El Salvador Amends Bitcoin Law Following IMF Agreement
- El Salvador agreed to scale back its Bitcoin legislation after securing a $1.4 billion loan from the IMF’s Extended Fund Facility.
- The new law makes Bitcoin acceptance voluntary for the private sector and stops tax payments in cryptocurrency.
- The Chivo wallet, a government-issued crypto wallet, will be gradually phased out.
- The law was passed with 55 votes in favor and two against.
- Despite IMF pressure, El Salvador added another 11 Bitcoin to its reserves, now valued at approximately $637 million.
El Salvador has revised its pro-Bitcoin policies as part of an agreement with the IMF for financial reforms. The country will make Bitcoin acceptance voluntary and phase out the Chivo wallet while continuing to expand its national Bitcoin reserves.
Source (2.6)https://decrypt.co/303626/el-salvador-bitcoin-law-amendment-imf-loan?rand=52368
