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As El Salvador enters its time, its sky will glow with the lights of a group of drones. “We’re making an event,” says American finance minister Brock Pierce. “He has done great things for Burning Man in the past. He has done one in the Super Bowl. That’s why we’ve dropped the best pilots in the world, and we’re going to have a lot of shows in heaven.”
Formerly a playful kid, as well as a modern economist and well-known Burner, Pierce led a group of crypto traders in June to Central America, following President Nayib Bukele’s announcement that El Salvador would take bitcoin as its currency, in addition to the US dollar, from September 7, 2021. Since then, Pierce has been is contacting government officials in El Salvador – “I just talked on the phone with the president’s brother,” he says – and with entrepreneurs looking to set up this country to meet their new crypto needs. Now he is back in El Salvador to attend. “The level at which they are able to use this is amazing,” he says. “Like everything else, I think there will be a little bit at first. But perfection is the enemy of progress.”
The move by the Bukele government to introduce the initiative, calling for a moratorium on the ban 90 days after the parliament passed the bill to approve the amendment, is a clear indication. To the extent that one wonders if the country, as well as its people, would benefit from far-reaching guidance. Or, perhaps, from the obvious.
Much needed to know how the implementation of bitcoin will work is unclear or has been revealed in recent days. A state decrees issued on August 27 stipulated that banks in Salvador would have to exchange bitcoin currency and vice versa – if it did so through a government-funded fund – without charging institutions; the law also requires that all companies that offer bitcoin-related services register with a government agency, and follow anti-money laundering procedures. (It is unclear what the punishment will be if he fails to do so.)
“This happened a week and a half before September 7,” said Mario Aguiluz, chief marketing officer at IBEX Mercado, a Guatemalan company that sells alternatives to bitcoin payments, which also operates in El Salvador. “You have to ask if the government is ready. It’s a mixed bag. ”
There is also a lack of information about the official bitcoin wallet, called Chivo. It is known to work in conjunction with 200 Chivo ATM machines where users can exchange their money, for free (recent An economist story report 5% of the fine they pay in converting dollars into bitcoins, although the distribution must have used a third wallet), and that each Chivo wallet will be fined $ 30 worth as a government freebie. What we don’t know is who designed the wallet or ATM machine and what technology would promote it.
According to Chris Hunter, the founder of Galoy’s company, such plans are changing “for about an hour.” Hunter, whose fundraiser in a coastal village in Salvadoran in El Zonte is said to have boosted the project across the country, says this has been “very watery” since early September. As recently as last week, he was convinced that Chivo would not be using electronic networks, a method that greatly accelerates bitcoin transactions, which could take several minutes to be validated. “Now, it looks good to me – if you can ask me to make some money – that it will be supported from Tuesday,” says Hunter. The government of El Salvador has not responded to a request for comment.
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