CandleFocus El Salvador to narrow Bitcoin laws to secure $1.3B loan from IMF—report
2024-12-09
Author: Content Editor
El Salvador is making changes to its Bitcoin approach in order to secure a $1.3 billion loan from the International Monetary Fund (IMF). The changes include making acceptance of Bitcoin as payment optional for businesses, reducing the country's budget deficit, and increasing reserves. The deal could be finalized in a few weeks and potentially unlock an additional $2 billion in lending from the World Bank and Inter-American Development Bank. The IMF has raised concerns about the financial risks associated with Bitcoin, prompting recommendations for regulatory oversight and reducing public sector exposure to cryptocurrency. Despite the government's pro-Bitcoin stance, most Salvadorans still prefer using the US dollar as legal tender.
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