The IMF has announced yesterday that it reached a deal worth $1.4billion with El Salvador. In Return to the Central American In 2021, the country that made Bitcoin legal tender in its currency had to withdraw some of their pro-Bitcoin policies.Bitcoin policies.
Three months is about the time I spent in El Salvador The time is now. Bitcoin Law went into effect. The law was implemented. I liked some aspects, but others I did not. Exactly Now, these elements are being eliminated.
Most importantly, Salvadoran The merchants won’t be required to accept bitcoin. Great! I don’t think Bitcoin It should not be enforced on anyone. Bitcoin You need that. Bitcoin The adoption of this emerging form of money should take place voluntarily.
(In This aspect of the law wasn’t enforced at all. I’ve heard from one relative insider that some of the big fast food chains received phone calls from the government telling them to comply — which would explain why McDonald’s and Wendy’s did it — but otherwise I don’t think any merchants got in trouble for not accepting bitcoin.)
Additionally, El Salvador It will need to close down its operations Chivo wallet. Maybe The software has evolved over time, but the wallet in 2021 was extremely buggy. Open source and the free market have much better capabilities to build such tools. Good riddance!
That It is a little disappointing. Salvadoran citizens won’t be able to pay tax in bitcoin anymore — though, again, I doubt many did. This It is likely to be little more than an inconvenience. NowMerchants that accept Bitcoin must first sell some BTC to the IRS before they can pay their taxes.
To succeed, Bitcoin Equal playing fields can be beneficial. El Salvador Still goes a very long way in offering just that.
This Article is an Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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