El Salvador rushes to agree to amend the Bitcoin Law to comply with the conditions of the International Monetary Fund loan


El Salvador voted to radically expand its pro -legislation after approval of an agreement with the International Monetary Fund (IMF) in December 2024, Reuters Reports.

The El Salvador deal included a basket of financial reforms for a loan of $ 1.4 billion from the International Monetary Fund Fund Fund facility to finance the government reform agenda.

In December 2021, Central America It became the first country in the world To make the legal bid of bitcoin, forcing all companies to accept it, at least on paper. under Conditions of the new lawBitcoin acceptance will become voluntary for the private sector.

El Salvador also agreed to stop accepting tax payments in the cryptocurrency, and "gradually relaxation", the Chevo portfolio, a Chefir wallet issued by the government. The law was issued with 55 votes in favor of it and only two against.

International Monetary Fund He has been pressing El Salvador since 2021 To expand the pro -bitcoin fiscal policy, claiming that the approach raised "a number of economic, financial and legal issues." But President Nayb Bokil had been unloaded by the lender, Spreading memes On social media in response.

The pressure of the International Monetary Fund did not prevent El Salvador from adding to the National Bitcoin reserves, as the country adds 11 other bitcoins to its wallet in early this month at a cost of about one million dollars. The country now holds Bitcoin with a value of approximately $ 637 million in current values, With an ever return of 129 %.

In fact, Head of the National Bitcoin Office for Salvador Announced That the country intends To accelerate the acquisition of Bitcoin to move forward.

Although El Salvador may have led the world when it comes to a pro -bituin legislation, adoption on Earth was lukewarm. According to a government survey from October 2024, Only 7.5 % From the population they used bitcoin for treatment last year.

Meanwhile, previous investigative studies found that many Salvadorians used only their government issued the coding portfolio To hold US dollars and transfer it.

While the International Monetary Fund has warned widely of the risk of cryptocurrencies for countries in Latin America, which has historically combined with higher corruption, it is Also argue The comprehensive ban on bitcoin, as in countries like China, "may not be effective in the long run."

Edit Stacy Elliot.

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