Salvador really cancel the status of Bitcoin French currency? In -depth analysis of truth and influence

Author ｜ AZUMA, ODAILY Planet Daily

On the morning of February February, Beijing time, on the occasion of the "Fifth Fifth Getting Celebrity God", a news about the "Salvado has canceled the status of Bitcoin French currency" began to spread rapidly, which caused the market to turn sharply.

The OKX market shows that the BTC has fallen below the $ 100,000 mark, the lowest fell to 99026.5 USDT; ETH once fell to 3068.1 USDT; SOL once fell to 206.69 USDT.

As the first country to use Bitcoin as a fiat currency, Salvador's strong support for Bitcoin was once regarded as a sign of cryptocurrencies towards the mainstream world. Remembering the creation ... but is this really the case? Has Salvador really changed the attitude of Bitcoin? We will gradually reveal these answers in the following.

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In 2021, under the help of Nayib Bukele, the president of the cryptocurrency, Salvador became the first country in human history to adopt Bitcoin as a fiat currency.

Since then, El Salvador has requested that all the goods prices in the country can be represented by Bitcoin; any economic entity must accept Bitcoin payment; Bitcoin transactions will not be levied on capital gains and can be paid by cryptocurrencies.

However, Salvador 's radical strategy has been strongly opposed by the International Monetary Fund (IMF).

The so -called IMF is one of the international organizations established in Washington on December 27, 1945 based on the "International Monetary Fund Organization Agreement" signed in the Bretton Forest Conference in July 1944. The IMF and the World Bank are established at the same time as the two major financial institutions in the world. Its responsibilities are to monitor the currency exchange rate and trade situation of various countries, provide technical and funding assistance to ensure that the global financial system is operating normally.

From the perspective of IMF, Salvador 's use of Bitcoin as a fiat currency is "risky", or it has triggered "a series of macroeconomic, finance and legal issues. Therefore, in the past two years, IMF has been pressured Salvador, asking the country to weaken relevant risks.

Back to the recent timeline, because Salvado urgently needed a $ 1.4 billion loan from IMF to promote government reform, at the same time, the IMF still requires Salvador to amend the relevant Bitcoin -related laws before the end of January at the latest, so in this way On January 29, local time, the Salvador Parliament (composed of the new ideological party member where the Nayib Bukele is located) quickly approved the voting result of 55 and 2 votes, and quickly approved the amendment of Bitcoin bill submitted by the President Nayib Bukele in person. —— That is, the so -called "canceling the status of Bitcoin French currency" that he is hot today.

Core dispute: time and expression

Note that there are two key points that need to be emphasized and explained.

The first is the passing time of the amendment of the bill. As mentioned above, the proposal of the Nayib Bukele and passed on January 29, that is, 4 days ago. In fact, mainstream media such as Reuters had followed the incident and reported on the incident at the time, but it did not attract too much attention in the market.

Continue back to historical reports, I will find that the IMF official website has made relevant statements on the matter as early as December 18, 2024. The statement was jointly released by the IMF Hemisphere Deputy Director Luis Cubeddu and the head of the Salvado delegation Raphael Espinoza, and jointly released after discussion after discussion in Salvador from December 5th to 14th, 2024 -in other words, Salvador and IMF earlier Consensus has been reached in December last year to determine the amendment to the Bitcoin Act.

So why did the incident discuss again today, and then triggered the market plunge? The answer is above the second key point "expression".

Looking back at the expression made by the IMF and Salvador in the joint statement:

According to the IMF policy, the potential risks of Bitcoin -related projects will be greatly reduced. Legal reform will allow private sector to voluntarily accept Bitcoin. For the public sector, the economic activities involved in Bitcoin and the transactions and purchases of Bitcoin will be limited; taxation will only be paid in US dollars; the government's participation in CHIVO will gradually cancel. The transparency, supervision and supervision of digital assets will be strengthened to ensure financial stability, consumer and investor protection, and financial integrity.

The next day after the announcement, Stacy Herbert, director of the Bitcoin Office (OnBTC) of Salvador, also responded on X:

Bitcoin will still be a legal currency.

The expression used by Reuters during reporting is:

The Salvador Parliament accelerated Bitcoin reform after reaching an agreement with the IMF ... The ruling party member Elisa Rosales said that the reform was to ensure that Bitcoin "permanently as a fiat currency" while promoting its "actual use".

It can be seen that IMF and Salvador only emphasized the term "reform" in the joint statement, and did not clearly mention that "Salvador will cancel the status of Bitcoin's fiat currency status". Officials and members of Salvado such as Rosales responded that " Bitcoin will continue to be a fiat currency ."

The reason why the incident is frying and collapsed in the market again today is because some media noticed the report from the Spanish media El Pais -the original title of the media was " NAYIB BUKELE's idea of ​​changing and canceled Bitcoin in Salvador in Salvador The status of the fiat currency — reproduced the second spread of the incident.

As a journalist, it is difficult for individuals to attack El Pais in this statement. In different expressions of the same event, all parties seem to have a reason:

The purpose of the IMF is to weaken the extent of Salvador's involvement in Bitcoin. This purpose has been achieved by modifying the bill. It is not important how to express it;

Salvador seems to be cold treatment of this incident (after all, it is the current President's personal promotion), so except for officials such as Stacy Herbert and Elisa Rosales, the president Nayib Bukele and the main government departments have not responded publicly;

Reuters reports follow the rigorous expression style of traditional media, and only adopted the official statement and actual interview content;

Although EL PAIS is suspected of "Title Party", under the reform of "no longer required to receive" and "cannot be used as tax payment means", Bitcoin does not have the traditional fiat currency attributes in Salvador. The summary does not seem to be too much ...

Is Salvador "changed his heart"?

Compared to entangled "Is Salvador's status of Bitcoin's fiat currency status", another question seems to better answer -Does Salvador have really changed their attitude towards Bitcoin?

We can clearly give a negative answer.

Judging from the process of promoting the Bitcoin Act reform in El Salvador, after two years of overwhelming, the reason why Salvado will choose to compromise at the last period given by the IMF is due to the probability of $ 1.4 billion in loan demand, and it has to be a last resort. For it.

More importantly, from the official statement of the IMF, the final negotiations between the two parties took place in December 2024, and the statement was issued on December 18. Just one day later, ONBTC director Stacy Herbert announced that Salvador would continue to buy Bitcoin as its strategic Bitcoin reserve, and it may be faster at a faster speed.

Since then, Salvador has indeed accelerated the purchase progress of Bitcoin. After the bill reform on January 29, multiple buying operations have been performed. OnBTC official data shows that Salvado's strategic Bitcoin reserves have held 6055 Bitcoin in total.

John Dennehy, the founder of Bitcoin, a local Bitcoin founder headquartered in Salvador, said: " As far as I know, the Salvador 's Bitcoin reserve plan will not be affected by the IMF protocol, at least at the beginning. "

All in all, we seem to be able to describe the current situation in a very simple sentence -Salvador lowered his head down from the pressure of the IMF, but found a new way.