El Salvador will scrap the mandatory requirement for businesses to accept bitcoin payments, making it voluntary, according to the Financial Times. The report indicates that the Salvadoran authorities have met the conditions of a loan agreement with the International Monetary Fund (IMF).

Since 2021, bitcoin has been recognized as legal tender in El Salvador alongside the U.S. dollar. Additionally, the government purchases 1 BTC daily, accumulating 5,958 BTC ($590 million) in its official wallet.

El Salvador aims to finalize a $1.3 billion loan agreement with the IMF in the coming weeks, in exchange for altering bitcoin usage policies and reducing the fiscal deficit, the FT notes. Sources suggest that this deal could unlock another $1 billion in loans from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.

In other words, things are going great in El Salvador, but it’s time to bow to the IMF, which isn’t thrilled about the country’s independence.
And crypto?

  • Should be anonymous,
  • Decentralized…

It should… It was…

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