The law was announced on Saturday, June 5, and was approved in the first minute of June 9. It took the group of delegates at the Finance Committee to study Buchler's proposal 85 minutes, less than a football game, to get it approved. Why so anxious? It doesn't seem obvious, at least in public statements. Buchler provided the law primarily as a tool to attract foreign capital and investors. He also said he would help reduce fees charged by remittance intermediaries: mainly the money Salvadorans send to their relatives from the United States, which make up a fifth of the national economy.
People queuing at the Bitcoin ATMs that exist in the country are disappointed to find that it is not true that they do not charge commissions. Ultimately, Buckler said he would help bring the majority of the population without savings accounts (77% of the nation by 2016) into the Fax Number List banking system. However, there are other, less obvious but implicit reasons for the measure. First, they returned the positive headlines to Buchler, who, while strong internally, has crumbled his international profile, largely due to his authoritarian displays. The 39-year-old president talks more about Bitcoin in English than in Spanish.
The night before the law was announced via a video broadcast in Miami, he held a news conference in which he did not say anything about the new currency. Instead, he justified his decision to dismantle the International Committee against Impunity, led by the Organization of American States (OAS). Another possibility, experts see, is that in an economy that has been dollarized since 2001, Buchler wants to give himself more leeway on monetary policy. "The plan looks like a sneaky de-dollarization," said David Gerrard, expert and author of several books. Regarding cryptocurrencies, in foreign policy.