The Bitcoin (BTC) reserve of El Salvador has had a limited impact on the broader population, and the country’s loan agreement with the International Monetary Fund (IMF) can further complicate its Bitcoin strategy, according to Quentin Ehrenmann, general manager of my first Bitcoin, a non -governmental organization (NGO) focused on the adoption of Bitcoins.
Ehrenmann told Reuters to repeal Bitcoin’s legal bidding laws under the IMF Agreement has created a vacuum in BTC public education or adoption initiatives led by the State. In a translated statement, he told the media:
“Since the Government concluded this contract with the IMF, Bitcoin is no longer legal, and we have not seen any other effort to educate people. The government, apparently, continues to accumulate Bitcoin, which is beneficial for the government, it is not directly good for people.”
The Central American country also agreed not to buy any new BTC under the agreement, a detail that was confirmed in a recent IMF report, which contradicted the claims of El Salvador’s office in Bitcoin that the country is accumulating BTC every day.
The Legislature of El Salvador retreated the participation of the public sector in Bitcoin in January to continue fulfilling the IMF loan agreement, which caused a debate about whether the country’s bitcoin experiment ended in failure.
Related: El Salvador has not bought Bitcoin from the signature loan agreement, says the IMF
Cointelegraph obtains the scoop of the Salvadorans
Cointelegraph visited El Salvador in 2023 to obtain scoop on how small businesses and daily saviors used Bitcoin.
Joe Hall used Bitcoin to pay his stay in the shelter using Ibex Pay, a paying company that facilitates BTC payments to merchants through the Bitcoin Lightning network.
https://www.youtube.com/watch?v=6te6J20-xey
The lightning network is used to send bitcoin almost instantly and is more suitable for daily and small purchases, such as a cup of coffee or a food in a restaurant.
“It is faster than the credit card,” said the hostel employee who accepts the payment of Bitcoin Lightning to the journalist.
Despite this, the lack of education remained a barrier to the general adoption of Bitcoin in El Salvador, according to the journalist, who had to show the hostel employee how to accept a payment on the light network.
Magazine: How is Bitcoin to use in El Salvador
