El Salvador has enacted changes in its Bitcoin law to comply with IMF loan conditions, making its acceptance voluntary.
Change in Bitcoin Acceptance Policy
In response to an IMF loan agreement of $1.4 billion, El Salvador’s Congress approved a bill amending the Bitcoin law to make its acceptance voluntary for businesses. This change was made to ensure Bitcoin's permanence as a legal tender and its practical implementation.
Government's Stance on Cryptocurrency
Despite altering the requirements for cryptocurrency usage, El Salvador’s government continues to acquire Bitcoins. The government has reaffirmed plans to purchase additional Bitcoins, with the expectation that their value will increase over the long term.
Impact on Bitcoin Market and Future Plans
As of now, El Salvador holds 6,049 Bitcoins, according to official reports. The law change coincides with Bitcoin price fluctuations, partly due to anticipated crypto-positive policies from the new U.S. administration.
El Salvador remains a leader in adopting Bitcoin while adjusting its policies to ensure international cooperation and financial stability.
