Miguel Kattán stated that there will be no de-dollarization of the economy. The project that President Bukele will send to Congress remains a secret.
El Salvador’s President Nayib Bukele’s proposal to adopt bitcoin as legal tender will not mean that the dollar will cease to be useful in the Central American country’s economy.
The statement comes from the Secretary of Commerce and Investment of that nation, Miguel Kattán. The statement takes part in a set of statements collected by the El Mundo newspaper of El Salvador. The official intended to reassure the population, fearful of a complete turn towards a bitcoin standard.
The Secretary of Commerce and Investment clarified in a press conference on June 7, 2021, that cryptocurrency will not replace the dollar, but will become a new means of payment. This does not imply a de-dollarization of the economy, as reiterated.
Kattán added that President Bukele will send the project to the Legislative Assembly this week to grant bitcoin legal tender status remains hidden. However, he announced that this regulation would permit the creation of a bitcoin opt-in economy (“added to the list”), where the dollar will keep having a protagonist role in his country’s economy even if Bitcoin gets added to the list of means of payment.
In this regard, Kattán clarified that what the law is going to say is that citizens can pay (in case the one who is charging accepts the bitcoin and the one who is paying wants to seal the trade with bitcoin), there is no difference, Its relationship will always be with the dollar.
El Salvador’s Economy would ever meet prices in Bitcoin?
The Secretary of Commerce offered these statements during a ceremony that took place at the Central Reserve Bank (BCR). The official said that the forecasts made on social networks alleging that the goods will have prices in satoshis will not be fulfilled.
Kattán talked about the confusion that this event is generating in the population. He said on the matter: “Someone said yesterday, how is he going to pay 0.00000001 bitcoin in tomato? How will the transaction be? What you will pay is the USD 0.20 that the tomato is worth. Point. That figure is what the person will receive $ 0.20 in bitcoin.”
During his speech, the official clarified that the bill that would recognize bitcoin as legal tender in El Salvador would come with regulations and protective measures against money laundering.
Kattán said that bitcoin brings El Salvador an opportunity for growth. He also highlighted the success of a community known as “Bitcoin Beach ” where hotels, shops, restaurants, and even the water company receive bitcoin through the low-cost Lightning network.
The bitcoin adoption project would find a faster route in the El Salvador congress. A group of deputies has already supported the decision; others have even changed their Twitter profile to add an image with laser eyes or “laser eyes”, a bitcoin trend in support of BTC.
By: Jenson Nuñez
