El Salvador revokes Bitcoin's legal tender status

ChainCatcher news, according to Spain's El País, the Salvadoran Congress recently approved a reform of the Bitcoin Law, officially removing Bitcoin's status as legal tender.

This reform was carried out after nearly two years of pressure from the International Monetary Fund (IMF), which set a condition to "reduce the risks of Bitcoin" in exchange for the approval of a much-needed $1.4 billion loan by President Nayib Bukele of El Salvador. Representatives modified six provisions and abolished three out of sixteen provisions.

From now on, Bitcoin will no longer be regarded as "currency"; its acceptance will change from mandatory to voluntary, and it will not be used for tax payments.