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Bitcoin Agreement with IMF from El Salvador: Sacrificed for 1.4 Billion Dollar Credit! - Coin Bulletin
El Salvador has agreed to restrict the use of Bitcoin and make it voluntary for the private sector in exchange for the financing package it received from the IMF.
El Salvador has reached an agreement with the International Monetary Fund (IMF) on a financing package that includes a commitment to limit Bitcoin-related activities within the country.
Under the International Monetary Fund’s Extended Fund Facility (EFF) program, El Salvador will receive a $1.4 billion loan to support its reform plans, which will last for 40 months, and meet the country’s balance of payments needs.
3.5 Billion Dollar Support Package
The IMF, World Bank, Inter-American Development Bank, and other regional development banks are expected to bring the total support to exceed 3.5 billion dollars.
The IMF stated that the agreement aims to address El Salvador’s macroeconomic and structural challenges, strengthen fiscal and external stability, and create conditions for stronger and more inclusive growth.
Restrictions on Bitcoin Usage
El Salvador became the first country to adopt Bitcoin as its official currency in June 2021, following a proposal by President Nayib Bukele. This step was taken with the aim of increasing financial inclusion.
However, the recent agreement with the IMF aims to reduce the potential risks in El Salvador’s Bitcoin project. In this context, it will be optional for the private sector to accept Bitcoin.
This regulation means a deviation from Article 7 of El Salvador’s Bitcoin Law, enacted in 2021. The said article foresaw that economic actors would be obliged to accept payment in Bitcoin if offered.