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As El Salvador slowly submits to requests by the International Monetary Fund (IMF), it has modified its laws to diminish bitcoin’s (BTC) role in the economy. Indeed, despite President Nayib Bukele taunting the IMF and boasting about his embrace of BTC, his need for US dollar financing has forced him to reverse most of his once-celebrated policies. This, in turn, has led to debates among Bitcoiners over whether BTC is even legal tender erupting on social media. BTC no longer accepted for payment of taxes Bukele’s administration has modified laws that enshrined BTC’s role as legal tender in the country’s constitution, neutering the role of the world’s foremost digital asset. Critically, the government deleted a provision in Article 4, “Todas las contribuciones tributarias podrán ser pagadas en bitcoin” (translated: All tax contributions may be paid in bitcoin). Because an instrument’s status as “legal tender for all debts, public and private” is usuall...

Nigeria's federal executive council has approved the national policy on blockchain to help the country develop a regulatory framework to govern the adoption of the technology. Nigeria, known to be one of the world’s most curious nations about Cryptocurrencies like Bitcoin (BTC), has approved the National Blockchain Policy for Nigeria during its meeting on May 3, 2023. The approval was in response to a memo presented by Professor Isa Ali Ibrahim (Pantami), the Honourable Minister of Communications and Digital Economy.  The Federal Ministry of Communications and Digital Economy (FMCDE), in the announcement, cited a report from PricewaterhouseCoopers (PwC), which predicts that the widespread adoption of blockchain technology across various industries could potentially contribute $1.76 trillion to the global gross domestic product by 2030, representing 1.4% of the world's GDP. The National Blockchain Policy for Nigeria was developed by the FMCDE through stakeholder consultations...