The Bitcoin Law came into effect on September 7, and many things are officially changing in El Salvador.
Bancoagrícola, the largest bank in El Salvador, announced it is now accepting Bitcoin payments from its clients. They can use the virtual currency to pay for credit card debts, mortgages, and other services. To integrate the new solution into its network, Bancoagrícola collaborated with Flexa.
“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”Bancoagrícola
Flexa will also be part of Bancoagrícola’s network of PoS, which will permit clients to receive Bitcoin payments. The bank has over 1,000 customer attention points in El Salvador and counts about 5,400 employees.
“The opportunity to partner with organizations as innovative and world-class as Bancoagrícola and Grupo Bancolombia so that we can support better payment technology for millions of Salvadorans in such a tangible and impactful way is simply incredible.”Flexa
There is some news regarding foreign investors too:
Foreign investors who take up residence in El Salvador will now be exempt from taxes on Bitcoin profits. At least, this is what a government advisor announced a few days ago. “If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
The first day the law came into effect, several issues were encountered. Chivo, the wallet launched by the government of El Salvador, faced many technical issues. Because of a bunch of server errors, the digital wallet had to be disconnected, as the president announced.
The issue persists, but President Nayib Bukele stated that 95% of technical-related problems have been addressed. 200 Chivo ATMs in El Salvador and 50 ATMs in the United States are working perfectly at the moment, he also said.
“We set ourselves too big of a challenge (to launch everything in three months) and we made mistakes. But we are already correcting them and hundreds of thousands of Salvadorans can already use their Chivo wallets without any problems.”
Because I need it. But help me. Just help me. Come help me. But come with me. But help me.