The word “currency” of the law was eliminated, and taxes can no longer be paid with BTC.
The change responds to the need to adhere to the requirements of the International Monetary Fund.
On January 29, the Legislative Assembly of El Salvador approved the reform of the Bitcoin Law. With 55 votes in favor and 2 against, the mandatory for companies to accept BTC was eliminated and the word “currency” of the law was suppressed, leaving only “legal course.”
This change marks a new direction in the country’s bitcoiner policystop recognizing BTC officially as legal tender.
The reforms to the Bitcoin Law of El Salvador respond to the requirements of the International Monetary Fund (IMF), recalling the recent agreement reached between this agency and the Central American country, for a loan of 1.4 billion dollars, as Cryptonoticias reported.
This agreement included measures to reduce the presence of Bitcoin in the Salvadoran economy, suggesting a moderation in its use and promotion by the State, aligning with the IMF guidelines to ensure the country’s economic stability.
The reform brings several significant changes, including the repeal of key articles. Among them, the fourth article that allowed the payment of tax contributions in BTC was eliminated. The regulations now Recognize BTC as any other digital assetwithout the obligation of acceptance by merchants or for the payment of debts.
The community reacts
In statements to cryptootics, Mónica Taher, technology specialist and former official of the Nayib Bukele government, said that The “Bitcoin experiment” will be relegated in El Salvadorproduct of cryptocurrency companies and investors that are settling in the country, as well as the migration of maximalist Bitcoiners.
“Although there are many events, Meetupps, organizations that educate Bitcoin in the face of the Government’s inability; I dare to say that 99% of Salvadorans do not use BTC and less and less signs are seen in shops, because there is no demand, ”he said.
For her, the law establishes that There will be “free will” for users who want to use Bitcoin. “But it will not be covered by the concept that BTC is from a legal tender. It is no longer. We return to the dollar. ”
As Taher sees it, “the IMF folded Bukele’s arm”, since the loan “so that the country would move forward” was needed. “They have had to submit to the IMF and repeal some points that were included in the Bitcoin Law,” he emphasized.
Criticism rains
In the multiple social network X are the comments of Bitcoiners that expressed their discontent for the reform of the Bitcoin Law of El Salvador. John Dennehy, director of the my first Bitcoin educational organization, He was one of the first to express it.
Dennehy affirmed that the reform was “to meet the IMF conditions for a loan.” “I don’t care how you try to turn this, it’s a great disappointment. The IMF was the enemy three years ago and remains the enemy today, ”he said.
Dennehy also criticized the Nayib Bukele government for skipping several days of purchase of BTC this weekbreaking with your Bitcoin program per day.
“What does this mean? Adoption and grassroots organizations have become much more important. They will need their support now more than ever. Do not waste time in the duel; organize, ”he advised.
On the other hand, the cryptocurrency specialist lawyer, Ana Ojeda, commented In X that “officially El Salvador leaves BTC behind as a legal tender.” And he explained that, although the use of BTC will continue to be legal, “now it will not be mandatory acceptance either for merchants or for the payment of debts.” In addition, he added: “In the same way, taxes can no longer be paid using BTC or other tax benefits of this type.”
The journalist and university professor Edwin Segura pointed out that the reforms “put an end to the Salvadoran adventure to recognize that cryptoactive as legal tender.”
For its part, the Spanish lawyer Cristina Carrascosa He said that Salvadoran President Nayib Bukele He accepted “a few billions in Fíat” in exchange for reverse Bitcoin’s condition as a legal means of payment in El Salvador. He finished his comment with a blunt: “Never Trust Politicians (never trust politicians).”
In a similar perspective, user Nina Kako held: “Years passed and we never saw economic takeoff thanks to Bitcoin, or El Salvador as a true financial capital.” “Today the IMF submits them to make changes to the Bitcoin Law, and they have nothing left to accept it, since they need ratat up (money).”
“Officially the Bitcoin failed,” he said, without taking into account that BTC, for example, has promoted the sustained increase in tourismtaken to El Salvador to be the second nation with the greatest growth of foreign visits in the last five years, as cryptootics reported.
“You have to adapt”
Between reactions to reforms, stands out That of Milena Mayorga, ambassador of El Salvador in the United States, who said: “We are going to continue buying BTC and we already have a reservation. That is why the country will always be known as one of the pioneers in this system. ”
“Without a doubt, we must adapt to the junctures of the moment, such as the decision of the Legislative Assembly, but that does not mean that the country will cease to have a reserve in Bitcoin,” said diplomat.
Mayorga also stressed that El Salvador He still has a Bitcoin law, “which is what makes us different.”
“It is not easy to have a law that speaks precisely BTC and its adoption in the country. We have offices and an entire ecosystem to be able to adopt it even more and that is organic, because it is part of the freedom that Bitcoin gives, ”he said.
In addition, there were also more sober comments, such as that of the Spanish economist specializing in Cryptocurrency, José Antonio Bravo, who praise than El Salvador You have eliminated “the most controversial parts of your Bitcoin Law.”
For the expert, this decision “puts a point of sanity”, since Bitcoin “cannot be imposed by law.” “It is a monetary asset of free use,” he said.
