🇸🇻 El Salvador, once a pioneer in cryptocurrency adoption, is taking a significant step back as the Salvadoran Congress passes a bitcoin law reform. This new legislation partially dismantles the integration of bitcoin into the state apparatus. 💔 The reform removes bitcoin's legal tender status, making its acceptance voluntary, and eliminates provisions for direct conversion between bitcoin and dollars. Merchants can no longer express prices in BTC, and Salvadorans are now prohibited from paying taxes with bitcoin. These changes were necessary to meet International Monetary Fund (IMF) requirements for a 1.4 billion credit facility, aimed at supporting President Nayib Bukele's economic reforms. While Bukele downplays the impact of these reforms, they mark a significant shift in the country's approach to bitcoin. The official Chivo Wallet may be sold or shut down, and it remains to be seen if further restrictions on BTC purchases will follow. Despite these changes, Bukele has recently increased El Salvador's bitcoin purchases, aligning with the global trend of strategic bitcoin reserves. What are your thoughts on this shift in El Salvador's crypto policy? Let us know!