El Salvador Changes Bitcoin Law to Meet IMF’s $1.4 Billion Loan Deal 

Share This Post

The post El Salvador Changes Bitcoin Law to Meet IMF’s $1.4 Billion Loan Deal  appeared first on Coinpedia Fintech News

El Salvador has made a big change to its Bitcoin laws to follow the rules set by the International Monetary Fund (IMF). This change comes as part of a $1.4 billion loan agreement with the IMF, which asked the country to reduce its involvement with Bitcoin. This recent move aims to balance its commitment to crypto while securing financial stability.

What Changed in the Law?

On January 29, El Salvador’s Congress swiftly approved a bill that modifies the country’s Bitcoin regulations. Earlier, businesses in El Salvador were required by law to accept Bitcoin as payment. 

But under the new law, this rule has been removed. Now, businesses can choose whether or not to accept Bitcoin. 

The decision came shortly after President Nayib Bukele sent the proposed legislation to the Legislative Assembly, which was approved quickly by the country’s Congress, with 55 votes in favor and only two against.

The government says this change was necessary as part of El Salvador’s $1.4 billion loan deal with the IMF, which required the government to scale back its direct involvement with Bitcoin.

El Salvador Keeps Buying Bitcoin

Even with these changes, El Salvador hasn’t lost its faith in Bitcoin. The country recently bought 12 more Bitcoins, adding to its national reserves. According to Coinpedia news report, El Salvador currently holds 6,044 Bitcoins, worth about $617 million

With an average purchase price of $43,357 per Bitcoin, the country has made a 133% profit on its investment.

A spokesperson from the El Salvador Bitcoin Office said the country plans to keep buying Bitcoin and will “intensify” its efforts in 2025. 

They also called El Salvador a “case study for a winning country strategy,” showing how the country has transformed its image through its bold move with Bitcoin.

El Salvador Crypto Journey 

El Salvador made history in 2021 by becoming the first nation to adopt Bitcoin as legal tender. While the journey has had its ups and downs, the government continues to push forward, adapting its policies while maintaining its Bitcoin strategy.

With this new law showing a compromise with international financial institutions, the government’s commitment to Bitcoin remains strong.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Analyst Predicts Dogecoin And Altcoins’ Next Surge – Here’s The Timeline

In a series of posts shared on X, crypto analyst Kevin has mapped out a bullish scenario for Dogecoin and altcoins should the US Federal Reserve shift its monetary policy toward easing later this

8,000 BTC Still Buried as Appeal Denied—Bitcoin Recovery Fight Heads to Europe

A British man’s desperate fight to recover about 8,000 lost bitcoin—worth hundreds of millions—has been blocked again, pushing him to take his battle to Europe Appeal Denied: 8,000 BTC Trapped

Dogecoin Price Repeats Pattern From 2021 That Could Trigger Rally Above $10

A crypto analyst’s long-term technical analysis of the Dogecoin price highlights a repeating historical pattern from 2021 The analyst suggests that if Doge‘s price action can completely mirror

Ripple’s New Trademark Filing Sparks Speculation on Upcoming Crypto Wallet

The post Ripple’s New Trademark Filing Sparks Speculation on Upcoming Crypto Wallet appeared first on Coinpedia Fintech News Ripple Labs, the blockchain company behind the XRP token, has

Wazirx Preps for Relaunch With Zodia Custody, Backed by Banking Powerhouses

Wazirx is gearing up for a high-stakes relaunch after a major security breach, partnering with Zodia Custody to reinforce asset security and rebuild user trust Wazirx Is Gearing Up for High-Stakes

XRP To Triple Digits? Analyst Confident In $100 Price Goal

As one of the top-performing digital assets in the 4Q of 2024, it’s only natural that Ripple’s XRP attracts attention from its detractors and bullish supporters The bearish sentiment has been