El Salvador’s Bitcoin policies are continually changing as President Nayib Bukele modifies the country’s crypto law to comply with IMF regulations.
The change, which was quickly approved by Congress, specifies that businesses are not obligated to take BTC while keeping its position as legal cash. This is part of a $1.4 billion loan arrangement with the IMF.
El Salvador is still dedicated to Bitcoin, and it continues to acquire BTC as part of its financial plan, even after this modification.
Institutions throughout the world, such as the Czech National Bank, are looking at Bitcoin reserves, while U.S. Senator Cynthia Lummis is advocating for a national Bitcoin reserve plan.
At the same time, Bukele made fun of Bob Menendez, a former senator from the United States who was found guilty of bribery, for having previously accused El Salvador of utilizing Bitcoin for corrupt purposes.
The government continues to support Bitcoin, as seen by its continuous investments in cryptocurrency infrastructure and Bitcoin bonds, especially now that Bukele has secured a second term.
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