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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: 0.224s | source
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ptero ◴[04 Feb 25 00:17 UTC] No.42925410[source]▶
That's heavy editorializing:

El Salvador keeps buying the Bitcoin for its strategic reserve. Businesses and citizens can keep using it.

But for getting an IMF loan, IMF (which, to put it mildly, doesn't like Bitcoin) required the end to Bitcoin legal tender status.

Now the businesses are free to accept it or not instead of being required to accept it. That's all. The government plans to keep buying and using it.

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blackeyeblitzar ◴[04 Feb 25 00:42 UTC] No.42925719[source]▶
Why does the IMF care what denomination they use domestically?
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georgeecollins ◴[04 Feb 25 01:18 UTC] No.42926120[source]▶
They care about the economic stability of a country they make loans to. Their loans often come with conditions about how the government can run fiscal or trade policy.

I don't know if that is good or bad but I have heard smart economists argue both sides.

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hammock ◴[04 Feb 25 02:28 UTC] No.42926896[source]▶
Sounds reasonable. Which countries got better after the IMF got involved?
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1. bbbbq ◴[04 Feb 25 06:08 UTC] No.42928654[source]▶
There's a lot of information about the IMF online.