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El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment (ticotimes.net)

submitted 3 days ago by [email protected] to c/[email protected]

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[–] [email protected] 20 points 2 days ago (1 children)

I generally keep out of crypto discussions as I do not sufficiently understand it. But this event is very easy to understand. In the beginning of the article itself:

... approved last Wednesday a confusing reform to the Bitcoin Law at the request of Bukele’s government, which had no other option to receive the $1.4 billion credit agreed in December with the International Monetary Fund (IMF).

Thus, this move was forced on El Salvador by the IMF.

[–] [email protected] 9 points 2 days ago* (last edited 1 day ago)

“Forced” is doing a lot of work here. I think it was El Salvador that decided it was worth to ditch btc in favor of getting actual rescue money.

Edit: it makes sense that Bukele just told Rubio they’d be happy to be the US’ offshore prison system. Seems they really need the money.