https://www.armstrongeconomics.com/world-news/cryptocurrency/imf-wants-el-salvador-to-repeal-bitcoins-legal-tender-status/
From PlanetRetard (Minds)
The International Monetary Fund is willing to provide El Salvador with a $1.3 billion loan, but the nation must meet two demands. First, El Salvador must commit to reducing its budget deficit to 3.5% of GDP over the next three years. The second requirement is for El Salvador to begin backing away from bitcoin.
El Salvador declared bitcoin legal tender in 2021. The nation holds a bitcoin Treasury worth over $600 million as of lately with bitcoin’s recent price spike and has been purchasing about 1 btc per day. President Nayib Bukele recently took to social media to declare the success of his bitcoin adaptation, claiming gains of over 127%. Yet, the public has not largely adopted the new currency. In fact, the Central American University conducted a study in January that revealed 88% of citizens have not used bitcoin in transactions over the previous year.
Under the new IMF requirement, El Salvador must prohibit the legal requirement that states businesses must accept bitcoin as payment. Under this premise, bitcoin could not truly be considered legal tender.
https://www.armstrongeconomics.com/world-news/cryptocurrency/imf-wants-el-salvador-to-repeal-bitcoins-legal-tender-status/
From PlanetRetard (Minds)
The International Monetary Fund is willing to provide El Salvador with a $1.3 billion loan, but the nation must meet two demands. First, El Salvador must commit to reducing its budget deficit to 3.5% of GDP over the next three years. The second requirement is for El Salvador to begin backing away from bitcoin.
El Salvador declared bitcoin legal tender in 2021. The nation holds a bitcoin Treasury worth over $600 million as of lately with bitcoin’s recent price spike and has been purchasing about 1 btc per day. President Nayib Bukele recently took to social media to declare the success of his bitcoin adaptation, claiming gains of over 127%. Yet, the public has not largely adopted the new currency. In fact, the Central American University conducted a study in January that revealed 88% of citizens have not used bitcoin in transactions over the previous year.
Under the new IMF requirement, El Salvador must prohibit the legal requirement that states businesses must accept bitcoin as payment. Under this premise, bitcoin could not truly be considered legal tender.
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