El Salvador to revoke Bitcoin as legal tender?

[davis196]

Yeah,alright,El Salvador made Bitcoin a legal tender.That's great.
Now,can we just stop making 100s of forum threads about El Salvador this,El Salvador that,What if El Salvador...?,etc.
There's no point of discussing "What if...?" speculations.
I couldn't care less,if El Salvador decides to dump Bitcoin.It doesn't matter,if a small country pumps or dumps BTC.The price will move,some people will make profits,other people will lose money.No big deal.
Nobody in the crypto community cares about the actual problems of a poor country like El Salvador.
They only care about the Bitcoin price being pumped.

[royalfestus]

There is little concern on the Bitcoin adoption in the country, No citizen is allowed to reject any payment with bitcoin, which is not liberal to some citizens. Also not all members of the governing body support it because it is believed to be a selfish notion of the government leadership, although the volatile coin can pump to a high price with enough reserve to pay the country's debt and reserve for the future. I dont think it is over with the coin's adoption at the moment in the country

[livingfree]

I thought this is another news. LOL 

That won't happen. They won't waste their time revoking that they've made a law just recently. That's a wishful thinking of yours but you'll see that they'll be happy to add some more incentives as they attract more investors and companies going to their country.

They're probably thinking of making El Salvador as a crypto haven.

I thought the same too 

I also agree with you that I believe that the President of El Savaldo will try everything he can to make this work since it is all the assistance requested from the World Bank before that was not fulfilled and is still not granted the Nation that has made the President take this turn.

I believe that El Salvado being a crypto Heaven is sure if everything falls in place which I believe it will, it's just a matter of time because the Government is committed.   

Well, that's clickbait and he successfully did it.

In other nearby countries of El Salvador, I'm not so sure if that news was real that they're also planning to get into bitcoin too. That was not just 1 country but many of them.

Look at the map what are those countries that are thinking of it.

[verita1]

OP, that would be a heavy blow to bitcoin.
I wish it were not like that and that the country of El Salvador has the opportunity to change history.
May President Nayib Bukele be a visionary and may he have all the tools in hand to make his nation prosper.
We have all made use of bitcoin and it has helped us to carry out some projects with which we have been satisfied. Why can't it be possible for a nation like El Salvador?
I understand that the IMF and the World Bank have great power but many nations have not been able to get out of their socio-economic problems with their programs that is why bitcoin is the best option.

Take a look at all the countries that have expressed through their legislators to include bitcoin as a means of payment in their nations

#Bitcoin support in Latin America:

🇪🇨 Ecuador- @JuliusEC
🇲🇽 Mexico- @eduardomurat, @IndiraKempis
🇵🇦 Panama- @ gabrielsilva8_7
🇦🇷 Argentina- @fsancheznqn
🇵🇾 Paraguay- @carlitosrejala
🇧🇷 Brazil- @gilson__marques,, @ FabioOstermann
🇸🇻 El Salvador- @nayibbukele
🇨🇴 Colombia- @JCastroS

https://twitter.com/DocumentingBTC/status/1402299413754793990?s=19

[7788bitcoin]

If we put one and one together, is it possible that IMF promised to increase grants to El Salvador if they accept and later revoke Bitcoin, in an attempt to de-legitimise Bitcoin?

On reading your subject title i thought they announced Bitcoin as a legal tender and now they revoked that, so this is another conspiracy theory and IMF is playing a game and what is the benefit for them to play games like this, i do not think that there is any hidden objective behind El Salvador accepting Bitcoin as a legal tender. I am also curious to see how people who never used Bitcoin will be adopting to that change.

[johnwest]

Don't you think El Salvador and its president already knew that..? Do you think that the president of El Salvador thought that, he will make Bitcoin legal tender and everyone else will agree to it.? They know that the world will not agree to decentralized money in a moment. The first steps in every technological evolution were hard and it took time for others to understand it and implement it but good things have always been implemented.

[TastyChillySauce00]

Even if they did it won't dent the market forever. if they truly want to revoke because of external pressure then it's better to do it now but if turns out el salvador could keep bitcoin as their legal tender then maybe other countries that are insterested in it gonna follow.
but I doubt the politician there gonna do that because revoking thing after approving almost immediately just come to show that they are not really good in making decision.

[Ararbermas]

There is also that possibility that the next elected El Salvador president will vetoed it and revoke Bitcoin as legal tender in their country. However, if there are incentives and benefits from the government and their people then why revoke it? Just because an organization that facilitate help to countries in terms of loans (with high interest) telling them to repeal Bitcoin? that argument doesn't make any sense.

maybe weak hands is going crazy again right now because  of some news about El salvador and the results of the market after such news. Lol
In fact you have point there mate. " Wherein if they really have incentives and benefits on it  how comes they will revoke bitcoin." ? Seems this another fake news and really nonsense in my opinion. because it's not a joke when it's about money so how is that possible to happen ? .  

[electronicash]

There is also that possibility that the next elected El Salvador president will vetoed it and revoke Bitcoin as legal tender in their country. However, if there are incentives and benefits from the government and their people then why revoke it? Just because an organization that facilitate help to countries in terms of loans (with high interest) telling them to repeal Bitcoin? that argument doesn't make any sense.

maybe weak hands is going crazy again right now because  of some news about El salvador and the results of the market after such news. Lol
In fact you have point there mate. " Wherein if they really have incentives and benefits on it  how comes they will revoke bitcoin." ? Seems this another fake news and really nonsense in my opinion. because it's not a joke when it's about money so how is that possible to happen ? .  

the people will still keep using Bitcoin even if the law is vetoed. they should really understand that cryptocurrency is here to stay which no government can stop it. the more they try stopping it the more it's going to persist in coming back. the price may be low, it will still be used. it's like the kind of drug that use to be illegal but then eventually legalized.

[iTradeChips]

Looks like even El Salvador wasn't enough to boost the price of Bitcoin. I think what it needs is a group of nations who would have the balls to add cryptocurrency to their economies. Maybe there might be other countries that has plans for Bitcoin but of course with the IMF in the way, I don't think that a dozen nation declaring Bitcoin legal would be possible. If the IMF has their way then they would be banning Bitcoin altogether. Most of us just want to see Bitcoin succeed.

[NeuroticFish]

I was not convinced that El Salvador will adopt Bitcoin until the very last moment.
And now I am not convinced they will will drop it just because IMF said that they won't support that.
IMF indeed lends money to the smaller/poorer countries, but they quite often ask for various things to be done by the governments, things that are usually far from nice/popular, hence it can easily lead to IMF getting turned down by governments. It has happened in the past, it will happen in the future too.

All in all, it make no sense at all overthinking and panicking because of this.

[serjent05]

What will cripple Bitcoin more than Tesla announcing they will accept Bitcoin and then later revoking it? A country such as El Salvador announcing they will accept Bitcoin as legal tender and then later revoking it and claiming it didn't work out.

Lol this is too fast of a decision.  To say one project to not work out needs time and not just a small amount of time.  To establish well-founded proof that it really did not work well, it needs years of implementation.  I think there is something that happened that forced the government of El Salvador to change its view over Bitcoin.

If we put one and one together, is it possible that IMF promised to increase grants to El Salvador if they accept and later revoke Bitcoin, in an attempt to de-legitimise Bitcoin?

Well, probably that is the case, or, some rich guy who hates Bitcoin that much to promise something that will benefit El Salvador much better than just acknowledging Bitcoin as legal tender.

[Vishnu.Reang]

I was not convinced that El Salvador will adopt Bitcoin until the very last moment.
And now I am not convinced they will will drop it just because IMF said that they won't support that.
IMF indeed lends money to the smaller/poorer countries, but they quite often ask for various things to be done by the governments, things that are usually far from nice/popular, hence it can easily lead to IMF getting turned down by governments. It has happened in the past, it will happen in the future too.

All in all, it make no sense at all overthinking and panicking because of this.

The president (Nayib Bukele) is very adamant about Bitcoin, and he is not going to drop his plan just because the World Bank or the IMF doesn't support the idea. Even if they somehow bully El Salvador to roll back the changes, how long this status quo is going to last? A lot of governments are unhappy with the sharp rise in the US Dollar monetary supply in the recent times, and the reduction in purchasing power that was associated with this. El Salvador is a small country and may be forced to fall in line. But what they will do, in case Saudi Arabia or Japan does the same? 

[Dhoe]

el salvador wants to revoke bitcoin as legal tender, is this news accurate, and trustworthy, I need an explanation,?? I have no problem with that, as long as the state does not prohibit the use of bitcoin for its people, I think their people will not feel disappointed, because the people of El Salvador have been playing bitcoin for a long time, and can increase their finances because of bitcoin.

[Sterbens]

does it include a failed test process, because the price of Bitcoin has entered the bearish zone? I'm afraid this puts El Salvador in a dilemma and is not ready to accept full payment with the consequences of Bitcoin?

to the OP where can I get news about the Salvadoran government's statement regarding the repeal of the policy?
give us proof  !!!

[bryant.coleman]

does it include a failed test process, because the price of Bitcoin has entered the bearish zone? I'm afraid this puts El Salvador in a dilemma and is not ready to accept full payment with the consequences of Bitcoin?

to the OP where can I get news about the Salvadoran government's statement regarding the repeal of the policy?
give us proof  !!!

El Salvador is a sovereign country and it doesn't need the permission from World Bank, or IMF or for that matter any other internatioal agency to make Bitcoin legal tender in that country. You can go through this article from CoinDesk, which details the situation:

https://www.coindesk.com/el-salvador-bitcoin-mandate-article-7

This is the only contentious section of the recently passed legislation:

Article 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.

A compromise can be reached here, IMO. Bitcoin can be kept as a legal tender. But the government should not enforce the Article 7. Because many of the smaller stores may not have the capability to accept Bitcoin for payments and to store the coins.

[Lucius]

to the OP where can I get news about the Salvadoran government's statement regarding the repeal of the policy?
give us proof  !!!

Read a little better what was written in the OP, because @brainactive does not claim that there is evidence about any plan to repeal the law - but raises the question whether there is a secret agreement between the IMF and the government of El Salvador to prove that Bitcoin does not can be successful as a means of payment. The evidence you are looking for does not exist at this time, and it will never exist if there is no truth in what the OP assumes.

If we put one and one together, is it possible that IMF promised to increase grants to El Salvador if they accept and later revoke Bitcoin, in an attempt to de-legitimise Bitcoin?

El Salvador is a sovereign country and it doesn't need the permission from World Bank, or IMF or for that matter any other internatioal agency to make Bitcoin legal tender in that country.

A strong word, but mostly only on paper - in reality, all small countries can hardly exercise their sovereignty when various powerful organizations literally blackmail them with what they need most - financial aid.

Their pressure is usually manifested first through politics, and if it does not work, it moves to the economic aspect, which mainly means sanctions, and if that fails, the third option is to provoke a civil war to change political power or even an open military invasion to which we have witnessed several times over the past 30 years.

[pawanjain]

Tesla is a company and El Salvador is a country. There's a huge difference between them.
It was Elon Musk who decided not to use bitcoin as a payment but now he is still considering to use bitcoin once the green energy usage is increased.
El Salvador would not have accepted bitcoin as a legal tender at first place if it had to revoke it's usage.
Passing a law is not as simple as it sounds because they have to think it through before approving the law.
Besides that, few other countries are thinking to accept bitcoin as legal tender as well.
Even if for some reason El Salvador removes bitcoin as a legal tender the people in that country would still continue to use bitcoin in my perspective.
So while it can make a temporary effect on bitcoin's price, I don't think it will matter in the long run.

[NeuroticFish]

The president (Nayib Bukele) is very adamant about Bitcoin, and he is not going to drop his plan just because the World Bank or the IMF doesn't support the idea. Even if they somehow bully El Salvador to roll back the changes, how long this status quo is going to last? A lot of governments are unhappy with the sharp rise in the US Dollar monetary supply in the recent times, and the reduction in purchasing power that was associated with this. El Salvador is a small country and may be forced to fall in line. But what they will do, in case Saudi Arabia or Japan does the same? 

Maybe, but he's still a politician and whatever politicians say should not be trusted this easy.
On the other hand, you're right. El Salvador has opened the way and there's a good chance others will follow soon. And the more the better: then IMF cannot bully El Salvador so easy.

However, I'd just wait and see what's going to happen next.

[Oneandpure]

Why bitcoin can touch higher price after El Savador announce with legal using bitcoin as payment currency? looking with El Savador reputation is not enough because they only small country in economic world, not any impact with global economic how to make bitcoin keep stable on higher price, maybe need country like China, Russia and United State to make bitcoin will to the heaven.