The top post is a damn lie. Salvadorians arent being “forced to accept” Bitcoin. The truth is that we all are being FORCED to accept devaluing fiat as a currency, across the world. When someone tries to change this status quo, there will be a lot of opposition to it.

Salvadorians arent being forced to accept anything, definitely not forced to accept BTC as the top post guy claims. His whole post is nothing but a lie. Salvadorians now have the option to accept bitcoin as legal tender, not pay capital gain taxes on it, use LN as a payment rails in a country that is without any instant settlement online banking layer.

Forget El Salvador, people across the world are being forced to accept fiat that is rampantly being devalued by central banks. Consider a person who has meagre savings in fiat (even in USD if you consider a Salvadorian), the purchasing power of their savings is losing value all the time. While the US can afford to give its citizens bailouts and relief packages, the governments of other countries that rely on USD cannot do the same. For instance, the El Salvador central bank cannot print a trillion dollars and give all its citizens any package. They are forced to silently suffer while their savings are being devalued.

That whole post smacks of political agenda. When anyone big or small tries to change the status quo from fiat currency that can be manipulated anytime by central bank to a non-sovereign asset backed by power of computing, there is going to be a lot of political backlash, mind games and narratives. Someone who is fiat rich (the ones at the top of the tree right now) is just not going to accept the new paradigm without putting up a fight.

EDIT:

Sources – Just read the bitcoin law text, instead of reading its interpretation from websites or elsewhere. I am linking it for you:

https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19

Art. 5. Exchanges in bitcoin will not be subject to capital gains tax, just like any legal tender.

Art. 3. Prices may be expressed in bitcoin.

Art. 4. Tax contributions can be paid in bitcoin.

All the above provisions shed regulatory light to people who have BTC and want to spend them. They need not worry about capital gains. This is one of the biggest roadblocks in using BTC or any crypto as currency – even if you want to buy $10 worth meal with crypto, you have to calculate and pay capital gains on that. This makes it silly to use crypto for transactions, and as a result most people dont use crypto for transactions even if they are holding crypto. The El Salvador law directly seeks to remove these obstacles in real crypto adoption. They can even pay state taxes with Bitcoin now. This is the one rule change or law change if every country adopted, will result in exponential adoption of crypto for daily transactions. Currently most countries of the world treat crypto as some form of asset or commodity, and make it impossible to do daily transactions at scale with crypto, because an average user isnt interested in calculating their capital gains on a daily basis

About accepting Bitcoin not being FORCED on anyone:

Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

This means if someone doesn't want to accept BTC but the customer wants to spend their BTC, the state shall provide alternative to automatically convert it to USD.

Art. 12. Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law. The State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.

Article 12 clearly makes it very clear that those who dont have the technology to use BTC are excluded from BTC. However the state will push for education and making the technology accessible for users over time.

submitted by /u/Set1Less
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