IMF Limits Bitcoin Purchases in El Salvador’s Public Sector

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

XRP Ledger Foundation Unveils Quantum-Resistant Protocol Roadmap

The XRP Ledger Foundation has unveiled a roadmap focusing on quantum-resistant account options, including the study of MLDSA44.

user avatarLucas Weissmann

EU Seeks Nominations for New Tokenisation Standards Group

European authorities are inviting nominations for a new Tokenisation Standards Group to enhance coordination in the financial system.

user avatarFilippo Romano

Walt Introduces Standalone Android App for Cryptocurrency Trading

Walt has launched a standalone Android app for cryptocurrency trading, allowing users to sign up without a Telegram account.

user avatarEmily Carter

Charles Schwab Expands Crypto Trading Menu with New Altcoins

Charles Schwab has expanded its crypto trading menu to include Solana, Avalanche, and Chainlink, allowing eligible clients to trade a wider range of cryptocurrencies.

user avatarTomas Novak

24X and Standard Chartered Enhance Partnership for Institutional Crypto Trading

24X Bermuda expands its partnership with Standard Chartered to facilitate institutional trading of Bitcoin and Ether, enhancing access to cryptocurrency and foreign exchange.

user avatarKaterina Papadopoulou

Strategy's Dual Approach: Bitcoin Acquisition and Preferred Share Repurchase

On November 9, Strategy announced the acquisition of 1,036 additional Bitcoin alongside the repurchase of approximately 188 million STRC preferred shares.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.