Topic: El Salvador to revoke Bitcoin as legal tender? - page 3. (Read 523 times)
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.
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.
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 was really shocked when I saw the subject name. Fortunately, there is no such thing. Because this is a really serious action. El Salvador can't go back from this that easy now. And it shouldn't try also. It should determine the pros and cons after using Bitcoin like this for some time. Then, it can do whatever it wants with Bitcoin.
Well its possible that El Salvador might some day change their tune, but not likely because of pressures from IMF. Every nation is sovereign, if every country that will accept bitcoin a legal tender and then IMF entering into the picture to disrupt them, then what do you think will happen globally? El Salvador will have to prioritise their country, unless they wanted to be a slave on this fiat global body.
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.
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.
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@OP i think you are delusional, you should immediately go to a psychiatrist....don't you think el Salvador is the same as Elon musk who thinks bitcoin is a joke, El Salvador has officially announced to the world making bitcoin a legal tender there so the IMF can't even change their decision. 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?
Why wiuld the IMF publicly disclose such an offer anyway? Also, there’s nothing to be gained on their end even if bitcoin is to disappear tomorrow. Pretty sure they would still give grants and loans to countries that needed it the most, given that these countries would be forced to pay anyway to settle the debt. The IMF doesn’t need extra persuasion from their end to a country to stop using bitcoin. It’s entirely on the country’s discretion to stop these things, not the IMF’s. Also, there are still lots of sources to ask financial aid from, so even if the said organization blackmailed El Salvador, the country would just expose the deal and look for help somewhere else.
I believe, that's only a speculative theory of the OP. It doesn't mean that the situation will or about to happen. We will see in the next coming months or years how El Salvador is performing in terms of their acceptance of bitcoin as legal tender. Because if they are successful or at least improve some aspects, other countries will follow their steps. Because if it has negative impact to their system, it will always show. They can't hide such influence.
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?
Why wiuld the IMF publicly disclose such an offer anyway? Also, there’s nothing to be gained on their end even if bitcoin is to disappear tomorrow. Pretty sure they would still give grants and loans to countries that needed it the most, given that these countries would be forced to pay anyway to settle the debt. The IMF doesn’t need extra persuasion from their end to a country to stop using bitcoin. It’s entirely on the country’s discretion to stop these things, not the IMF’s. Also, there are still lots of sources to ask financial aid from, so even if the said organization blackmailed El Salvador, the country would just expose the deal and look for help somewhere else.
El Salvador or like any other country doesn't even need Bitcoin to be a legal tender to be used. There was just news I've read that there is a high official who opposes the law but I don't think it matters anymore to the people of El Salvador because it looks like they are using BTC long before this talk about being legal tender.
Bitcoin is a treat to nation's economy. If IMF had the opportunity to ban cryto completely the would have done that a long time a go. El Salvador Has already created a history as they are the first country to accept Bitcoin as legal tender with President Nayib Bukele touting the cryptocurrency’s full ability as a remittance alternative of legal tender for Salvadorans. Stating clearly through its finance minister Alejandro Zelaya that it's not abondoning US dollar but adopting crypto as well. Will this cause a boast in Bitcoin price this I patiently wait for
The IMF can still ban crypto completely, they could try that to see the outcome. But this is sort of a sanction again to the smaller countries which had been done many times.
Bitcoin is a treat to nation's economy. If IMF had the opportunity to ban cryto completely the would have done that a long time a go. El Salvador Has already created a history as they are the first country to accept Bitcoin as legal tender with President Nayib Bukele touting the cryptocurrency’s full ability as a remittance alternative of legal tender for Salvadorans. Stating clearly through its finance minister Alejandro Zelaya that it's not abondoning US dollar but adopting crypto as well. Will this cause a boast in Bitcoin price this I patiently wait for
This is you @OP being very speculative to see a side to the story that nobody is yet considering but this is most likely not to be the story for El-Salvador. I don't believe or want to believe that this is some conspiracy of some sort aimed at ridiculing bitcoin more and more from where Elon left of. What I see in El-Salvador's decision to make bitcoin a legal tender is genue and legit.
For sure, there have to be a first to bring this break through to the world. From where it is now, it has not being passed into law and made it binding with the 90days period on it but then, it will and it would be grate. El-Salvador would open the world to bitcoin and with them as a lab rat at the moment, we can only hope for more adoption.
For sure, there have to be a first to bring this break through to the world. From where it is now, it has not being passed into law and made it binding with the 90days period on it but then, it will and it would be grate. El-Salvador would open the world to bitcoin and with them as a lab rat at the moment, we can only hope for more adoption.
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?
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?
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