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El Salvador might alter its stance on Bitcoin in exchange for a $1.3 billion loan from the International Monetary Fund (IMF).
The Salvadoran government is currently in discussions with the IMF regarding a credit program valued at $1.3 billion, which is necessary to address the nation’s budget shortfall. A prerequisite for this agreement involves legislative changes that would revoke BTC‘s designation as legal tender. This information was reported by the Financial Times, citing knowledgeable sources.
The agreement is anticipated to be finalized within two to three weeks. Should the appropriate legal amendments be enacted, businesses will no longer be mandated to accept BTC payments, and the leading cryptocurrency will transition to a voluntary payment option.
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In addition to the primary loan, El Salvador will also qualify for loans of $1 billion each from the World Bank and the Inter-American Development Bank in the upcoming years.
It is important to highlight that the IMF has consistently opposed El Salvador’s decision to adopt BTC as legal tender. The latest request for the government to reassess Bitcoin regulations occurred in early October 2024. However, in February 2023, IMF officials indicated that the risks linked to the state-level adoption of BTC did not materialize due to the asset’s limited usage.
Previously, IMF analysts in 2023 observed that nations in Latin America and the Caribbean had made notable advancements in the digital asset sector, while also highlighting risks associated with corruption, inadequate financial infrastructure, and the inefficiency of the banking sector in the region.
Сообщение Bitcoin May Lose Its Status as Legal Tender in El Salvador появились сначала на CoinsPaid Media.
