El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment
Understand the implications of Bitcoin's downfall in El Salvador. Learn about the failed economic bet and its impact on the country's financial stability.
Didn't they double or triple their trade?
Sounds more like they're "abandoning" it by selling for a huge profit
They still are keeping all of their reserves. Buying coffee with bitcoin is now optional for seller, and not essential for either customer convenience or bitcoin value.
The IMF gave El Salvador mucho dineros to abandon Bitcoin because the IMF wants the USD to be the global currency
In December, the government struck a $1.4 billion loan deal with the International Monetary Fund (IMF) that scaled back its bitcoin embrace after the lender urged officials to limit its exposure. The lender specifically advocated making acceptance of bitcoin voluntary for the private sector, which is spelled out in the hastily-approved law.
Yeah but one of the goal was to replace daily use of USD by bitcoin this is the part they are stopping apparently. It seems they will continue to have it as a reserve.
a confusing reform to the Bitcoin Law at the request of Bukele’s government, which had no other option to receive the $1.4 billion credit agreed in December with the International Monetary Fund
No big deal, and obviously the headline "failed experiment" is propagandized. El Salvador is significantly up (200%+) on its reserves investment. IMF concession is IMF doing bankster things, but Texas and other US states making it legal tender are bigger economies than El Salvador.
"The reform eliminated the word “currency” when referring to bitcoin, but says it is “legal tender.”"
so they haven't abandoned Bitcoin as legal tender.
what with Bitcoin specifically being referred to as "legal tender" in salvadoran financial law.
it's simply not mandated to be accepted everywhere anymore, as it was before.
