El Salvador and Bitcoin
El Salvador to adjust bitcoin policy
El Salvador, the first country to adopt Bitcoin as legal tender in 2021, is considering changes to its Bitcoin law to secure international financing. The government may make Bitcoin acceptance voluntary for merchants, rather than mandatory, to obtain a $1.3 billion loan from the International Monetary Fund (IMF).
This change could also unlock an additional $2 billion in loans from the World Bank and Inter-American Development Bank. $1 billion each.
El Salvador would drop a legal requirement for businesses to accept bitcoin as payment under the terms of the agreement.
President Nayib Bukele recently announced that El Salvador's Bitcoin holdings have surpassed $600 million in valuation.
The country initially invested around $269.7 million and now has an unrealized profit of over $333 million.
Despite these gains, Bitcoin adoption in El Salvador has faced challenges:
Around 88% of citizens did not use Bitco…