El Salvador Scales Back Bitcoin Adoption Under IMF Loan Terms
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- El Salvador secured a $1.4 billion IMF loan by scaling back Bitcoin policies.
- Bitcoin is no longer mandatory for merchants and restricted to public sector use.
- The government reduces involvement in the Chivo wallet amid financial transparency reforms.
El Salvador will scale back its Bitcoin policies to secure a $1.4 billion loan from the International Monetary Fund (IMF). Sources say the deal includes fiscal measures and expects $3.5 billion in additional financing from the World Bank and regional banks.
JUST IN:
— Bitcoin Magazine (@BitcoinMagazine) December 18, 2024El Salvador secures $3.5 billion IMF financing package after agreeing to make accepting #Bitcoin voluntary and unwind its Chivo wallet. pic.twitter.com/54l9kpDNQL
Read also: Bitget Secures BSP License in El Salvador to Expand Bitcoin Services
Also, the reforms will make Bitcoin acceptable to merchants voluntarily, limit public sector Bitcoin-related activities, and reduce the government’s involvement in the Chivo wallet. The move reverses President Nayib Bukele’s 2021 initiative, raising questions about Bitcoin’s role in national economies.
Beyond voluntary Bitcoin acceptance, th…
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