El Salvador cancels Bitcoin as legal tender due to IMF pressure. Learn about the implications and the country's continued Bitcoin purchases.
El Salvador, the first country to adopt Bitcoin as legal tender, recently reversed this decision under pressure from the International Monetary Fund (IMF). The law passed in 2021 in El Salvador introduced Bitcoin as legal tender, making it not only legal but mandatory for transactions. However, this law did not change the status of the US dollar, which has been the primary currency in El Salvador since 2001. Despite this, El Salvador continues to buy Bitcoin, having purchased 12 more BTC units on February 4, 2025. At present, El Salvador holds a total of 6,068 Bitcoins.
