<\/p>\n
El Salvador has reportedly removed the legal tender status of Bitcoin (BTC<\/a>) after less than four years because of pressure from the International Monetary Fund (IMF).<\/span><\/p>\n According to a new report from BBC, the reform to El Salvador\u2019s Bitcoin Law that the country\u2019s lawmakers approved last week modified six and removed three of the provisions from the 2021 legislation that made it the first country in the world to adopt a cryptocurrency as legal tender.\u00a0<\/span><\/p>\n The report says<\/a> the amendments make the acceptance of Bitcoin voluntary and abandon the official currency status of the asset.<\/span><\/p>\n E<\/span>conomist Julia Evelin Mart\u00ednez tells BBC the implications of removing the term <\/span>\u201ccurrency\u201d <\/span>and leaving \u201clegal tender\u201d <\/span>in the first article of the law, which reportedly caused confusion.\u00a0<\/span><\/p>\n \u201cThe key is that the concept of currency disappears. For example: the euro is legal tender in the country because people can use it optionally if both parties agree, but it is not legal tender because no one is obliged to accept payments in euros.\u201d<\/span><\/em><\/p>\n The legislative assembly passed the reforms while the government aims to secure a $1.4 billion funding deal from the International Monetary Fund (IMF) that is conditional on El Salvador reducing its Bitcoin-related risks.<\/span><\/p>\n Last year, IMF spokesperson Julie Kozack <\/span>said<\/span><\/a> that the global lender urged El Salvador to reconsider its policies on Bitcoin as part of a discussion to support the country\u2019s economic reforms.<\/span><\/p>\n \u201cWhat we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting the public sector exposure to Bitcoin.\u201d\u00a0<\/span><\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" El Salvador has reportedly removed the legal tender status of Bitcoin (BTC) after less than four years because of pressure from the International Monetary Fund (IMF). According to a new report from BBC, the reform to El Salvador\u2019s Bitcoin Law that the country\u2019s lawmakers approved last week modified six and removed three of the provisions […]<\/p>\n","protected":false},"author":2,"featured_media":365524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-365522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/365522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=365522"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/365522\/revisions"}],"predecessor-version":[{"id":365526,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/365522\/revisions\/365526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/365524"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=365522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=365522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=365522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n