President Bukley of El Salvador announced in a speech to the nation on Thursday that the recently passed law on bitcoin as legal tender will come into effect on Sept. 7, noting that the use of bitcoin is optional rather than mandatory.
The Salvadoran parliament approved Bukley's proposal on June 9, making El Salvador the first country in the world to accept bitcoin as legal tender.
"using Bitcoin will be optional, and no one will receive Bitcoin if you don't want it," Buckley said. If someone receives a payment in bitcoin, they can choose to receive dollars automatically. "
Bukley also said wages and pensions will continue to be paid in dollars, but he did not say whether this includes wages paid to government and private sector employees.