El Salvador to revoke Bitcoin as legal tender? - page 2.

Vishnu.Reang

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Quote from: NeuroticFish on June 20, 2021, 07:26:21 AM

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?

serjent05

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

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.

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?

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.

NeuroticFish

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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.

iTradeChips

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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.

electronicash

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Quote from: Ararbermas on June 20, 2021, 03:12:49 AM

Quote from: Kemarit on June 18, 2021, 08:33:31 PM

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 ? . Grin

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.

Ararbermas

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Quote from: Kemarit on June 18, 2021, 08:33:31 PM

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 ? . Grin

TastyChillySauce00

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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.

johnwest

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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.

7788bitcoin

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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?

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.

verita1

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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

Quote

#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

livingfree

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Quote from: Henrobakkara on June 19, 2021, 04:14:37 AM

Quote from: livingfree on June 18, 2021, 05:21:33 PM

I thought this is another news. LOL Roll Eyes

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 Grin

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.

royalfestus

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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

davis196

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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.

Tumanggor

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Quote from: hatshepsut93 on June 19, 2021, 05:32:21 AM

I think IMF here is worried that if a government converts a large portion of their reserves into BTC and then BTC crashes, they won't be able to repay their loans. Because if IMF had a goal of stopping Bitcoin from being used, they could lobby very hard against it, like demanding from countries to just ban it. But they never showed any big interest in BTC until now.

I'm sure in this case IMF can't lobby all countries. it is not certain whether El Salvador has debts to the IMF
The IMF in this case seems to be unable to do anything, they cannot enter into the important decisions of a country

I'm sure El Salvador will defend their decision, there's no reason to back down
they will definitely not throw away the nickname as the first country to make Bitcoin a legal tender

Lucius

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Anything is possible, one should not take things for granted regardless of the fact that a law has been passed - but it has not yet entered into force. The pressure is, of course, great from all those who do not like this situation, especially in the context of the fact that Bitcoin as a legal tender in El Salvador has implications for how other countries will have to treat it.

What is most often mentioned as one of the main reasons for using Bitcoin in that country are the faster and cheaper transactions of their US expatriates, who send about $6 billion a year to their home country. Can Bitcoin be a solution that will result in savings if on-chain transactions are used? In part, it will all depend on the number of transactions in mempool - sometimes the fee will be cheap, sometimes it will probably be higher than the usual bank transaction.

Using the LN specifically mentioned in their case can solve the problem - but for families who regularly receive money from abroad it would be even easier to use shared crypto wallets - person A makes a BTC deposit, person B can access that same BTC without doing any transaction.

hatshepsut93

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I think IMF here is worried that if a government converts a large portion of their reserves into BTC and then BTC crashes, they won't be able to repay their loans. Because if IMF had a goal of stopping Bitcoin from being used, they could lobby very hard against it, like demanding from countries to just ban it. But they never showed any big interest in BTC until now.

int03h

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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?

70% of El Salvadorans do not have a bank account and their currency is US dollars. The people of El Salvador love Bitcoin so there is no reason for the country to change constantly, which could create disturbances to the national economy. We have to wait and see if bitcoin helps El Salvador's economy go up.
To replace Bitcoin with another means of payment, the government of El Salvador needs a better means of cashless payment than Bitcoin.

ChiBitCTy

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Remember when Greece went in to financial ruin a few years back and the global markets panicked...for like a whole 2-3 days? It ended up not being a big deal at all when people realized it's a tiny country without much influence on the world markets. Even if El Salvador doesn't end up making btc their legal tender, that doesn't mean they don't still support it, or can't do it down the road. El Salvador is even smaller than Greece population wise and is not a major player in the world economy, so in reality it won't be that big of a deal.

Lorence.xD

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Quote from: 22bits on June 18, 2021, 08:02:18 PM

The benefits to El Salvador will be many times greater by having a non fiat option there any enticement to revoke IMHO. Countries have historically basked in the light of a strong currency, it is only in recent times that all countries that are manufacturing based are in a race to the bottom with their fiat's. So I don't see an outlier like El Salvador as having much incentive to revoke anything.

IMF will make their offer more attractive so the government of El Salvador is going to do the revoke of legal tender status of bitcoin, but I don't think that we have to worry too much about it because IMF will have to be at a disadvantage if they want to make the offer attractive.

Henrobakkara

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Quote from: livingfree on June 18, 2021, 05:21:33 PM

I thought this is another news. LOL Roll Eyes

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 Grin

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.

Topic: El Salvador to revoke Bitcoin as legal tender? - page 2. (Read 523 times)