El Salvador is a Bitcoin country, at least from where I sit, despite the fact that Bitcoin is no longer a fiat currency in the country.
Let's start with the background on the problem.
On January 29, 2025, El Salvador's Legislative Assembly voted to remove Bitcoin's status as a legal currency.
This means that domestic companies no longer need to accept Bitcoin (this rule does not mean that Bitcoin was strictly enacted while it was classified as a legal currency, but I might not accept Bitcoin as a payment now if a large domestic company (for example, McDonald's, Walmart) accept Bitcoin as a payment, but this could have a detrimental effect on recruitment).
The change occurred about a month after the International Monetary Fund (IMF) made a deal with Salvadoran authorities, providing for:
- El Salvador will receive $1.4 billion in loans to support the government's “reform agenda.”
- Reduces Bitcoin-related risks. Accepting Bitcoin in the private sector must be voluntary, but public sector participation in Bitcoin-related activities is “limited” (Bitcoin is a company that resolves government debts and taxes. It can no longer be used to pay.)
- Chivo, a government-created Bitcoin wallet, will “rewind”
The news that the Salvadra government has overturned its Bitcoin policy as a fiat currency as a result of its influence from the IMF feels like a gut punch to me, but those who don't live in the country, not Salvadoran , I can. T believes that El Salvador is still a Bitcoin country.
And this sentiment only gets stronger based on what he saw Bitcoiner posting to X in El Salvador.
Evelyn Lemus, co-founder and director of education at Bitcoin Berlin, the domestic Bitcoin circular economy, has no plans to stop Salvadoranians teaching about Bitcoin every day.
I'm just saying it out loud.
Bitcoin will stop teaching about Bitcoin and will not cause adoption. This means we need to keep pushing harder and keep doing what we're doing 🇸🇻
LFG🙌
Bitcoin in people's hands 🫡 pic.twitter.com/hnmpjml5c7– evelyn lemus (@evelynlemus2906) February 2, 2025
The BIT driver team has no plans to change their business model – accepting Bitcoin as a taxi fare – anytime soon.
We are still a Bitcoin company.
– bitdriver (@bitdriver_sv) February 2, 2025
MI Primer Bitcoin founder John Dennehy has expressed concern about El Salvador's government rolling back its Bitcoin policy as legal currency, but he and the growing team of MI Primer Bitcoin , we plan to double the work they are doing. .
Good morning from El Salvador!
We are now on our ninth day since the government retracted Bitcoin as fiat currency.
This means grassroots, and independent Bitcoin education is more important than ever
In response… pic.twitter.com/itxdf0gaol
– John Dennehy (@jdennehy_writes) February 7, 2025
Legends Max and Stacey have not publicly expressed plans to give up on El Salvador any time soon.
And the Bitcoin office of El Salvador, run by Stacy, is still piling up bitcoin and helping to run Bitcoin education programs in the country.
Salvador stacks another one BTC into a strategic reserve
El Salvador is still piling up.
every day.
Total sbr Holdings: 6,071.18 BTC
Added today total: +1 BTC
Added total for the last 7 days: +22 BTC
othytotal added over the last 30 days: +60 BTC… pic.twitter.com/y4kv2693bx– Bitcoin Office (@bitcoinofficesv) February 7, 2025
The lesson here is that while Bitcoin laws may have changed in El Salvador, Bitcoiners on the ground in the country are barely flinched.
As we are Bitcoin, the most important thing is that everyday Salvadorans and everyone else involved in the El Salvador Bitcoin movement continue to advance the Bitcoin mission.
The IMF may have been hit, but Salvadoran Bitcoiner remains unshakable in its efforts to promote wider adoption of Bitcoin.
El Salvador is still a country of Bitcoin.
This article is a take. The opinions expressed are entirely the authors and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
