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El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment (ticotimes.net)

submitted 1 day ago by ooli2@lemm.ee to c/worldnews@lemmy.ml

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[–] panchobarnes@lemm.ee 33 points 1 day ago* (last edited 1 day ago) (1 children)

The IMF wouldn't give them a credit unless they stopped forcing people to accept Bitcoin as payment, which almost no one was using anyway.

officials ensure that the government will continue betting on this cryptocurrency, whose price currently exceeds $100,000.

[–] FuckyWucky@hexbear.net 14 points 1 day ago* (last edited 1 day ago) (1 children)

I think that's why El Salvador is dropping it. They never really forced people to use Bitcoin, US Dollar was also the legal tender and unlike Bitcoin, also the money of account.

But really though, can you call for IMF to stop lending to countries which buy Bitcoin using state funds when the issuer of Dollars, the U.S. has a President who has run multiple crypto/NFT scams and wants to use Government money to pump up crypto prices?

[–] technocrit@lemmy.dbzer0.com 2 points 1 day ago

They wouldn't be able to do all that evil stuff with the petrol-dollar if there were a valid alternative... Thus the IMF ban on bitcoin.