El Salvador is still a country of Bitcoin, despite the fact that Bitcoin no longer has a legal tender in the country, at least where I am sitting.
Let’s start with some backgrounds on the matter.
On January 29, 2025, the Legislative Assembly of El Salvador voted to remove the status of Bitcoin as a tender legal.
This means that companies in the country must no longer accept Bitcoin (not that this rule has always been rigorously applied while Bitcoin has been classified as a legal currency, although I know; however, I have been told that the large companies operating in the country (eg McDonalds, Walmart) can stop accepting bitcoin as payment now, which could have a harmful effect on adoption).
This change occurred about a month after the International Monetary Fund (IMF) concluded an agreement with the El Salvador authorities who established the following:
- El Salvador would receive a loan of $ 1.4 billion to support the government’s “reform program”
- Bitcoin related risks must be mitigated; The acceptance of Bitcoin in the private sector must be voluntary, while the participation of the public sector in the activities relating to Bitcoin would be “limited” (Bitcoin can no longer be used to resolve government debts or pay taxes)
- The operations for the Bitcoin portfolio created by the government, chivo, would have “unrolled”
While the news of the Salvadoran government reverses its policy on Bitcoin as a legal tender due to the influence of the FMI seems to be an instinct punch for me too, someone who is not Salvadoran and does not live in the country, I can “T help but believe that El Salvador is still a Bitcoin country.
And this feeling has only become stronger based on what I saw Bitcoiner in El Salvador publish on X.
Evelyn Lemus, co-founder and director of Bitcoin Berlin’s education, a circular economy of Bitcoin within the country, has no intention of stopping teaching Salvadoran newspapers on Bitcoin.
Just say it aloud.
Bitcoiner will not stop teaching on Bitcoin and making adoption happen only because Bitcoin is no longer tender. This means that we must continue to push stronger and continue doing what we do 🇸🇻
Lfg🙌
Bitcoin in the hands of people 🫡 pic.twitter.com/hnmpjml5c7– Evelyn Lemus (@Evelynlemus2906) February 2, 2025
The Bit Driver team has no intention of changing their business model, accepting Bitcoin as a taxi rate – soon.
We are still a bitcoin a company.
– Bitdriver (@bitdriver_sv) February 2, 2025
While John Dennehy, founder of Mi Primer Bitcoin, expressed concern for the government of El Salvador who removed his policy on Bitcoin as a legal currency, he and the team in continuous growth of Mi Bitcoin plan to double the work they are carrying out.
Good morning from El Salvador!
Now we are at nine days since the government canceled Bitcoin as a legal tender, at the request of the IMF (effective after 90 days)
This means that the basic base, independent bitcoin education is now more important than ever
In response, to … pic.twitter.com/itxdf0gaol
– John Dennehy (@jdennehy_writes) February 7, 2025
The legendary Max and Stacy have not publicly expressed any program to give up El Salvador at any time soon.
And the Bitcoin office of El Salvador, managed by Stacy, is still stacked Bitcoin and helping to manage Bitcoin education programs in the country.
🇸🇻el Salvador stacks another 1 BTC to the strategic reserve
El Salvador is still stacking.
Everyday.
➡️Total SBR Holdings: 6,071.18 BTC
➡️Total Added today: +1 BTC
➡️Total added over 7 days: +22 BTC
➡️Total added over 30 days: +60 btc … pic.twitter.com/y4kv2693BX– The Bitcoin Office (@bitCoinoffisv) February 7, 2025
The lesson here is that while the law around Bitcoin could have changed in El Salvador, the bitcoiners on the ground in the country have not just uprooted.
Since we are Bitcoin, what matters most is that the Salvadoran of everyday and all the others involved in the Bitcoin movement in El Salvador continue to push forward with the Bitcoin mission.
The IMF may have made a hit, but the bitcoiners in El Salvador remain still in their efforts to encourage the wider adoption of Bitcoin.
El Salvador is still a Bitcoin country.
This article is a Take. The opinions expressed are entirely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.