- El Salvador amended its Bitcoin law to comply with an IMF-backed $1.4 billion loan agreement.
- Despite IMF pressure, El Salvador continues to expand Bitcoin adoption and strengthen its strategy.
- President Bukele mocked ex-Senator Menendez, who was convicted of corruption after criticizing Bitcoin.
El Salvador has revised its Bitcoin law to comply with an IMF-backed $1.4 billion loan agreement. The amendment clarifies that businesses are not required to accept Bitcoin, addressing concerns raised by global financial institutions. Congress, controlled by President Nayib Bukele’s New Ideas Party, passed the bill with 55 votes in favor and only two against.
Elisa Rosales, a lawmaker from Bukele’s party, confirmed that the amendment preserves Bitcoin’s legal tender status. She explained that the changes make its implementation more practical for businesses. This move aligns with the IMF’s recommendation to reduce crypto-related financial risks in the private sector.
El Salvador Strengthens Bitcoin Strategy Despite IMF Pressure
The government of El Salvador maintains an ongoing Bitcoin acquisition program within its strategic financial frameworks. The government acknowledges Bitcoin’s substantial value and it wants to fully incorporate it into the economic system. Bukele’s administration continues to embrace Bitcoin policies despite the IMF warning against it.
In addition to global institutions, various nations have incorporated Bitcoin into their reserve systems. The Czech National Bank revealed it will hold 5% of its total reserves in Bitcoin. Robert Kiyosaki, the financial expert, repeatedly advocates Bitcoin as an economic stability safeguard.
Bukele Mocks Bitcoin Critic Bob Menendez After Corruption Conviction
President Nayib Bukele responded to the corruption conviction of former U.S. Senator Bob Menendez. Menendez had accused El Salvador of using Bitcoin for corruption and money laundering. However, he was found guilty of accepting bribes in cash and gold.
Bukele highlighted the irony of Menendez’s past claims by sharing the news on social media. His reaction reflects a changing global perception of Bitcoin as traditional financial figures face legal troubles. With Bukele’s firm control over Congress, El Salvador’s Bitcoin policies are expected to remain unchanged.
El Salvador Expands Bitcoin Adoption While Adapting Regulations
El Salvador remains dedicated to Bitcoin adoption despite making regulatory adjustments. The country has introduced Bitcoin bonds and continues to develop crypto-friendly infrastructure. These efforts aim to strengthen its digital economy and attract investment.
The IMF agreement has led to some policy changes, but El Salvador’s overall Bitcoin strategy remains intact. The government seeks to balance financial stability with its vision of a Bitcoin-powered economy. This approach solidifies El Salvador’s position as a global leader in cryptocurrency adoption.
