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IWF bought El Salvador into submission: Bitcoin's no legal tender anymore.
573 sats \ 61 comments \ @Fabs 23h bitcoin
The Details of the IMF Deal
The deal approved yesterday between El Salvador and the IMF provides for the country to receive an Extended Fund Facility (EFF) program worth $1.4 billion.
Additionally, the program is expected to trigger further financial support from the World Bank, the Inter-American Development Bank, and other regional development banks, resulting in a combined total financing package of over $3.5 billion during the program period.
According to the press release, the agreement was deemed necessary to strengthen the country’s financial stability and economic resilience.
The key points of the program are as follows:
- Fiscal Policy: El Salvador must reduce its budget deficit and place public debt on a sustainable path. - Transparency and Governance: The IMF demands enhanced reporting, anti-corruption measures, and reforms to strengthen governance. - Financial Sector Stability: Banks must increase their liquidity reserves to better absorb risks. - Digital Assets: Bitcoin and related projects face restrictions:
  • Bitcoin use in the private sector remains voluntary.
  • Government involvement will be significantly reduced – the Chivo wallet will be discontinued.
  • Bitcoin can no longer be used for tax payments.
The clear message is that Bitcoin will be largely banned in the public sector, and its role as a means of payment will shrink drastically.
If I could go short on humanity, I frickin' would. I hate it. A life long game of ruler and ruled. Fuck those monetary institutions, all of them.
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103 sats \ 24 replies \ @0xbitcoiner 23h
I'm not shocked. The legal tender part was more of a marketing ploy, and it didn't get much use, as far as I know.
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35 sats \ 23 replies \ @Fabs OP 23h
It's the fact that these institutions force one to either accept their terms or go under, it's sick and twisted.
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160 sats \ 22 replies \ @0xbitcoiner 22h
In this specific case, I don't blame the IMF, it's El Salvador who needs the money. If I need a loan, I always have the option of refusing the terms, I can't blame the lender, right?
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61 sats \ 21 replies \ @Fabs OP 22h
"You need a new kidney or you're going to die within two weeks, the cost of this surgery is $30.000; Do you want to pay in installments with a %15 p.a yield?"
You don't always have much of a "choice", do you?
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10 sats \ 18 replies \ @0xbitcoiner 22h
It's not quite the same situation. Who fucked up to need a loan? I never thought that one day I would 'defend' the IMF! I think my point is clear. We're all saints and devils in certain situations!
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13 sats \ 14 replies \ @ek 22h
Who fucked up to need a loan?
Alex Gladstein wrote a book about that:
The IMF and World Bank were created to help countries survive financial crises and to help them develop into prosperous economic actors. But their 75-year track record shows that their loans and structural adjustment policies have plunged poor countries into impossibly large debt traps and forced the Third World to focus on producing goods for consumption in the West, instead of growing consumption and industry at home. The Bank and the Fund’s “development and assistance” has been anything but. The reality is a history of neocolonial exploitation with shocking results.
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57 sats \ 0 replies \ @Fabs OP 22h
Exactly this. They're binding poor countries to the $ ad aeternum.
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0 sats \ 12 replies \ @0xbitcoiner 21h
I understand that and the IMF and others are also devils causing perverse situations. I'll just say this one more time, who asked for and accepted the terms of the loans?
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0 sats \ 11 replies \ @Solomonsatoshi 3h
The loans are structured to enslave the nations that take them.
The current government of El Salvador did not enter the debt contracts which have forced the current El Salvador government to accept the terms imposed by the IMF.
The IMF is a major organ of the Fiat Debt Slavery Bankers Cartel.
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21 sats \ 0 replies \ @SpaceHodler 21h
I hear you.
Loans are a feature of fiat. If you embrace the Bitcoin way, don't scream when the fiat overlords don't want to lend you money, so that you can perform a speculative attack on the very fiat system you want to benefit from.
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0 sats \ 1 reply \ @Fabs OP 22h

I smell heresy!!

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0 sats \ 0 replies \ @0xbitcoiner 22h
I remember a few years ago when Portugal needed a loan from the troika, I think it was €72B, everyone blamed the troika for the cuts the government was forced to make in order to get the loan. Not me, I blamed the government, which was one of the main culprits in putting us in this situation.
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0 sats \ 1 reply \ @SpaceHodler 21h
So now that things haven't gone our way and we need the blessings of fiat (effectively a bailout), we suddenly have to defend fiat, possibly Keynes, and throw praxeology out the window?
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0 sats \ 0 replies \ @Fabs OP 19h
Huh?
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30 sats \ 2 replies \ @BlokchainB 21h
Who is surprised by this? El Salvador is a small poor country. I’m curious to know what they need the $1.3B for. It must be dire if they are changing laws to get the money.
While the IMF may suck they don’t force these countries into taking these bad loans the people and their unstable economies and governments do.
People haven’t figured out yet all the frauds and scams that prop up modern life today. The USA government is on the hook for $36T that’s owed to various governments, pension funds, and many others that depend on USA to pay them back. Which in itself is a scam. Who keeps lending money to the USA government?
It’s one big wheel of fraud it just sucks to see those who have nothing get tangled up in it.
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72 sats \ 1 reply \ @nerd2ninja 20h
No, when you're in debt for a money that you can print yourself, its meaningless. The debt is just a feel good way to print money without much objection (vs printing it without a debt) When you're in debt and must pay in a foreign countries currency its not the same situation at all.
I am surprised because El Salvador held its Bitcoin through a bear market and now that Bitcoin's price is a little high they completely sold out? Its crazy. I don't think they're desperate for the money, I think they just saw a lot of money and lost their minds.
What I'm seeing so far doesn't require El Salvador to sell its Bitcoin though or prevent it from buying more, so many they're trying to pull a Michael Saylor and go into debt to buy more Bitcoin or something (lel if that's the case)
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0 sats \ 0 replies \ @BlokchainB 20h
Good points here. I wonder what the overall plan is?
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221 sats \ 0 replies \ @gandules 21h
The IMF Just Improved El Salvador’s Bitcoin Law https://bitcoinmagazine.com/takes/the-imf-just-improved-el-salvadors-bitcoin-law
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7 sats \ 0 replies \ @grayruby 20h
Bitcoin usage in El Salvador should have always been voluntary. That being said the IMF is evil but we will destroy them in time.
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178 sats \ 3 replies \ @siggy47 23h
Will Max and Stacey try to spin this, or pack their bags?
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53 sats \ 1 reply \ @Fabs OP 22h
Who?
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0 sats \ 0 replies \ @denlillaapan 21h
lalz, see what you did there
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43 sats \ 0 replies \ @DarthCoin 22h
They will shill tether now into oblivion. Tether is just the step forward to CBDC. Will make BTC as a reserve and people will be forced to use tether/cbdc.
El Salvador was the trap and now is the playground to implement a CBDC backed with BTC reserves (total bullshit but people will fall into this crap).
@remindme in 5 years
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7 sats \ 0 replies \ @eduardopro 14h
Come on, Bukele gave the IMF crumbles for them to save face. And El Salvador still received the loan.
Bitcoin use was always voluntary. The mandatory part was never enforced.
The Chivo wallet was the worst element of the plan, there are thousands of complaints online. And it was not necessary, there are a hundred better wallets. Now, Bukele has an excuse to close the program.
And well, the tax payments one was the only concession. A small one, as far as I can see.
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7 sats \ 0 replies \ @Bell_curve 18h
IMF blackmail
it's crazy IMF can dictate these terms
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1 sat \ 4 replies \ @SpaceHodler 22h
Fuck those monetary institutions, all of them.
El Salvador didn't have to borrow from the IMF. I don't and I'm fine. If they do, the problem lies within El Salvador and not the IMF.
P.S. Nico of Simply Bitcoin is going to be disappointed.
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0 sats \ 0 replies \ @ek 21h
#815841
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0 sats \ 2 replies \ @Fabs OP 22h
And neither did they have to force them to part ways with Bitcoin, yet here we are.
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0 sats \ 1 reply \ @SpaceHodler 21h
The IMF didn't force them to do anything.
They just said: "Hey, we have a loan to offer to you on these crappy terms. Take it or leave it." And El Salvador took it.
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0 sats \ 0 replies \ @Fabs OP 21h
Why do people take loans from loan sharks? Same shit different stage.
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0 sats \ 0 replies \ @a40ecaacec 2h
People who enter politics often fit a certain type: they tend to be spineless and go with the flow. This aspect of their nature is never going to change. Same goes for Bukele. Instead of relying on politicians, people should focus on their own lives and stop waiting for a saviour. It’s more productive to care less about what a public corporation (government) does and take personal responsibility. The more we talk about them the more power they have over all of us.
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0 sats \ 0 replies \ @BeeAye 5h
imf sure is evil
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0 sats \ 1 reply \ @022fbc9cef 14h
The good stuff doesn't have to be mandated.
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0 sats \ 0 replies \ @Fabs OP 14h
Yeah, we know that because we can think for ourselves, others? Not so much.
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0 sats \ 1 reply \ @mudbloodvonfrei 15h
To be honest I'm not sure that's a bad thing. How is forcing small businesses to accept bitcoin very different from forcing them to accept the dollar? Because I have a preference for bitcoin? I'd say that legal tender laws are a violation of freedom of association.
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7 sats \ 0 replies \ @Fabs OP 15h
People trust Fiat because it's enforced by the state; The state legitimizes it.
The gross majority of the populace "need" a central entity to say the "safe word" and legitimize Bitcoin, to "enforce" it, because only then it's deemed acceptable by the former, à la: The state trusts it, thus I can trust it too!
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0 sats \ 0 replies \ @DesertDave 17h
Stay humble And stack sats. Don't depend on your government.
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0 sats \ 0 replies \ @Andreasgriffin 18h
What about capital gains tax?
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0 sats \ 0 replies \ @Roll 19h
How a population could be interest in BTC when they are struggling for food, to live, to find a job...
Bukele just surfs the BTC wave and got richer. And may be succeded to eradicate Gangs but this story is not over yet :(
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0 sats \ 1 reply \ @sudonaka 19h
Woh bro. Chill the fuck out
They “borrowed” billions to buy more coins.
“Legal tender” laws are statist and non voluntary so it’s good people are not forced to accept Bitcoin.
Governments will not save the people. We have to save ourselves
Human laws are not valid anyway
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0 sats \ 0 replies \ @Solomonsatoshi 3h
Tell that to anyone in prison.
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0 sats \ 0 replies \ @sangekrypto 20h
Even though there is a prohibition order, there are still many people who use it as a means of payment, but how can it be prohibited, because some bitcoin users only carry out personal transactions.
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0 sats \ 2 replies \ @Shugard 21h
Do we have a source for this?
Isn't that a fucking tonne of staps backwards?
The clear message is that Bitcoin will be largely banned in the public sector, and its role as a means of payment will shrink drastically.
Well El Salvador, you are done now.
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21 sats \ 1 reply \ @Fabs OP 21h
Article from Blocktrainer. https://www.blocktrainer.de/blog/bitcoin-kein-gesetzliches-zahlungsmittel-mehr
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0 sats \ 0 replies \ @Shugard 21h
Thanks!
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0 sats \ 2 replies \ @Satosora 22h
How did el salvador get cowed so easily? They were sitting on top of the world for a moment there.
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0 sats \ 1 reply \ @Fabs OP 22h
Seems like everyone's got their price.
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0 sats \ 0 replies \ @Satosora 21h
They are joining a failing endeavor.
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0 sats \ 1 reply \ @gandules 22h
I disagree with the notion that Bitcoin will be largely banned in the public sector and its role as a means of payment will decline significantly. Instead, I believe that individuals in the public sector will continue to utilize sound digital money, such as Bitcoin, and when paying taxes, they will simply sell their Bitcoin to cover the costs. As a result, Bitcoin's role as a means of payment will actually increase substantially over time, as it proves to be a superior store of value and medium of exchange due to its salability and versatility across distances.
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0 sats \ 0 replies \ @Fabs OP 22h
And I think that some people will have to be forced to their happiness, most aren't willing to do the necessary "work" to get going.
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