"El Salvador's Bitcoin strategy has little real impact on citizens"

Suehyeon Lee

Summary

El Salvador's Bitcoin holding policy reportedly is not having a substantial impact on ordinary citizens.
While the government continues to purchase Bitcoin, it has been stated that there are no felt benefits for the public.
It was reported that El Salvador agreed to scale back its Bitcoin strategy after signing a loan agreement with the IMF.

It has been pointed out that El Salvador's Bitcoin (BTC) holding policy is not having a tangible impact on ordinary citizens.

According to Cointelegraph on the 26th (local time), Quentin Ehrenmann, the head of El Salvador's Bitcoin NGO My First Bitcoin, said in an interview with Reuters, "After the government signed a loan agreement with the International Monetary Fund (IMF), Bitcoin is no longer considered legal tender, and as a result, public education or state-led adoption efforts have essentially disappeared."

Ehrenmann emphasized, "The government is still purchasing Bitcoin, but while this may benefit government assets, there are no direct benefits for citizens." Previously, in December of last year, El Salvador signed a $1.4 billion loan agreement with the IMF and agreed to scale back the country's Bitcoin strategy.

BTC