The IMF is afraid of Bitcoin and that’s why he pressed El Salvador: Samson Mow

Under the shadow of a Salvadoran volcano, Samson Mow, the visionary behind Jan3, fired his wise words: the IMF (International Monetary Fund) trembles before Bitcoin (BTC) and that is why he squeezed the reins to El Salvador. Mow pronounced these words during an interview in which he referred to the struggle between the old financial order and the revolution around a decentralized network that does not ask permission.

Samson Mow criticized the IMF as a “Fíat Organization” that depends on traditional currencies and sees its existence threatened by the creation of Satoshi Nakamoto. According to him, the international organism faces a dilemma: adapt to Bitcoin or become irrelevantsince the digital currency challenges its authority. At this point, he mentioned the Special Rights of Giro (DEG), a financial asset that the IMF emits and that functions as a kind of “own currency.”

The DEGs are a basket of fiduciary currencies (such as the dollar, the euro and the YEN) that the IMF uses to complement the international reserves of its member countries and facilitate loans. Mow calls him a “lonely shark” because this system allows the body to maintain a constant flow of loans to developing nations, perpetuating its influence.

However, if Bitcoin is consolidated as a decentralized and sovereign alternative, this model could collapse, since Countries could choose to adopt an asset that can be seen constantly and that does not depend on debt or centralized institutions such as IMF.

The pressure on El Salvador, which in 2021 became the first country to adopt Bitcoin as legal tender, would be a sample of that fear. For Mow, the IMF “made a great scandal” predicting the failure of the measure and, not materializing, sought to “save appearances” demanding concessions in the law. “They insisted on modifications to be able to say: ‘Yes, we have something,” he explained.

A half full or half empty glass: the softened bitcoin law

The agreement between the IMF and El Salvador was completed in December last year, and as Cryptonoticias reported at that time, the international body forced the Central American country to soften its Bitcoin law.

«I think many people are looking for clarity in terms of Si Bitcoin is still a legal tender in the country. And that is why it is confusing; And I would say that the breakdown is this: it is a glass of water that is in half, and that you can see it as half full or half empty. So, now that the Bitcoin Law has softened, you can say that it has been neutralized a bit or that they have modified it to comply with the IMF agreement, but ultimately there is still the Bitcoin law in a country that does not require taxes on profits of capital ».

Samson Mow, CEO de JAN3.

However, he pointed out an important change: “There is another line that says that people can use bitcoin, but the government now cannot.” This reflects a modification that makes its acceptance voluntary, without the previous obligation for companies. And about it, Mow wonders: «What is a legal tender without execution? He has always been voluntary, ”he reflected, highlighting the ambiguity of the new legal framework.

Mow described the different reactions that have emerged after the changes to the Bitcoin Law: «Some people say they capitulated, who knelt against the IMF and sold us, are disappointed. Then you have the promoters of El Salvador and Bukele saying: Yes, we win, we will take the money and buy bitcoin with IMF funds ». For him, reality is at an intermediate point: «There was a commitment, an adaptation. The law is weakened, but Bitcoin still has a position here ».

He defended the decision of President Nayib Bukele from a pragmatic perspective: «Bukele is not the president of Bitcoinis the president of El Salvador. You have to do what you think is correct for your country, and if that means ensuring an IMF loan to open the door to more financing, that is the way. Mow stressed that, despite concessions, El Salvador has not lost its relevance in the national strategy.

The adoption of BTC for the base as a pending challenge

Mow explained that, although El Salvador remains intact as an example of Bitcoin state adoption, still It is necessary to work on the really important part, such as the basic adoption. «We should not lie to ourselves and say yes, it is already perfect. We have educational initiatives and progress is being made, but there are still many people here in El Salvador who have no idea what BTC is, so there is still a lot of work to do, ”he said.

For him, the truth is that as regards the adoption of Bitcoin by El Salvador there is neither total capitulation nor absolute victory, but A dispute terrain where decentralized sovereignty challenges the old order. While the IMF clings to its old schemes, El Salvador, with its daily purchases of BTC and its indomitable spirit, it remains a banner for the states that propose the adoption of the pioneering digital currency.