitly state it, if the business does not comply with it, recommendations for violations of the Consumer Protection Act will emerge.
“The law does not bring anything to allow, but it refers to violations of the Consumer Protection Act, for example, in the form of a code of ethics, called plain criminal ethics …”.
In recent weeks and without providing educational information to the Salvadorans, the government has begun to install at least 50 Chivo kiosks in which to put ATMs of this brand, to date nothing is known about the bidding process for this cost state. Would be more than $ 23 million.
In addition, in recent days young people have been wearing T-shirts with the Chivo logo, going to various companies and informing them of its use.
Seven out of ten Salvadorans do not accept bitcoin as a currency and are asking the legislature to repeal the law, according to a university public poll by the Central American University “Jose Siemen Canas” (UCA).
In addition, more than 80% of those surveyed confirm that they do not know what bitcoin is or how much it equates to.
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