IMF Limits Bitcoin Purchases in El Salvador’s Public Sector

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by Giorgi Kostiuk

2 years ago

The International Monetary Fund has initiated new conditions for a $1.4 billion funding arrangement with El Salvador, including restrictions on Bitcoin use by the public sector.

New Funding Conditions for El Salvador

On March 3, the IMF issued a new request for an extended arrangement with El Salvador, presenting a range of new documents. A key condition prevents voluntary accumulation of Bitcoin by the country's public sector.

Statement from El Salvador’s IMF Representative

In a statement from February 26, Méndez Bertolo, the executive director for El Salvador, highlighted that the extended fund aims to improve governance, transparency, and resilience. Amendments to the Bitcoin Law have clarified Bitcoin's legal status, making its acceptance voluntary and stipulating that taxes will be paid in U.S. dollars.

Program Prospects

The program is expected to attract substantial additional financial support from the World Bank, the Inter-American Development Bank, and other regional banks.

While the program is still under development, it is anticipated to have a significant impact on El Salvador's economic situation.

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