el salvador and imf

[bitterguy28]

imf or international monetary fund has given a loan to el salvador of 1.4 billion usd but this loan has some conditions to be followed with relation to their crypto adoption it seems like one of the conditions would be to close the crypto wallet called chivo created by their president despite this changes el salvador continues to buy bitcoin purchasing 11 more some may be worried about some regulatory changes being forced onto el salvador but bitcoin is still a legal tender in their country and el salvador doesnt seem disinterested in the little bit with bitcoin

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[TomPluz]

The loan deal between IMF and El Salvador is valued at $1.4 billion dollar and maybe this small country really needs the funds to support its many programs for the people and while there can be some conditions connected to its cryptocurrency stance its involvement with Bitcoin will not actually severely affected. Maybe El Salvador should just focus on making Bitcoin as an international reserve rather than making it as an everyday currency as it would be impossible for now to make it like that. And yes they can even use some of the loaned money to buy more Bitcoin using underground methods. I am just really wondering how come IMF really hates Bitcoin...maybe because those in IMF are made up of traditional men and women who do not fully grasp the significance of cryptocurrency so they are so out of touch with reality and they keep on insisting ways and means that do not already work in the real world...the only power they have is the fact that they are the keeper of funds.

[Bobcrypto]

Among the needs for the loan, i think purchasing Bitcoin besides their many programs for developments, using part of loan to purchase Bitcoin may be part of ElSalvador's plans if loan is successful. IMF does not like Cryptocurrency, they were very critical about Elsalvado Bitcoin adoptions, i just hope that they IMF will grant the loan without much conditions.

[segmadis]

And yet even with that IMF possible deal, they bought 11 BTC yesterday which is 11x more than their usual activity on that market.

[MrSpasybo]

Among the needs for the loan, i think purchasing Bitcoin besides their many programs for developments, using part of loan to purchase Bitcoin may be part of ElSalvador's plans if loan is successful. IMF does not like Cryptocurrency, they were very critical about Elsalvado Bitcoin adoptions, i just hope that they IMF will grant the loan without much conditions.

Well, I don't think El Salvador will use money from the IMF to DCA more BTC, but thanks to the loan from the IMF, they will save a lot of money from the budget to buy more BTC. El Salvador agreement with the IMF does not affect their BTC strategy, it also confirms that the IMF is still interested in BTC despite always denying the role and value of BTC.

President Nayib Bukele is really very smart and always has interesting plans to promote the BTC strategy for El Salvador, from renting out volcanoes to borrowing money from the IMF to be able to spend more money buying BTC ^^

[yhiaali3]

I really don't understand how the IMF can interfere in El Salvador's internal affairs and ask them to close the country's bitcoin wallet??!!! This is one of the biggest flaws of the IMF, they give loans to poor countries but impose their own conditions and interfere in the internal politics of the borrowing countries, unfortunately rich countries use the IMF to control the borrowing countries.

I understand El Salvador's need for this loan and I expect that even if they accept the conditions and close the bitcoin wallet they will most likely continue to buy bitcoin with or without this loan.

[Faisal2202]

imf or international monetary fund has given a loan to el salvador of 1.4 billion usd but this loan has some conditions to be followed with relation to their crypto adoption it seems like one of the conditions would be to close the crypto wallet called chivo created by their president despite this changes el salvador continues to buy bitcoin purchasing 11 more some may be worried about some regulatory changes being forced onto el salvador but bitcoin is still a legal tender in their country and el salvador doesnt seem disinterested in the little bit with bitcoin

They just want El Salvador to eliminate the BTC payment method as a necessary one for the international trades and dealings now they made it an optional thing, and for this change in the policy, they would give El Salvador that much debt.

Speaking of debt, I would say taking it for just to invest in the BTC when it's ATH is not a good idea, so this can cause their economy to struggle if this time they get stuck and do not book their profits for the next bull run.

[Z-tight]

BTC is a legal tender in El Salvador, but the truth is the people over there hardly use BTC, i am sure many of them do not even understand what BTC is. The deal with the IMF is that the government will reduce their involvement in Chivo wallet and they will also make BTC acceptance voluntary for companies.

[bitterguy28]

BTC is a legal tender in El Salvador, but the truth is the people over there hardly use BTC, i am sure many of them do not even understand what BTC is.

i did see someone snare about their experience as a tourist in el salvador though this was a few years ago and if they werent using bitcoin before but it couldve changed now anyway regardless if how many people use it i think it is still encouraging that bitcoin is being offered and not being hidden from the government

The deal with the IMF is that the government will reduce their involvement in Chivo wallet and they will also make BTC acceptance voluntary for companies.

they are after all worried from the rate and extent of how much the country has adopted bitcoin but since the country has approved of their requirements anyway then they probably think it won’t be a hurdle still in adopting bitcoin

[target]

BTC is a legal tender in El Salvador, but the truth is the people over there hardly use BTC, i am sure many of them do not even understand what BTC is. The deal with the IMF is that the government will reduce their involvement in Chivo wallet and they will also make BTC acceptance voluntary for companies.

The guy who blogs about his BTC life in El Salvador says it's adopted but only selected  stores. He also said a Bitcoiner can live there with just BTC so this is making the new conflicting.

IMF sounds like trying to threatening them. From what Reddit people says IMF is going to forbid then from using USD if they are not quitting BTC legal tender. Why do El Salvador need to ask for loan?

[Baofeng]

BTC is a legal tender in El Salvador, but the truth is the people over there hardly use BTC, i am sure many of them do not even understand what BTC is. The deal with the IMF is that the government will reduce their involvement in Chivo wallet and they will also make BTC acceptance voluntary for companies.

The guy who blogs about his BTC life in El Salvador says it's adopted but only selected  stores. He also said a Bitcoiner can live there with just BTC so this is making the new conflicting.

IMF sounds like trying to threatening them. From what Reddit people says IMF is going to forbid then from using USD if they are not quitting BTC legal tender. Why do El Salvador need to ask for loan?

I guess they needed a loan to sustain some projects in their country. Remember that in El Salvador, it is one of the highest crime rates in Latin America but Bukele change that by arresting gang members and putting them into prison.

But in order to do that, he needs to built bigger prisons and so I guess that's one project that he will be looking to do with that billion loans. I do not think that they will stop with their Bitcoin investment as reserved despite the threat of IMF.

[Zed0X]

I really don't understand how the IMF can interfere in El Salvador's internal affairs and ask them to close the country's bitcoin wallet??!!! This is one of the biggest flaws of the IMF, they give loans to poor countries but impose their own conditions and interfere in the internal politics of the borrowing countries, unfortunately rich countries use the IMF to control the borrowing countries.

They want to ensure the money would be spent well and uplift the country's economy. That would also mean El Salvador would have the means to pay them back. It's not a condition you see on regular financial loans but, with crypto as one of the most volatile markets, it makes sense. About the interference and control, yeah, that is how it's been. If it's not military control, then it's economic.

[bitterguy28]

I guess they needed a loan to sustain some projects in their country. Remember that in El Salvador, it is one of the highest crime rates in Latin America but Bukele change that by arresting gang members and putting them into prison.

But in order to do that, he needs to built bigger prisons and so I guess that's one project that he will be looking to do with that billion loans. I do not think that they will stop with their Bitcoin investment as reserved despite the threat of IMF.

some bitcoiners seem to forget that el salvador is a country of its own with a lot of issues to solve and the very reason why they started involving themselves with bitcoin is because they need it in order to improve the lives of those who are living in el salvador they are not as powerful nor as wealthy as the usa but their early adoption to bitcoin bypassing a lot of countries has certainly put them on the map

besides a country asking for a loan is actually not that uncommon even usa has massive loans but it is still a good sign that el salvador does not seem to be stopping with acquiring bitcoin any time soon it is certainly good news for the citizens of el salvador and us bitcoin investors

[Z-tight]

regardless if how many people use it i think it is still encouraging that bitcoin is being offered and not being hidden from the government

Surely it is great that BTC is a legal teder in El Salvador, as a bitcoiner i obviously like that, i was just stating the fact about adoption on the ground in the country. As for the IMF, the conditions are weird, but El Salvador has to accept it because they need the loan, but i am sure they will not accept any condition in the future that will mean they rescind their BTC legal tender policy.

[PX-Z]

I am just really wondering how come IMF really hates Bitcoin...maybe because those in IMF are made up of traditional men and women who do not fully grasp the significance of cryptocurrency so they are so out of touch with reality and they keep on insisting ways and means that do not already work in the real world...the only power they have is the fact that they are the keeper of funds.

I don't think it's about them hating bitcoin, but its just a preventive measurement from a lender to lendees, to avoid getting lendees not be able to pay the loans if they got rekt on investing to a very volatile asset, since we're talking to an asset that can possibly losses its price for about 5k-10k in just 24 hours. Well of course it can pump more than that too.