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Bitcoin use totally optional
By Eproint
The use of bitcoin and a digital wallet in El Salvador will be “totally optional" and businesses that do not accept the cryptocurrency will not be sanctioned, El Salvador’s finance minister Alejandro Zelaya said.Zelaya added that the dollar will remain as the main currency of reference in the country, and will be the one which businesses, the government and all others will use for their accounting.
Echoing the finance minister, President Nayib Bukele stated the government would not force any of the nation’s residents to receive bitcoin as a form of payment.
“If someone wants to continue to carry cash, not receive a sign-on bonus, not win over customers who have bitcoin, not grow their business and pay commission on remittances, they can continue to do so,” Bukele wrote on a Twitter thread.
In a document entitled Guidelines for the Authorization of the Operation of the Digital Wallet Platform for Bitcoin and Dollars, the Central Bank of El Salvador stipulated that wallets will need to implement know-your-customer policies.
“Clients of the digital wallet may be individuals and legal entities resident or not in the country that comply with the requirements and standards of know your customer and prevention of money and asset laundering, financing of terrorism and proliferation of weapons of mass destruction,” the document stated, adding that those requirements will be “established following the technical norms issued by the Central Bank for these purposes and the international treaties and conventions issued in this regard.”
Source: Nasdaq
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During her career, Mrs. Portal has helped numerous international law firms and in-house counsel with all facets of their IP matters in El Salvador and Central America. Her extensive practice includes work in trademarks, patents, industrial designs, utility models, copyrights, unfair competition, foreign investment, regulatory law/health registrations, licensing, franchising, appellations of origin, geographical indications, IP litigation, fashion law, new technologies, data privacy, cybersecurity, domain names, entertainment law, advertisement law, trade secrets, valuation of intangibles, and IP due diligence. She is also recognized for the great anti-piracy and anti-counterfeiting results she has delivered for her clients. She also helps coordinate Latin America Intellectual Property Protection for the firm.