
The International Monetary Fund (IMF) is attempting to impose strict restrictions on El Salvador as part of a $1.4 billion loan agreement, targeting the country’s controversial Bitcoin (BTC) adoption strategy. Under new conditions in the IMF’s Staff Country Report, El Salvador must halt public sector acquisitions of the BTC, dissolve the Fidebitcoin trust fund by […]
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The first country to use Bitcoin (BTC) as a legal tender has reportedly passed a new law that will scale back its crypto efforts. Reuters reports that on Wednesday, lawmakers in El Salvador approved a bill to amend the nation’s Bitcoin law in compliance with a deal that the government struck with the International Monetary […]
The post El Salvador Passes New Bitcoin (BTC) Legislation Tied to New IMF $1,400,000,000 Funding Deal: Report appeared first on The Daily Hodl.
El Salvador purchased 11 Bitcoin a day after reaching a $1.4 million IMF loan deal that called for a reduction in public sector engagement in “Bitcoin-related economic activities.”
El Salvador bought $1 million worth of Bitcoin a day after striking a $1.4 billion deal with the International Monetary Fund that stipulated limits on dealing with the cryptocurrency.
The country’s National Bitcoin Office wrote in a Dec. 19 X post that it had “transferred over a million dollars worth of Bitcoin to our Strategic Bitcoin Reserve,” with its website showing it had added 11 Bitcoin (BTC) to its holdings.
The move broke its streak of adding “one Bitcoin per day” that President Nayib Bukele announced in November 2022 and brought the country’s holdings to 5,980.77 BTC, worth about $580 million with BTC trading at around $97,000.