Nayib Bukele crypto dreams are gone: Salvadoran congress passed a law removing all cryptocurrencies as legal tender

After 1.6 Billion dollars spent on the Bitcoin Law, El Salvador’s congress passed a new law to remove Bitcoin as legal tender, shattering Bukele’s crypto dreams.

Bitcoin is no longer accepted to pay taxes, and business are no longer obligated to offer/accept Bitcoin payment. This was part of the IMF deal that Bukele had to do in order to get a needed rescue loan. The faith of the Chivo Wallet, a custodial wallet created by the salvadoran government, is still unclear. The following weeks are crucial to find out if the Chivo Wallet will be acquired by a private company or just shut down completely.

Almost FOUR YEARS ago I predicted that the Bitcoin Law was going to fail misserably, because El Salvador doesn’t have the infrastructure to deal with regular credit card payments, and adding cryptocurrency payments was never gonna take off. Besides that, salvadorans lack tech knowledge to actually use crypto for their every day activities.

Here we are now, Bitcoin is no longer a legal tender in El Salvador.