El Salvador passes its Bitcoin Law — and it’s a Tether scam
El Salvador has passed President Nayib Bukele’s bill to make Bitcoin legal tender in the country! The bill passed 62–19, with three abstentions, at around 8pm local time on 8 June.
The prize here would be a small country’s stash of genuine US dollars. At least $150 million will be extracted via a trust that’s being set up as an interface between dollars and bitcoins.
Strike, the payment network that El Salvador is working with, runs on tethers — a barely-backed substitute dollar token used in the crypto trading markets — and the “dollars” in a Strike account in El Salvador are actually tethers. Fake dollars go in, real dollars leak out.
Art. 1. The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.
Art. 2. The exchange rate between bitcoin and the United States dollar, subsequently USD, will be freely established by the market.
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