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El salvador amends Bitcoin law for IMF loan deal

$1.3 billion loan deal with IMF: El Salvador is in talks with the IMF for a $1.3 billion loan aimed at stabilizing its economy. This agreement requires changes to its Bitcoin policy, including stopping Bitcoin’s legal tender status, which could curb public sector Bitcoin transactions.

Bitcoin adoption remains low: Despite innovative efforts, Bitcoin adoption in El Salvador is minimal, with most citizens preferring to use the US dollar for everyday transactions. Financial stability concerns and Bitcoin’s volatility have complicated the situation, impacting the country’s financial strategies and negotiations with the IMF.

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