reason: Four years after becoming the first country to adopt bitcoin as legal tender, El Salvador is taking a step back. The Legislative Assembly has approved changes to the country's Bitcoin Law, effectively removing bitcoin's status as legal currency. \ On January 29, the assembly-controlled by President Nayib Bukele's New Ideas Party-passed the legislation with a 55-2 vote. Six articles of the Bitcoin Law were modified and three others were repealed. \ 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 changes are expected to take effect 90 days after their publication in the official gazette, which is likely to happen in the next few days.
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