John Dennehy on Nostr: Good morning from El Salvador We are now in DAY TWENTY TWO since the government ...
Good morning from El Salvador
We are now in DAY TWENTY TWO since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective 30 April)
I had committed myself to post every day for at least 21 days, which has now passed so I may skip days going forward....but there remains A LOT of confusion about core details (why? what lead to this? how do IMF loans work? how can we do better? what is legal tender? what will the money be used for? what other changes are coming? etc.) so I will continue to post about this
To try and clarify some timing issues....
The revision of the 2021 Bitcoin Law is NOT yet in effect, that will happen on 30 April
The IMF loan agreement is NOT yet in effect, right now El Salvador is working to meet the pre-conditions and only once they are all met will it go into effect--date unknown there but def in 2025
More changes will come as not all public conditions the IMF set have been met yet. There are potential private, unknown conditions as well
Unless the govt finds its voice and gives clarity, I expect there will continue to be a lot of confusion around this deal and the consequences of it and clarity will only come with time--likely measured in months and years rather than hours and days
We are now in DAY TWENTY TWO since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective 30 April)
I had committed myself to post every day for at least 21 days, which has now passed so I may skip days going forward....but there remains A LOT of confusion about core details (why? what lead to this? how do IMF loans work? how can we do better? what is legal tender? what will the money be used for? what other changes are coming? etc.) so I will continue to post about this
To try and clarify some timing issues....
The revision of the 2021 Bitcoin Law is NOT yet in effect, that will happen on 30 April
The IMF loan agreement is NOT yet in effect, right now El Salvador is working to meet the pre-conditions and only once they are all met will it go into effect--date unknown there but def in 2025
More changes will come as not all public conditions the IMF set have been met yet. There are potential private, unknown conditions as well
Unless the govt finds its voice and gives clarity, I expect there will continue to be a lot of confusion around this deal and the consequences of it and clarity will only come with time--likely measured in months and years rather than hours and days