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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 2 comments | 04 Feb 25 00:00 UTC | HN request time: 0.408s | source
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Mengkudulangsat ◴[04 Feb 25 00:11 UTC] No.42925325[source]▶
> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency

Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.

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cwillu ◴[04 Feb 25 00:26 UTC] No.42925524[source]▶
“Another change makes using bitcoin entirely voluntary. (Previously, the law mandated that businesses accept bitcoin for any goods or services they provided.) Additionally, bitcoin can no longer be used to pay taxes or settle government debts.”

--https://reason.com/2025/02/03/el-salvador-walks-back-its-bit...

Sounds pretty failed to me.

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desumeku ◴[04 Feb 25 00:29 UTC] No.42925557[source]▶
They did this to receive a loan from the IMF. The IMF was withholding the loan because of BTC and would not disburse it until they got rid of its status as legal tender.
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Analemma_ ◴[04 Feb 25 02:00 UTC] No.42926571[source]▶
If the Bitcoin experiment had been a success, they wouldn't be needing an IMF loan.
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1. olalonde ◴[04 Feb 25 03:25 UTC] No.42927449[source]▶
They also use USD as legal tender. Is their USD experiment a failure too?
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2. kjs3 ◴[04 Feb 25 05:08 UTC] No.42928265[source]▶
It's a failed economy with both BTC and USD, so...yes? I'm sure they would accept a BTC denominated bailout. Problem solved, right?