El Salvador Congress Amends Bitcoin Law to Comply with IMF Deal
San Salvador, El Salvador - El Salvador's Congress has swiftly passed a bill amending the country's bitcoin law, complying with an agreement with the International Monetary Fund (IMF). The law makes the acceptance of bitcoin voluntary for the private sector.
El Salvador became the first country to adopt bitcoin as legal tender in 2021. However, the IMF urged the government to mitigate its exposure to the cryptocurrency, prompting the loan deal.
The amended law specifies that businesses can now choose whether or not to accept bitcoin. This move aims to maintain bitcoin's legal tender status while addressing the IMF's concerns.
The reform passed with 55 votes in favor and only two against. It aligns with the ruling party's stated goal of ensuring bitcoin's long-term viability and practical implementation.
Despite the amendment, El Salvador remains committed to bitcoin. The government has recently purchased bitcoin to bolster its reserves, anticipating favorable cryptocurrency policies in the US.