The International Monetary Fund (IMF) said Wednesday (Dec. 18) that El Salvador will alter its bitcoin project as part of a staff-level agreement on a $1.4 billion Extended Fund Facility (EFF). “The potential risks of the Bitcoin project will be diminished significantly in line with...
Legislators in El Salvador are considering a bill that would regulate digital securities, a sign the Central American nation is proceeding with plans to issue bonds backed by bitcoin even as citizens turn away from the country’s crypto experiment. That’s according to a report Wednesday...
El Salvador’s development bank has refused to reveal any details about the country’s purchase of bitcoins for an estimated $107 million. According to a Sunday (Oct. 30) tweet by the country’s Anti-Corruption Legal Advisory Center (ALAC), development bank BANDESAL has said that the information is...
Low-cost remittances were one of the key selling points Salvadoran President Nayib Bukele cited when announcing the law that made bitcoin a legal tender in the Central American nation a year ago. By using bitcoin transfers through the national Chivo digital wallet, Bukele said that...
September 21, 2021
El Salvador’s grand bitcoin experiment, embracing what is arguably the granddaddy of cryptocurrencies as legal tender, is one that has had its share of turbulence. In the lightning quick three months that have passed from announcement to rollout on a national stage, there have been technical glitches, bitcoin price volatility, and even protests in the […]
September 09, 2021
El Salvador’s embrace of bitcoin may be a grand experiment, marked by great expectations … or it may be a technological flop with few takers (from the public at large)....
September 29, 2026
Five years ago, the government of El Salvador made bitcoin legal tender in the country. Now, the country’s government is shifting to another form of cryptocurrency in its effort to transform money movement, Bloomberg News reported Tuesday (Sept. 29). According to the report, Nayib Bukele’s administration is working with software startup Modveon to develop a government-backed platform called […]
December 19, 2024
The International Monetary Fund (IMF) said Wednesday (Dec. 18) that El Salvador will alter its bitcoin project as part of a staff-level agreement on a $1.4 billion Extended Fund Facility...
November 23, 2022
Legislators in El Salvador are considering a bill that would regulate digital securities, a sign the Central American nation is proceeding with plans to issue bonds backed by bitcoin even...
May 13, 2022
Given the unpopularity and slender use of bitcoin as a currency in El Salvador, you’d think that President Nayib Bukele’s decision to spend another $15 million of the nation’s treasury...