Great to see El Sal still following their goals and being true to their word.
Even though the IMF is on their tails, they are still pushing forward.
The actions they made shows that they are not bothered with discouragement brought up by IMF and they show to them that despite whatever happen they will follow their belief that Bitcoin is better for their country.
Its good to see EL Salvador continue to accumulate since provably that they could earn a lot more profit which is helpful for the growth of their country. Also its good to see that their country is now subject on discussion and they are really benefiting on their adaption made since there tourism sector is booming when they adapt start to adapt Bitcoin. So for sure more to see from El Salvador and they became an exciting country to follow especially that they are doing good with their Bitcoin investment.
I'm sad to see this and report on it, but El Salvador clearly dropped their policy of giving Bitcoin full 'legal tender' status. They clearly capitulated to the demands of the IMF. Even more sadly, they are using standard and rather disappointing means to divert. Social media influencing and echo chambers, relying on people's ignorance of terms, cult-of-personality worship, etc.
It would be valid for El Salvador to fold if under extreme threat (e.g., the global powers will re-start the civil war, or Trump will make El Salvador the 54th state, or the next round of mandatory or near-mandatory gene therapies for the US DOD's next plandemic will be especially hot in El Salvador.) I would have more respect for the government if they just told the people _why_ they needed to fold even if such disclosures are not how things are traditionally done. The transparency would be a welcome change.
(On the topic, giant kudos to Bukele for explaining how the global powers tried to influence him to NOT crack down on crime due to their 'experts' twisted rational. It was something I've suspected for a decade or more, but it is the first time I have heard a leader state it plainly in a speech he gave a week or two ago. Edit:
https://www.youtube.com/watch?v=5KP2kr5oD1M )
It takes about a minute of reading time to skim the first few paragraphs of
https://en.wikipedia.org/wiki/Legal_tender to see that compelling the use of a currency for transactions has nothing to do with 'legal tender'. It's possible to do so, or not to do so, regardless of the 'legal tender' status. This because a transaction is agreed to BEFORE an associated DEBT comes into existence.
El Salvador has, to my knowledge, never explained their rational or legal position other than their 'Bitcoin Office' insisting that Bitcoin is still 'legal tender' in that country. I don't think the IMF has yet formally agreed, so perhaps there are some weasel words going on about either when the 'all taxes to be paid in USD' insofar as it has not happened yet.
Or perhaps instead of '
legal tender for all debts public and private', El Salvador intends to argue that Bitcoin is
'legal tender for some debts some of which may be public and some of which may be private.'One way or another, it is pretty clear that El Salvador did fold and capitulate to the IMF('s owners.) Exactly why, and exactly how much more they will capitulate on other things going forward, remains to be discovered.
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On the topic of El Salvador's (or anyone elses') 'Bitcoin Reserve', it is important to note the old Bitcoin adage, '
He who holds the keys holds the BTC.'
Bitcoin has a unique and rare possibility for the individual people on the street level to autonomously hold the keys (and thus the BTC) for their portion of the reserve.
I've seen absolutely no indication that the above is part of anyone's plans for what is advertised to be 'El Salvador's' reserve. The concept would be out of reach, intellectually, of all but a select group of the native plebs, and I wouldn't expect any appetite for it from the 'leadership' perspective. That said, Bukele himself (and very few others) seems to have a flexible mind so I would not completely rule out his pushing to explore such a thing.