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El Salvador stops using Bitcoin as its official currency!!!

The reform generated confusion and criticism due to the new wording of some articles.

The section that caused the most perplexity was the change in the first article of the law, from which the word "currency" was removed, but the expression "legal tender" was maintained.

"What does it mean to say that bitcoin is regulated as 'legal tender'?" asked constitutional lawyer Enrique Anaya.

"The key is that the concept of currency disappears," economist Julia Evelin Martínez explained to BBC News Mundo, the BBC's Spanish-language service.

"For example: the euro is legal tender in El Salvador 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," explains Martínez, who was a professor and researcher in the Department of Economics at the José Simeón Cañas Central American University (UCA) from 1998 until last year.

Economist Carlos Acevedo, former president of the Central Reserve Bank of El Salvador, agrees with this interpretation.

"That is the spirit of the reform, although the wording is very confusing and obscure," he says.

Before the reform, the law required businesses, companies and public institutions to accept payments in bitcoin, unless they did not have the technology to process the transactions. Now, this acceptance becomes voluntary.