El Salvador to revoke Bitcoin as legal tender?

Sithara007

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Quote from: adzino on July 02, 2021, 06:03:34 PM

You title is such a clickbait. Threads and titles like this is what spreads the rumors and FUDs. You are making it sound like El Salvador has announced to revoke bitcoin as legal tender, yet your thread says "what if?". Don't mislead people. This will only cause a negative outcome.
El Salvador knows what they are doing. They were ready to handle bitcoin as legal tender, hence they did it. I don't think they will revoke it as it will cause a lot of problems. It's going to be a chaos for their citizens that invested in bitcoin or business that accepted bitcoin because it was a legal tender. You are just being very speculative and thinking only about the worst.

Does that surprise you? If you check this forum, you will find thousands of such clickbait threads posted by noobs. They just want to increase their post count/activity, so that they become eligible to participate in signature campaigns after sometime. We are talking about a country, where the parliament has passed a bill making Bitcoin as the legal tender (and that too with a super-majority). And the OP claims that there is still a chance that all that can be undone. The fact that El Salvador has accepted Bitcoin as a legal tender means that we are approaching the last stage of the "early adoption" phase. Now we will be moving to the "mainstream" phase.

CryptoStar19

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Quote from: dota2bestplayer on July 02, 2021, 10:27:16 PM

I was stunned and thought it was another news... I don't think it will happen. Although Tesla is a company and El Salvador is a country, El Salvador is not a big country and has little influence. The law that El Salvador has just enacted, after a long period of trial, will see its advantages and disadvantages.
So I don't think this country will end this era in this way.

Most other countries are not in as good a position as El Salvador to tackle this kind of legalization... making bitcoin legal tender was sensible for El Salvador because they haven't had a currency of their own for a while now... in nearly every other country this is not the case --i.e. there is a state-backed currency.

dota2bestplayer

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I was stunned and thought it was another news... I don't think it will happen. Although Tesla is a company and El Salvador is a country, El Salvador is not a big country and has little influence. The law that El Salvador has just enacted, after a long period of trial, will see its advantages and disadvantages.
So I don't think this country will end this era in this way.

Tristan Bieber

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In any case, before El Salvador passed the proposal of Bitcoin as a legal currency, even if something like your concern appeared in the end, citizens of this country have already adapted to using Bitcoin for payment and it has influenced many countries to start to consider Bitcoin as their home country. Fiat currency, I don’t believe that the International Monetary Fund will provide any effective help to this country. They just want to prevent them from continuing to use Bitcoin. This will have a certain impact on the hegemony of the US dollar. Bitcoin is not only a counterattack against the wealth of ordinary people. It is also an opportunity for many small sovereign countries’ gdp to move. The world is developing, and are you standing still.

adzino

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You title is such a clickbait. Threads and titles like this is what spreads the rumors and FUDs. You are making it sound like El Salvador has announced to revoke bitcoin as legal tender, yet your thread says "what if?". Don't mislead people. This will only cause a negative outcome.
El Salvador knows what they are doing. They were ready to handle bitcoin as legal tender, hence they did it. I don't think they will revoke it as it will cause a lot of problems. It's going to be a chaos for their citizens that invested in bitcoin or business that accepted bitcoin because it was a legal tender. You are just being very speculative and thinking only about the worst.

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Quote from: brainactive on June 18, 2021, 04:22:27 PM

If the IMF had a choice between a world with no Bitcoin and a world with Bitcoin, I think it's fair to say they want Bitcoin gone.

IMF gives grants to small countries.

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.

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?

I think the current President of El Salvador make a big move by deciding to chase Bitcoin as a legal currency for his country. He is very tech savvy, if not starting to show some authoritarian tendencies and people like that tend to not like admitting to mistakes. Tesla had his rather sprawling business empire to defend and his foray into cryptocurrency speculation was starting to damage his reputation even further (who knew that was possible). However if the President of El Salvador was to revoke his rather unprecedented move into the space, it might actually signal that he is woefully incompetent and too unstable - which would ultimately undermine his leadership decisions. I cannot see the current President going back on this decision, even if his predecessor will be forced to do so due to an IMF decision. The fact that he is giving away free money to people while also essentially begging for loans from the world bank is the height of hypocrisy.

Haunebu

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Why the heck are you spreading negative rumours without any sort of legitimate proof to back them up? El Salvador won't easily reverse their decision unless something crazy happens and chances of something like that happening are low.

Also, what makes you think that the IMF has the potential to dictate such extreme circumstances? So many governments around the world tried to ban BTC and cryptocurrencies and ended up failing.

Tip: Instead of spreading pointless negativity in the forum, try to spread positivity instead.

randegibran

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I don't think the IMF also forbids.El Salvador to keep a small amount of its.currency assets.with crypto, especially since they have been.using this currency for a long time, to be adopted.in their country.This may.be impossible if.the country stopsadopting.bitcoin as a currency. legal currency in.their country.what's more they are able to help their country's.economy.a little with the tax generator from the crypto money

Kittygalore

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Quote from: Woodie on June 20, 2021, 04:03:26 PM

Thats going to be extreme from the imf and I don't think they have this much interference in what a country decides to do with its laws, the furthest they can do is advice what happens after that is the country’s business and its people.
Otherwise this law still stands, bitcoin remains to be a legal tender currency in El Salvador.

You may not know it but IMF doesn't worry about taking back the money for their grants or loans, they care more about favor and long-term stuff that don't necessarily have to be paid in money so there's a likely chance that if the deal is sweet enough for El Salvador, maybe they might revoke it. But I don't think that IMF will go to that length to just do that, I mean it's a small country so the damage isn't big enough.

Oneandpure

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I heard El Savador government give about 30$ each people create bitcoin wallet and I think is very good way how to promote and make their reputation is good on the world, but still not giving anything good although have been legal bitcoin still down under 33k$, bigger country need help to legal bitcoin transaction and more power to know will bitcoin back to higher price again or not.

Woodie

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Thats going to be extreme from the imf and I don't think they have this much interference in what a country decides to do with its laws, the furthest they can do is advice what happens after that is the country’s business and its people.
Otherwise this law still stands, bitcoin remains to be a legal tender currency in El Salvador.

Gamerholic

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If this is true and they decide to reverse this initiative, it is sad. It means that the authorities twisted their hands or simply bought it for real money or regular guarantees of new loans. No country has actually grown richer after this "aid" from the World Monetary Fund. Everyone just lost real production, replaced real politicians with puppets, and that's all they have achieved. It is clear that seeing a conspiracy everywhere is strange, but something is certainly strange to change such fateful decisions for the country on the go.

Asuspawer09

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Quote from: brainactive on June 18, 2021, 04:22:27 PM

If the IMF had a choice between a world with no Bitcoin and a world with Bitcoin, I think it's fair to say they want Bitcoin gone.

IMF gives grants to small countries.

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.

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?

Based on news that i've read like the development and projects plans etc. Is it very unlikely to happened that El Salvador wil revoke it, I mean yeah there is always a possiblity but they are already starting project on bitcoin, and it is just getting started. There are always a possibility but it doesnt mean it is gonna happened.

They need to test it out first if it is going to work or something so if they where gonna announce that there should be a huge reason why.

There is a huge difference on Tesla and El Salvador in my opinions, but using bitcoin as a national currency could be the next big thing that could probably be the reason for other countries to step up and look what El salvador achieved when it comes to bitcoin. But for sure if that happened there might be a big bumps in the price of bitcoin if bad news is announce.

Oneandpure

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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.

NeuroticFish

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Quote from: Vishnu.Reang on June 20, 2021, 07:49:23 AM

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.

pawanjain

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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.

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Quote from: Sterbens on June 20, 2021, 08:15:01 AM

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.

Quote from: brainactive on June 18, 2021, 04:22:27 PM

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?

Quote from: bryant.coleman on June 20, 2021, 08:52:06 AM

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.

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Quote from: Sterbens on June 20, 2021, 08:15:01 AM

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:

Quote

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.

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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 !!!

Dhoe

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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.

Topic: El Salvador to revoke Bitcoin as legal tender? (Read 523 times)