!BITCOIN Stops Being the Official Currency of El Salvador!

The news is official, it will no longer be possible to pay bills with Bitcoin, it becomes an option, how did all this start?

El Salvador adopted bitcoin as legal tender in September 2021, becoming the first country to do so. However, less than four years later, the country decided to withdraw this status.

In December 2024, the Salvadoran government, led by President Nayib Bukele, reached an agreement with the International Monetary Fund (IMF) to obtain a loan of approximately $1.4 billion. As part of this agreement, several reforms related to the use of bitcoin in the country were implemented:

Bitcoin ceased to be legal tender and became an optional means of payment.

The obligation for economic agents to accept bitcoin as a form of payment was eliminated.

The government decided to sell or discontinue the official digital bitcoin wallet, known as Chivo.

These measures were taken in response to the IMF's concerns about the volatility of bitcoin and its impact on the country's economic stability. Despite these changes, the Salvadoran government has continued to buy bitcoin for its strategic reserves.

In summary, although bitcoin is no longer legal tender in El Salvador, it remains a voluntary payment option, and the government maintains its interest in the cryptocurrency, albeit with a more limited role in its promotion and official use.

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