What once started as a revolutionary Bitcoin experiment now seems to collapse slowly. El Salvador was the first country in the world to put Bitcoin (BTC) on the same footing with the dollar. But according to a local NGO, there is little left of that in practice.
‘Everything has stopped since the IMF deal’
Quentin Ehrenmann from My First Bitcoin, an organization that is committed to Bitcoin education in El Salvador, there is no wipes: “Since the government the deal with the IMF closed, there has been no attempt to inform people anymore.” The law that Bitcoin recognized as a legal tender was quietly withdrawn.
Although the government says it continues to buy BTC every day, according to Ehrenmann, ordinary citizens hardly benefit from it. “The government keeps buying Bitcoin. But that’s good for them, not for the people.”
Contrary signals about Bitcoin reserves
A recent report from the International Monetary Fund contradicts the government claims. According to the IMF conditions, El Salvador is not allowed to buy a new bitcoin as long as the loan program runs. To meet this, the parliament withdrew from public Bitcoin projects at the beginning of this year.
The question of whether El Salvador has definitively left his revolutionary course. What started as a historical experiment seems more and more a project that only lives on on paper.
Source: https://newsbit.nl/ngo-el-salvador-laat-burgers-in-de-kou-staan-met-bitcoin/
