{"id":20785,"date":"2025-01-30T15:07:06","date_gmt":"2025-01-30T13:07:06","guid":{"rendered":"https:\/\/forklog.com\/en\/el-salvador-revises-bitcoin-strategy-following-imfs-directive\/"},"modified":"2025-01-30T15:07:06","modified_gmt":"2025-01-30T13:07:06","slug":"el-salvador-revises-bitcoin-strategy-following-imfs-directive","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/el-salvador-revises-bitcoin-strategy-following-imfs-directive\/","title":{"rendered":"El Salvador Revises Bitcoin Strategy Following IMF&#8217;s Directive"},"content":{"rendered":"<p>El Salvador&#8217;s Congress swiftly approved a bill to amend the country&#8217;s bitcoin strategy, in line with agreements with the <span data-descr=\"International Monetary Fund\" class=\"old_tooltip\">IMF<\/span>. This was reported by <a href=\"https:\/\/www.reuters.com\/world\/americas\/lawmakers-el-salvador-rush-new-bitcoin-reform-after-imf-deal-2025-01-30\/\">Reuters<\/a>.<\/p>\n<p>According to the news agency, lawmakers ratified the document &#8220;within minutes&#8221; of receiving it from President Nayib Bukele. The majority in Congress are members of his party, &#8220;New Ideas.&#8221;<\/p>\n<p>In September 2021, El Salvador became the first country in the world to recognize bitcoin as legal tender. Services and merchants were required to accept the cryptocurrency.\u00a0<\/p>\n<p>The government encouraged Salvadorans to use the Chivo wallet by offering $30 in digital gold for registering in the app. The state regularly <a href=\"https:\/\/forklog.com\/en\/news\/el-salvadors-unrealized-bitcoin-gains-reach-41-million\">purchased<\/a> bitcoins and <a href=\"https:\/\/forklog.com\/en\/news\/el-salvador-mines-nearly-474-btc-in-three-years\">engaged in mining<\/a>.<\/p>\n<p>In December 2024, the IMF and El Salvador reached an agreement for $1.4 billion in credit financing. With regional structures participating in the program, the package size exceeds $3.5 billion.<\/p>\n<p>The Fund set several requirements regarding adjustments to the country&#8217;s cryptocurrency policy, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>gradual withdrawal of government participation in the Chivo project;<\/li>\n<li>tax collection only in US dollars as El Salvador&#8217;s national currency;<\/li>\n<li>limiting transactions with the first cryptocurrency in the public sector;<\/li>\n<li>voluntary acceptance of bitcoin payments by the private sector for goods and services.<\/li>\n<\/ul>\n<p>Presenting the legislative changes, ruling party deputy Elisa Rosales described them as necessary to ensure &#8220;the permanence of bitcoin as legal tender&#8221; and to facilitate its &#8220;practical implementation.&#8221;\u00a0<\/p>\n<p>The reform was passed with 55 votes in favor and two against.<\/p>\n<p>Following the agreements with the IMF, El Salvador <a href=\"https:\/\/forklog.com\/en\/news\/el-salvador-expands-bitcoin-purchases-despite-imf-deal\">significantly increased<\/a> its bitcoin purchases. Head of the National Bitcoin Office, Stacy Herbert, stated that the process might continue &#8220;at an accelerated pace.&#8221;<\/p>\n<p><a href=\"https:\/\/bitcoin.gob.sv\/address\/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo\">Data<\/a> indicates that the government has not ceased accumulating digital gold. However, whereas previously the authorities added about 1 BTC daily to their balance, this now occurs less uniformly.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"706\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome-1024x706.jpg\" alt=\"Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome\" class=\"wp-image-250807\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome-1024x706.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome-300x207.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome-768x530.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Adres-32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo-Bitcoin-Office-Bitcoin-Explorer-Google-Chrome.jpg 1118w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Bitcoin Office.<\/figcaption><\/figure>\n<p>At the time of writing, the country holds 6049 BTC, valued at $636.5 million.<\/p>\n<p>Previously, US President Donald Trump established a task force on digital assets, which will also assess the prospects of creating a national cryptocurrency reserve.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador&#8217;s Congress swiftly approved a bill to amend the country&#8217;s bitcoin strategy, in line with agreements with the IMF. This was reported by Reuters. According to the news agency, lawmakers ratified the document &#8220;within minutes&#8221; of receiving it from President Nayib Bukele. The majority in Congress are members of his party, &#8220;New Ideas.&#8221; In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1641,1278,204],"class_list":["post-20785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-reserves","tag-el-salvador","tag-imf"],"aioseo_notices":[],"amp_enabled":true,"views":"56","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20785"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20784"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}