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.
I do not think that El Salvador regrets making Bitcoin a legal tender. It does no tharm its economy in anyway. So I am wondering where does El Salvador regrets making Bitcoin a legal tender. Can you give us the statement of the government saying they are regretting their decision in making Bitcoin a legal tender?
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 think the decision of El Salvador about Bitcoin being a legal tender is more of a political agenda. They are promised something in exchange for making Bitcoin an optional (not mandatory) legal tender. Bitcoin is still allowed to be used as a payment option, but is limited and cannot be used in government transactions.