Trying to find an article that explains this twisted tale. The Right-wing president of El Salvador decided to make Bitcoin legal tender in that country. An exchange was opened and everyone who wanted to participate (over half the country) was given $30. After the initial enthusiasm, usage went to zero.
In order to get IMF loans El Salvador had to disclose where the Bitcoin money was coming from and where it was going. It seems “private donations” were used to build up government Bitcoin reserves. Also Bitcoin is no longer Legal Tender. The president says it was perhaps his most unpopular move. I can’t say I understand the unpopularity of free money (even Bitcoin money) but there it is. It all sounds shady, but this is Bitcoin.
Two articles below. Like I said, it’s hard to find a full story on this, especially in the mainstream press.
Steven A. Guccione 