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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0.205s | source
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twothreeone ◴[04 Feb 25 00:34 UTC] No.42925630[source]▶
I don't particularly like BTC (as it senselessly burns huge amounts of energy, thereby actively contributing to the destruction of our biosphere), but this news post is intentionally misleading. As reported by many other outlets (e.g. [1,2]), El Salvador abandons BTC to qualify for an IMF loan - so the IMF is pressuring them towards this move (presumably for political reasons).

[1] https://finance.yahoo.com/news/el-salvador-changes-bitcoin-r... [2] https://www.msn.com/en-us/money/financial-regulation/el-salv...

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1. bawolff ◴[04 Feb 25 01:28 UTC] No.42926229[source]▶
Its not like IMF had a gun to their head. They could have refused the loan.

At the end of the day they abandoned the policy because they believe it will help the economy to abandon it (indirectly via the loan). I certainly wouldn't call that a success.