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El Salvador to Change Bitcoin Law as Part of New IMF Deal: Financial Times
Salvadoran merchants reportedly will no longer be compelled to accept bitcoin as a means of payment anymore.
El Salvador shook the world when it made bitcoin legal tender in 2021, granting the top cryptocurrency the same regulatory status as the nation’s official currency, the U.S. dollar. The IMF, however, has criticized the approach and issued various warnings over the years that El Salvador’s bitcoin strategy could imperil the nation’s financial stability. Beyond the Bitcoin law, El Salvador’s National Commission of Digital Assets (CNAD) has already developed a comprehensive regulatory framework for crypto.
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