Legal aspects of BTC in El Salvador

In an interview with local media, Javier Argueta, legal advisor to El Salvador's Presidential House, explained the obligations of businesses a day before the controversial Bitcoin Law takes effect, recognizing bitcoin as legal tender .

El Salvador's presidential legal advisor stated that businesses are required to accept bitcoin ( BTC ) from customers - but can choose whether they receive BTC or U.S. dollars after the transaction is settled.

According to a rough translation, Argueta emphasized that businesses must "have an electronic wallet" to receive bitcoin, but "in the transaction [...] you have the will to receive bitcoin or dollars, therefore it is voluntary."

"If I buy you 1,000 T-shirts costing $200 and pay you in Bitcoins, you have a wallet, but in the transaction, when you do it, you have the will to receive Bitcoin or dollars, therefore it is voluntary."

The official added that companies that refuse to accept BTC will be operating in violation of local regulations. The ElSalvador.com story said: "According to Argueta, all companies are required to transact in Bitcoin, and despite the fact that neither the law nor the regulations explicitly state this, if a company does not accept it, it is exposed to instructions to violate the Consumer Protection Act."

 

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