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El Salvador\u2019s Bitcoin (BTC<\/a>) holdings have had minimal influence on the wider community, and the nation\u2019s agreement with the International Monetary Fund (IMF) might further hinder its Bitcoin plans, as stated by Quentin Ehrenmann, the general manager at My First Bitcoin, a non-profit organization (NGO) aimed at promoting Bitcoin adoption.<\/p>\n Ehrenmann informed Reuters<\/a> that revoking the Bitcoin legal tender statutes<\/a> under the IMF arrangement has resulted in a gap in public BTC education or government-driven adoption efforts. In a translated comment, he conveyed to the news agency:<\/p>\n \u201cSince the government has engaged in this pact with the IMF, Bitcoin is no longer regarded as legal tender, and we have not witnessed any other initiatives to enlighten the populace. The government, seemingly, continues to gather Bitcoin, which is advantageous for them \u2014 it does not directly benefit the citizens.\u201d<\/p><\/blockquote>\n The Central American nation also consented to refrain from acquiring any additional BTC under the accord, a detail that was verified<\/a> in a recent IMF document, which contradicted assertions by El Salvador\u2019s Bitcoin Office that the country is accumulating BTC on a daily basis.<\/p>\n El Salvador\u2019s legislature rolled back public sector engagement in Bitcoin<\/a> in January to ensure compliance with the IMF loan agreement, igniting discussions about whether the nation\u2019s Bitcoin endeavor concluded in failure.<\/p>\n Related: <\/strong><\/em>El Salvador hasn\u2019t purchased Bitcoin since signing loan agreement, IMF states<\/strong><\/em><\/a><\/p>\n Cointelegraph visited<\/a> El Salvador in 2023 to gather insights on how small enterprises and ordinary Salvadorans were utilizing Bitcoin.<\/p>\n Joe Hall utilized Bitcoin to settle his hostel bill via IBEX Pay, a payments service facilitating BTC transactions for merchants over the Bitcoin Lightning Network<\/a>.<\/p>\nCointelegraph gathers insights from Salvadorans<\/h2>\n