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Started By
Message
El Salvador was the last country to accept crypto as legal tender.. now there are none
Posted on 12/21/24 at 9:08 am
Posted on 12/21/24 at 9:08 am
quote:
The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined. Taxes will only be paid in U.S. dollars and the government’s participation in the crypto e-wallet (Chivo) will be gradually unwound. Transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability, consumer and investor protection, and financial integrity.
IMF Terms
The status of the volcano powered bonds are still uncertain, perhaps they will try it with something else?
The local citizens wont notice since they did not use it all, remittances were basically non-existent outside of when the government gave everyone free money.
El Salvador was one of two countries that at one time accepted it as legal tender, but the Central African Republic also revoked its status last year.
quote:
The Central African Republic’s parliament has repealed legislation that gave bitcoin and other cryptocurrencies legal tender status. A new law amends an April 2022 statute that proved controversial among the CAR’s partners in the Economic and Monetary Community of Central Africa. The CAR legislature adopted the amended law unanimously on March 23.
CAR repels crypto laws
This might be one of those good trivia questions some day down the road
4
Posted on 12/21/24 at 10:04 am to UltimaParadox
quote:
El Salvador
quote:
Central African Republic
Ok
Posted on 12/21/24 at 12:23 pm to UltimaParadox
Dollars are accepted almost everywhere and here’s the USD/BTC chart.
Posted on 12/21/24 at 2:01 pm to UltimaParadox
Help me out here. Bitcoin was already voluntary and now it is voluntary again?
ETA: The bigger story here is they want to keep everything in USD denominations.
USD is going to continue to rip IMO vs other currencies.
ETA: The bigger story here is they want to keep everything in USD denominations.
USD is going to continue to rip IMO vs other currencies.
This post was edited on 12/21/24 at 2:02 pm
Posted on 12/21/24 at 2:15 pm to UltimaParadox
Isn’t this just El Salvador complying to secure a loan to buy more bitcoin?
Posted on 12/21/24 at 2:17 pm to ReauxlTide222
Posted on 12/21/24 at 2:34 pm to I Love Bama
Don’t worry about that. Hold as many pieces of US paper as you can and if you get 4-5% return through a CD, even better!
Posted on 12/21/24 at 3:34 pm to Buck_Rogers
quote:
Ok
Anti-Bitcoin narratives:
"Who cares. No one knows what Bitcoin is."
- 15 years ago
"Who cares. No one uses Bitcoin except scammers."
- 10 years ago
"Who cares. Only small countries use Bitcoin"
- Today
Posted on 12/21/24 at 3:46 pm to I Love Bama
quote:
Help me out here. Bitcoin was already voluntary and now it is voluntary again?
Bitcoin was ruled legal tender in El Salvador. Every business by law was required to accept Bitcoin as payment for goods and services. Bitcoin could also be used to pay your taxes.
Now Bitcoin is no longer legal tender, therefore businesses can pick and choose whether to accept it as payment. Considering nobody uses Bitcoin as currency this basically kills it of as a currency in the country. As well el Salvador will no longer allow citizens to pay taxes with Bitcoin.
It was the last country to accept any sort of crypto as legal tender.
Considering the narrative had moved on from currency now, it is probably the last country to try to use it as legal tender.
This post was edited on 12/21/24 at 3:47 pm
Posted on 12/21/24 at 3:48 pm to LordSaintly
quote:
Who cares. Only small countries use Bitcoin"
- Today
Only small countries use Bitcoin
-5 years ago
No country uses Bitcoin
-today
Posted on 12/21/24 at 3:53 pm to LordSaintly
If the government decides to buy bitcoin under Trump they’ll say “well the government pumped your bags” despite the fact that Trump has been transparently and aggressively pro crypto since he was on the campaign trail.
I’m not saying that the US will purchase btc under trump but the Overton window is shifting. If you refuse to acknowledge what’s plainly happening in front of you and don’t allocate/hedge accordingly, I don’t want to hear shite when game theory takes over and your piece of the pie is smaller than it used to be.
I’m not saying that the US will purchase btc under trump but the Overton window is shifting. If you refuse to acknowledge what’s plainly happening in front of you and don’t allocate/hedge accordingly, I don’t want to hear shite when game theory takes over and your piece of the pie is smaller than it used to be.
Posted on 12/21/24 at 3:54 pm to beaverfever
Trump had promised not to sell any crypto.
USA already has the largest Bitcoin reserve on the planet.
As long as he doesn't sell the Bitcoin owned by the government he has fulfilled his promise
He ran on fiscal tightening, by reigning in government spending, he was not going to spend us tax dollars buying Bitcoin. That seems obvious
USA already has the largest Bitcoin reserve on the planet.
As long as he doesn't sell the Bitcoin owned by the government he has fulfilled his promise
He ran on fiscal tightening, by reigning in government spending, he was not going to spend us tax dollars buying Bitcoin. That seems obvious
This post was edited on 12/21/24 at 3:57 pm
Posted on 12/21/24 at 4:00 pm to UltimaParadox
Fair enough 
Posted on 12/21/24 at 5:32 pm to UltimaParadox
Ah ok. Yeah I don't think anyone should be forced to use it.
Posted on 12/24/24 at 9:26 pm to UltimaParadox
quote:
USA already has the largest Bitcoin reserve on the planet.
Yes and it’s important to point out that the coins were acquired through seizures from drug dealers, human traffickers, and other n’er do wells.
El Salvador’s experiment with bitcoin failed because no one wants to accept a currency that could possibly cause the recipient to lose money by the time they convert it.
Bitcoin has been relegated to a traded fancy thing that gets traded moreso because of fomo than any real practical usage. This could change someday but I have my doubts that it could ever be allowed to compete on any sizeable scale against the USD.
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