TL;DR Breakdown El Salvador Bitcoin law became effective September 7, 2021.Bitcoin law to help Salvadorians save fees paid to banks for remittances among other benefits. The Bitcoin law in El Salvador came into effect on Tuesday, September 7, 2021. This is amidst uproar and protests against the passing of the law. Cryptopolitan spoke to Mario Gomez Lozada, a Salvadorian about the ongoing situation, benefits the Bitcoin law brings to the El Salvador economy and how things can be improved for more adoption among Salvadorians. Mario Gomez Lozada, CEO of PowerTrade, is a finance professional and serial entrepreneur with over 20 years of experience in the fixed income and currencies & commodities markets. In 2014, Mario founded Liquid.com, one of the world’s largest cryptocurrency-fiat exchange platforms serving millions of customers worldwide. Below are excerpts from the interview. Q: Salvadorans are not happy with the Bitcoin law. Why do you think they are not happy about it? I am Salvadoran, and so is my family back home. I haven’t heard any complaints from anyone of them. My mom will happily start using Bitcoin. In fact, I have sent Bitcoin to them in the past. The issue then was the lack of ATMs. With the hundreds of ATMs being rolled out now, it should be straightforward to cash out into USD if they wish. Q: During protests against the Bitcoin law, they expressed concerns over volatility, noting that it’d be diffic...
