According to the legal adviser to the presidency, Javier Argueta, it will also be mandatory to have the Boc state virtual portfolio and once it is available, the business is obliged to receive the digital currency as a form of payment.
A day before Bitcoin became a legal tender in El Salvador, the presidency’s legal adviser, Javier Argueta, confirmed in a morning interview with Avant Front that it would be an obligation for businesses to receive Bitcoin as a form. of payment and it will also be an obligation to have the Boc state virtual portfolio to carry it out. Otherwise, businesses are exposed to referrals of violations of the Consumer Protection Act. The latter is not expressed in the Act.
“You, having the electronic wallet you have to accept the transaction. The ‘must’ is the transaction obligation … you are obliged to have the electronic wallet. What is mandatory is the transaction,” said Argueta, in l to explain the validity of the Bitcoin Law, which formally begins on September 7.
He later said that when the transaction is done, then the employer will be able to decide whether to accept the payment in Bitcoin or in dollars and again, in a play on words, he put an example: “If I get to buy you 1,000 shirts that they cost $ 200 and I’m going to pay you in Bitcoin, you have the wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, that’s why it’s voluntary, “he said.
And once the portfolio has been unloaded, the merchant is obliged to make the transaction: “If you acquire this portfolio, you can make the transaction,” said Argueta.
More than 80% of Salvadorans do not know what Bitcoin is and how much it is worth
This obligation is the main point pointed out by the different productive sectors on the Bitcoin Law and one of the most confusing for companies, the ideal would have been that the word “should” be reformed or explained much better through a Regulation. However, the government has refused to amend or make an authentic interpretation of section 7 of the Act and the regulation does not explain this point either.
According to Argueta, all businesses are required to make the transaction in Bitcoin and although neither the law nor the regulations make it clear, if the business does not accept it, it is exposed to referrals of violations of the Consumer Protection Act.
“In matters of sanctioning law, the law does not carry anything, but it does refer, for example, in a normative integration, in a figure called blank criminal rules, where it makes referrals of violations to the Law of Protection to the Consumer … “.
In recent weeks and without giving educational information to Salvadorans, the Government has begun to install at least 50 Boc kiosks in which it will put ATMs of the same brand, without to date known about any process of tender for this state expenditure, which will be more than $ 23 million.
In addition, in recent days young people have been seen wearing T-shirts with the Goat logo, visiting different establishments to inform them of their use.
According to a survey by the University Institute of Public Opinion of the Central American University “José Simeón Cañas” (UCA), seven out of ten Salvadorans do not accept Bitcoin as a currency and ask the Legislative Assembly to repeal this law.
In addition, more than 80% of respondents say they do not know what Bitcoin is or how much it is equivalent to.
YOU CAN READ:
Population rejects adoption of Bitcoin
Bitcoin Glossary: The words you need to know to understand the world of digital currency