El Salvador, which was preparing to reach an agreement with the IMF, has taken a step back on Bitcoin (BTC)!

2024-12-09 04:31:20

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El Salvador, which made history by officially accepting Bitcoin as a legal tender, has taken a step back.

According to the Financial Times, El Salvador plans to reach an agreement with the IMF on a $1.3 billion loan program within the next two or three weeks and is planning to take some steps back on BTC in return for this agreement.

According to two people familiar with the negotiations, El Salvador expects to reach an agreement with the IMF on a $1.3 billion loan program in the next two to three weeks in exchange for changes to the pioneering use of Bitcoin as legal tender and reducing government deficits.

According to the FT, an IMF team has arrived in San Salvador to clarify the details of the agreement with President Nayib Bukele’s government.

As part of the agreement with the IMF, El Salvador will remove the obligation for businesses to accept Bitcoin as a payment method and will do so on a voluntary basis.

As it will be remembered, the IMF opposed El Salvador’s adoption of Bitcoin due to risks to financial stability and integrity and called on the Bukele government to stop accepting BTC as legal tender.

EL0,08%

BTC2,03%

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