El Salvador’s Bitcoin reserve fails to help the average citizen — NGO exec
Changes to El Salvador’s Bitcoin laws under the IMF agreement put the benefits of BTC even further out of reach for the average resident.
El Salvador’s Bitcoin (BTC) reserve has had limited impact on the broader population, and the country’s loan agreement with the International Monetary Fund (IMF) may further complicate its Bitcoin strategy, according to Quentin Ehrenmann, general manager at My First Bitcoin, a non-governmental organization (NGO) focused on Bitcoin adoption.
Ehrenmann told Reuters that repealing the Bitcoin legal tender laws under the IMF agreement has created a vacuum in public BTC education or state-led adoption initiatives. In a translated statement, he told the news outlet:
The Central American country also agreed not to purchase any new BTC under the agreement, a detail that was confirmed in a recent IMF report, which contradicted claims by El Salvador’s Bitcoin Office that the country is accumulating BTC daily.
