Failure or 5D chess? El Salvador IMF deal walks back Bitcoin adoption
A shining example of Bitcoin adoption, Salvadoran President Nayib Bukele disappointed Bitcoiners this week and divided opinion over the asset’s local future.
El Salvador has rescinded Bitcoin’s status as a full legal tender in order to close a deal with the International Monetary Fund (IMF), leaving Bitcoin (BTC) advocates split over what this means for adoption in the country.
The changes came amid tense negotiations with the IMF in which El Salvador sought to secure a $1.4 billion loan “to address balance of payment needs and support the government’s economic reforms.” Once combined with “additional financial support from the World Bank, the Inter-American Development Bank, and other regional development banks,” the total sum will amount to $3.5 billion — a critical level of funding for the small Central American nation.
The IMF deal required El Salvador to:
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Author: Aaron Wood
