El Salvador rushes in new Bitcoin law to comply with IMF deal: Report
The legislation reportedly rolls back a previous mandate that businesses accept Bitcoin for payments.
El Salvador’s Congress has reportedly swiftly approved legislation to amend its Bitcoin laws to comply with a deal struck with the International Monetary Fund to adjust its exposure to crypto.
The bill was ratified by the country’s Legislative Assembly just minutes after President Nayib Bukele sent it the legislation, Reuters reported on Jan. 29
El Salvador struck a $1.4 billion loan deal with the IMF in December, with the agency requiring the Bukele’s government to scale back its involvement in Bitcoin (BTC) and make BTC optional and voluntary for private sector merchants.
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Author: Martin Young
