Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
ZyCrypto 2025-01-31 16:53:23

World’s First Bitcoin Nation Rushes To Trim BTC Law To Comply With IMF Loan Deal

World’s First Bitcoin Nation Rushes To Trim BTC Law To Comply With IMF Loan Deal

El Salvador’s Congress has swiftly approved a bill to amend and potentially scale back the country’s Bitcoin adoption strategy after agreeing to a deal with the International Monetary Fund (IMF) in December 2024. El Salvador Makes Bitcoin Acceptance Voluntary According to a Jan.30 report from Reuters , El Salvador lawmakers have voted to scale back its ambitious Bitcoin law. Specifically, the bill to scale down its Bitcoin experiment was approved by Congress with 55 votes in favor and two votes against. Notably, the bill was ratified just minutes after President Nayib Bukele sent it to the assembly. Last month, El Salvador reached a deal with the IMF that included a $1.4 billion loan to fund the nation’s reform agenda and address its balance of payments. In exchange for the loan, the IMF deal required El Salvador to scale back its involvement in BTC and make the crypto’s acceptance voluntary and optional for the country’s private sector merchants. In December 2021, the tiny Latin American nation became the first country in the world to formally adopt Bitcoin as a legal tender , forcing all businesses to accept it if they had the means to do so. But under the terms of the new law, accepting Bitcoin is now voluntary. El Salvador also agreed to stop accepting tax payments in Bitcoin and to “gradually unwind” the government-issued Chivo wallet . Ruling party legislator Elisa Rosales reportedly said that the changes were needed to guarantee Bitcoin’s “permanence as legal tender” while facilitating its “practical implementation.” The IMF has had a problem with El Salvador’s Bitcoin Law since 2021, claiming the strategy raised “a number of macroeconomic, financial and legal issues.” However, President Nayib Bukele had in the past brushed off pressure from the international lender. Despite finally bending the knee to the IMF, El Salvador has reaffirmed its commitment to adding more Bitcoin to its national reserves. The country, led by its pro-Bitcoin millennial leader, has snatched up 6,050.18 BTC, worth $633 million at current prices, with an all-time return of 127.5%. However, Bukele admitted in August that the BTC experiment had witnessed mixed results, citing slower-than-expected adoption of the foremost crypto.

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
401
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.