El Salvador Adjusts Bitcoin Law to Align with IMF Loan Agreement
El Salvador, the first country to recognize Bitcoin as legal tender, has made a significant policy adjustment, shifting away from mandatory Bitcoin acceptance in the private sector.
On January 29, the country’s Congress approved a Bitcoin reform bill proposed by President Nayib Bukele as part of its commitment to the $1.4 billion IMF loan agreement.
The International Monetary Fund (IMF) had recommended that the government scale back its Bitcoin involvement and allow businesses to choose whether to accept BTC, rather than requiring them to do so.
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The bill passed with 55 votes in favor and only two against. Lawmaker Elisa Rosales defended the change, arguing that it reinforces Bitcoin’s legal status while making its adoption more practical.
Despite this shift, the Bukele administration remains committed to accumulating Bitcoin as part of its long-term financial strategy. According to data from El Salvador’s Bitcoin Office, the country now holds 6,049 BTC, valued at approximately $636.6 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
