International keynote speaker, author, advisor, commentator and investor digital financial dervices. Recognised thought leader around digital currency, digital ID and digital assets. Follow dgwbirch.bsky.social
El Salvador strikes $1.4bn IMF deal after scaling back Bitcoin policies https://buff.ly/4fq4p96 "In 2021, El Salvador became the first country in the world to make bitcoin legal tender" No it didn't. It made El Salvador _compulsory_ tender. I've never understood why the Bitcoin "libertarians" were in favour of this. Anyway, they are rolling back on this because in practice the only people using Bitcoin were crypto tourists in McDonalds. (And why would you waste even a fraction of a Bitcoin if they are going to be $100,000,000 or whatever?) . But now.. "Legal reforms will make acceptance of Bitcoin by the private sector voluntary."
Tim Bouma
5d
Actually a lot of people thought making it legal tender was a stupid idea to begin with. Similar for paying taxes. But it can happily exist in the economy as a alternative voluntary method. https://bitcoinmagazine.com/takes/the-imf-just-improved-el-salvadors-bitcoin-law
Excellent point, David Birch. Across both civil and common law systems, the term “legal tender” is often used without distinguishing between “liberatory power” (its common meaning in common law systems) and “compulsory tender” (its typical interpretation in civil law jurisdictions).
Blockchain & Distributed Ledger Technology Innovator | Co-Founder & Head of Design at L4S Corp.
5dI had an "unsafe website" warning for spam and phishing on that link David