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El Salvador rushes in new Bitcoin law to comply with IMF deal: report

The Salvadoran Congress has amended Bitcoin laws, removing the requirement for businesses to accept Bitcoin payments as part of a deal with the IMF. This reform, passed with 55 votes in favor, aligns with the conditions for a USD 1.4 billion loan.

The government continues to build its Bitcoin reserves, adding 12 BTC recently, raising the total to 6,049 BTC worth around 633 million USD. This portfolio has achieved a significant profit of 127% since Bitcoin was adopted in 2021.

President Nayib Bukele emphasized the need for these changes to ensure the practical implementation of Bitcoin. The amendment aims not only to fulfill IMF requirements but also to stabilize Bitcoin’s position as legal tender in El Salvador.

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