El Salvador agreed to contract with the International Currency Fund (IMF) in December 2024, and then voted for fundamentally reducing Provitcoin laws. Reuters Report.
The transaction was involved in making a financial reform basket in exchange for a $ 1.4 billion loan from the IMF expansion fund (EFF) to provide funds to government reform agendas.
In December 2021, the Central American nation became the first country in the world where all companies made bitcoin into legal currency on paper. under New law conditionsAcceptance of bitcoin is spontaneous for the private sector.
El Salvador has also stopped accepting tax payments in cryptocurrency and agreed to “gradually unravel the CHIVO wallet issued by the government.” The law was passed with 55 votes, and only two opposed.
Since 2021, El Salvador has undergone pressure to reduce Provitcoin's fiscal policy, and this approach has argued that it has raised many macro economy, finance, and legal issues. However, President Nive Bukele had previously paid pressure from the lender, Posting of Mys In response to social media.
IMF's pressure has not stopped from adding El Salvador to the National Bitcoin Reserve. Earlier this month, the country added 11 more bitcoin to the portfolio for about $ 1 million. Currently, the country has a bitcoin worth about $ 637 million in its current value. 129 % of the best returns in history。
In fact, the head of the National Bitcoin Office in El Salvador Announced in December The country intends to accelerate the acquisition of bitcoin in the future.
El Salvador may have led the world on the law of Probitcoin, but the adoption on the ground was lukewarm water. According to the government survey in October 2024 Only 7.5 % Of the population, I used bitcoin for transactions in the past year.
On the other hand, past surveys showed that many Salvadors used the cryptographic wallet issued by the government. Hold and transfer US dollars。
IMF has widely warned about the dangers of cryptocurrencies in Latin American countries, which are historically struggling with high corruption. We discussed again The comprehensive ban on bitcoin in countries such as China is “it may not be effective in the long term.”
Edit by STACY ELLIOTT.
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