←back to thread

El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0.266s | source
Show context
portaouflop ◴[04 Feb 25 02:07 UTC] No.42926658[source]▶
IMF gave them 1.4 billion to abandon the “experiment”:

> The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described.

—-

I dislike cryptocurrencies as much as the next guy but this was clearly something else than a failure of the currency itself

replies(30): >>42926697 #>>42926752 #>>42926769 #>>42926916 #>>42927021 #>>42927075 #>>42927122 #>>42927290 #>>42927312 #>>42927357 #>>42927505 #>>42927532 #>>42927536 #>>42927642 #>>42927745 #>>42927985 #>>42928058 #>>42928513 #>>42928720 #>>42928756 #>>42928806 #>>42929654 #>>42929949 #>>42930337 #>>42930726 #>>42930753 #>>42930779 #>>42930984 #>>42934734 #>>42935466 #
1. OhMeadhbh ◴[04 Feb 25 06:17 UTC] No.42928720[source]▶
Or maybe the IMF doesn't want the money they "give" to El Salvador to be dissipated into a synthetic commodity masquerading as a deflationary currency.

I'm not going to defend the IMF here... they're sort of like sharks swimming in the national currency markets (look up "Our Brand is Crisis" and "Life and Debt" for more info, and then read Summers' "The Payment System" for the IMF's take on things.)

But... I think my point is... I don't think there's any more conspiracy going on here than normal IMF conspiracy. But the IMF is sort of open about it, so is it still a conspiracy? I don't think the IMF or WB care one whit about cryptocurrencies, they just don't even register.

EDIT: Oh, and "Confessions of an Economic Hit-Man" is also nice and conspiratorial. If half of the author's assertions are truthful, there's WAY more happening in Latin America vis a vis international banking cabals.