El Salvador has approved a new bill revising its Bitcoin strategy to align with conditions set in a $1.4 billion loan agreement with the International Monetary Fund (IMF). The bill, swiftly passed by Congress, modifies the nation’s approach to cryptocurrency, particularly in the private sector.
A key change in the legislation allows businesses to decide whether to accept Bitcoin, marking a shift from the previous mandatory policy. This adjustment is part of broader financial reforms aimed at ensuring economic stability while maintaining the country’s position as a Bitcoin-friendly nation.
As part of the policy changes, the government is planning to sell or discontinue its official Bitcoin wallet, Chivo. This decision reflects a strategic shift in digital asset management while still maintaining Bitcoin as legal tender in the country.
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Despite these modifications, El Salvador remains committed to holding Bitcoin as a reserve asset. Currently, the country holds over 6,000 BTC, valued at approximately $600 million. This investment continues to be a significant part of its economic strategy.
Since adopting Bitcoin as legal tender in 2021, El Salvador has sought to lead the global push for cryptocurrency integration. While the initiative aimed to boost financial inclusion and attract foreign investment, adoption has been slower than anticipated. The recent policy adjustments aim to refine the country’s approach while balancing innovation with economic stability.
The government remains bullish on Bitcoin, with plans to continue acquiring BTC as part of its financial strategy. While businesses now have the option to accept or decline Bitcoin payments, the digital currency remains an integral part of El Salvador’s economic framework.
