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El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment (ticotimes.net)

submitted 4 months ago by [email protected] to c/[email protected]

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[-] [email protected] 21 points 4 months ago

I generally keep out of crypto discussions as I do not sufficiently understand it. But this event is very easy to understand. In the beginning of the article itself:

... approved last Wednesday 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 (IMF).

Thus, this move was forced on El Salvador by the IMF.

[-] [email protected] 9 points 4 months ago* (last edited 4 months ago)

“Forced” is doing a lot of work here. I think it was El Salvador that decided it was worth to ditch btc in favor of getting actual rescue money.

Edit: it makes sense that Bukele just told Rubio they’d be happy to be the US’ offshore prison system. Seems they really need the money.

this post was submitted on 04 Feb 2025

522 points (98.0% liked)

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