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El Salvador Congress Votes to Revoke Bitcoin's 'Legal Currency' Status
bot.slashdot
robot(spnet, 1) — All
2025-02-09 04:22:01
After finalizing loan terms with the IMF, El Salvador's Legislative Assembly approved changes to the country's Bitcoin Law last week by a 55-2 vote, "effectively removing bitcoin's status as legal currency," reports Reason.
Under the new rules, bitcoin is no longer considered "currency," though it remains "legal tender." Another change makes using bitcoin entirely voluntary. (Previously, the law mandated that businesses accept bitcoin for any goods or services they provided.) Additionally, bitcoin can no longer be used to pay taxes or settle government debts. The government is also stepping back from its involvement in Chivo Wallet, the state-backed digital wallet...
The reforms come as part of a broader financial agreement between Bukele and the International Monetary Fund (IMF). One of the conditions for a proposed $1.4 billion Extended Fund Facility loan was that El Salvador mitigate "potential risks of the Bitcoin project." The IMF has been critical of the country's crypto policies since Bukele made bitcoin legal tender in 2021. "There are large risks associated with using Bitcoin as legal tender, especially given the high volatility of its price. We don't recommend it," the organization said in 2022.
Despite these changes, the administration insists it remains committed to bitcoin. Milena Mayorga, El Salvador's ambassador to the United States, has said that El Salvador is still a "bitcoin country" and will maintain — and even expand — its bitcoin reserves. "You have to adapt to the current situation and this is the decision that was taken in the Assembly, but that does not mean that the country will stop having a bitcoin reserve," she explained.
Government data suggests El Salvador now holds 6,072 Bitcoin worth $586,888.
[ Read more of this story ]( https://yro.slashdot.org/story/25/02/08/2344254/el-salvador-congress-votes-to-revoke-bitcoins-legal-currency-status?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.
bot.slashdot
robot(spnet, 1) — All
2025-02-09 04:22:01
After finalizing loan terms with the IMF, El Salvador's Legislative Assembly approved changes to the country's Bitcoin Law last week by a 55-2 vote, "effectively removing bitcoin's status as legal currency," reports Reason.
Under the new rules, bitcoin is no longer considered "currency," though it remains "legal tender." Another change makes using bitcoin entirely voluntary. (Previously, the law mandated that businesses accept bitcoin for any goods or services they provided.) Additionally, bitcoin can no longer be used to pay taxes or settle government debts. The government is also stepping back from its involvement in Chivo Wallet, the state-backed digital wallet...
The reforms come as part of a broader financial agreement between Bukele and the International Monetary Fund (IMF). One of the conditions for a proposed $1.4 billion Extended Fund Facility loan was that El Salvador mitigate "potential risks of the Bitcoin project." The IMF has been critical of the country's crypto policies since Bukele made bitcoin legal tender in 2021. "There are large risks associated with using Bitcoin as legal tender, especially given the high volatility of its price. We don't recommend it," the organization said in 2022.
Despite these changes, the administration insists it remains committed to bitcoin. Milena Mayorga, El Salvador's ambassador to the United States, has said that El Salvador is still a "bitcoin country" and will maintain — and even expand — its bitcoin reserves. "You have to adapt to the current situation and this is the decision that was taken in the Assembly, but that does not mean that the country will stop having a bitcoin reserve," she explained.
Government data suggests El Salvador now holds 6,072 Bitcoin worth $586,888.
[ Read more of this story ]( https://yro.slashdot.org/story/25/02/08/2344254/el-salvador-congress-votes-to-revoke-bitcoins-legal-currency-status?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.
[>]
Does the 'Spirit' of Open Source Mean Much More Than a License?
bot.slashdot
robot(spnet, 1) — All
2025-02-09 05:22:01
"Open source can be something of an illusion," writes TechCrunch. "A lack of real independence can mean a lack of agency for those who would like to properly get involved in a project."
Their article makes the case that the "spirit" of open source means more than a license...
"Android, in a license sense, is perhaps the most well-documented, perfectly open 'thing' that there is," Luis Villa, co-founder and general counsel at Tidelift, said in a panel discussion at the State of Open Con25 in London this week. "All the licenses are exactly as you want them — but good luck getting a patch into that, and good luck figuring out when the next release even is...."
"If you think about the practical accessibility of open source, it goes beyond the license, right?" Peter Zaitsev, founder of open source database services company Percona, said in the panel discussion. "Governance is very important, because if it's a single corporation, they can change a license like 'that.'" These sentiments were echoed in a separate talk by Dotan Horovits, open source evangelist at the Cloud Native Computing Foundation (CNCF), where he mused about open source "turning to the dark side." He noted that in most cases, issues arise when a single-vendor project decides to make changes based on its own business needs among other pressures. "Which begs the question, is vendor-owned open source an oxymoron?" Horovits said. "I've been asking this question for a good few years, and in 2025 this question is more relevant than ever."
The article adds that in 2025, "These debates won't be going anywhere anytime soon, as open source has emerged as a major focal point in the AI realm." And it includes this quote from Tidelift's co-founder.
"I have my quibbles and concerns about the open source AI definition, but it's really clear that what Llama is doing isn't open source," Villa said.
Emily Omier, a consultant for open source businesses and host of the Business of Open Source podcast, added that such attempts to "corrupt" the meaning behind "open source" is testament to its inherent power.
Much of this may be for regulatory reasons, however. The EU AI Act has a special carve-out for "free and open source" AI systems (aside from those deemed to pose an "unacceptable risk"). And Villa says this goes some way toward explaining why a company might want to rewrite the rulebook on what "open source" actually means. "There are plenty of actors right now who, because of the brand equity [of open source] and the regulatory implications, want to change the definition, and that's terrible," Villa said.
[ Read more of this story ]( https://news.slashdot.org/story/25/02/09/0039235/does-the-spirit-of-open-source-mean-much-more-than-a-license?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.
bot.slashdot
robot(spnet, 1) — All
2025-02-09 05:22:01
"Open source can be something of an illusion," writes TechCrunch. "A lack of real independence can mean a lack of agency for those who would like to properly get involved in a project."
Their article makes the case that the "spirit" of open source means more than a license...
"Android, in a license sense, is perhaps the most well-documented, perfectly open 'thing' that there is," Luis Villa, co-founder and general counsel at Tidelift, said in a panel discussion at the State of Open Con25 in London this week. "All the licenses are exactly as you want them — but good luck getting a patch into that, and good luck figuring out when the next release even is...."
"If you think about the practical accessibility of open source, it goes beyond the license, right?" Peter Zaitsev, founder of open source database services company Percona, said in the panel discussion. "Governance is very important, because if it's a single corporation, they can change a license like 'that.'" These sentiments were echoed in a separate talk by Dotan Horovits, open source evangelist at the Cloud Native Computing Foundation (CNCF), where he mused about open source "turning to the dark side." He noted that in most cases, issues arise when a single-vendor project decides to make changes based on its own business needs among other pressures. "Which begs the question, is vendor-owned open source an oxymoron?" Horovits said. "I've been asking this question for a good few years, and in 2025 this question is more relevant than ever."
The article adds that in 2025, "These debates won't be going anywhere anytime soon, as open source has emerged as a major focal point in the AI realm." And it includes this quote from Tidelift's co-founder.
"I have my quibbles and concerns about the open source AI definition, but it's really clear that what Llama is doing isn't open source," Villa said.
Emily Omier, a consultant for open source businesses and host of the Business of Open Source podcast, added that such attempts to "corrupt" the meaning behind "open source" is testament to its inherent power.
Much of this may be for regulatory reasons, however. The EU AI Act has a special carve-out for "free and open source" AI systems (aside from those deemed to pose an "unacceptable risk"). And Villa says this goes some way toward explaining why a company might want to rewrite the rulebook on what "open source" actually means. "There are plenty of actors right now who, because of the brand equity [of open source] and the regulatory implications, want to change the definition, and that's terrible," Villa said.
[ Read more of this story ]( https://news.slashdot.org/story/25/02/09/0039235/does-the-spirit-of-open-source-mean-much-more-than-a-license?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.