IMF-Driven El Salvador Reform: The Country Alters Bitcoin Law as Part of $1.4B the Deal
According to reports, El Salvador’s Congress has promptly approved legislation to alter its Bitcoin rules in order to comply with an agreement reached with the International Monetary Fund to reduce its exposure to cryptocurrency. According to a Reuters report on January 29, the Legislative Assembly of the country ratified the law shortly after President Nayib Bukele sent it.
In December, the IMF agreed to loan El Salvador $1.4 billion but stipulated that the Bukele government must reduce its engagement in Bitcoin and make it voluntary and optional for private-sector businesses. Only two votes opposed the reform, while 55 votes supported it. Businesses were required by law to accept Bitcoin as payment in the past.
Bitcoin Profits Soar: El Salvador’s BTC Portfolio Up 127%
By acquiring another 12 Bitcoin for the nation’s strategic reserves, El Salvador has maintained its Bitcoin holdings. El Salvador plans to continue purchasing Bitcoin, with plans to intensify in 2025, according to a spokesperson for the El Salvador Bitcoin Office last month.
We have achieved not only the greatest rebrand in history, but we are now an actual case study for a winning country strategy,
the spokesperson
The official tracker by the Bitcoin Office shows that El Salvador presently possesses 6,049 BTC, which is valued at approximately $633 million. With an average purchase price of $46,000 per Bitcoin, the portfolio has generated a 127% profit.
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