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Scraped on 06/07/2025, 23:08:43 UTC
Back in 2021, El Salvador took the first step into making Bitcoin legal tender. It defied the establishment by proving BTC can be used as an alternative to Fiat. Set ourselves forward 4 years later, and now El Salvador is regretting its decision. It made a deal with the IMF, in exchange of limiting its involvement with the world's beloved cryptocurrency. I guess all good things come to an end.
Does El Salvador president ever stated he regretted the decision of making Bitcoin as a legal tender? 
I'm sure El Salvador is under pressure, so they have no choice. Revoking the legal tender status is probably the only option. I'm a bit curious what
I wonder what could've been the culprit of Bitcoin's limited adoption within the country? Was it bad planning/execution? What if El Salvador rejected the IMF's demands? Would've it survived with Bitcoin as its sole currency? I mean, the government continues to buy BTC. At some point, it would've paid off its debt. That would've help turn it into a developed country in the long run.
I hope IMF doesn't plan to pressure El Salvador government to stop their Bitcoin investment. No problem if Bitcoin is no longer as a legal tender, but Bitcoin should continue as their crypto reserve. In this way, El Salvador still can repay their debt someday. And they can revise again the status of Bitcoin as a legal tender when they are free from the debt.What about other countries adopting BTC as legal tender? Is there still a possibility? Or is it "game over"?
I think other countries are still possible to adopt Bitcoin as a legal tender. Moreover, those countries who have no problem with the debt. They are free to make any policy. When a country has a debt, it is difficult to decide anything freely. Sometimes there is an extrenal pressure, it may be a part of the deal on the debt.CMIIW
Original archived Re: Bitcoin as legal tender: A failed experiment?
Scraped on 06/07/2025, 23:03:55 UTC
Back in 2021, El Salvador took the first step into making Bitcoin legal tender. It defied the establishment by proving BTC can be used as an alternative to Fiat. Set ourselves forward 4 years later, and now El Salvador is regretting its decision. It made a deal with the IMF, in exchange of limiting its involvement with the world's beloved cryptocurrency. I guess all good things come to an end.
Does El Salvador president ever stated he regretted the decision of making Bitcoin as a legal tender? I'm sure El Salvador is under pressure, so they have no choice. Revoking the legal tender status is probably the only option. I'm a bit curious what a deal that IMF and El Salvador have reached.
I wonder what could've been the culprit of Bitcoin's limited adoption within the country? Was it bad planning/execution? What if El Salvador rejected the IMF's demands? Would've it survived with Bitcoin as its sole currency? I mean, the government continues to buy BTC. At some point, it would've paid off its debt. That would've help turn it into a developed country in the long run.
I hope IMF doesn't plan to pressure El Salvador government to stop their Bitcoin investment. No problem if Bitcoin is no longer as a legal tender, but Bitcoin should continue as their crypto reserve. In this way, El Salvador still can repay their debt someday. And they can revise again the status of Bitcoin as a legal tender when they are free from the debt.What about other countries adopting BTC as legal tender? Is there still a possibility? Or is it "game over"?
I think other countries are still possible to adopt Bitcoin as a legal tender. Moreover, those countries who have no problem with the debt. They are free to make any policy. When a country has a debt, it is difficult to decide anything freely. Sometimes there is an extrenal pressure, it may be a part of the deal on the debt.CMIIW