El Salvador‘s Legislative Assembly has approved a series of amendments to its bitcoin law to ensure that it fully complies with the requirements of the International Monetary Fund (IMF). Only under these conditions did the IMF agree to issue the country a $1,4 billion loan.
The bill was approved by 55 votes to two, just minutes after President Nayib Bukele sent it to Congress, according to Reuters. The amendments would slightly change El Salvador’s approach to cryptocurrency regulation, making it optional for private companies to accept Bitcoin payments.
El Salvador has agreed to a $1,4 billion loan with the IMF to support reforms in the country and address balance of payments issues in December 2024. In exchange, the fund has asked the country’s authorities to limit the adoption of Bitcoin, such as changing the status of crypto payments in the private sector from mandatory to voluntary.
Transparency, regulation and oversight of digital assets will be strengthened to ensure financial stability, consumer and investor protection, and financial integrity, the IMF said in a statement on the El Salvador deal.
However, Bukele’s plans have not changed, he plans to continue buying one bitcoin per day. This will not affect the agreement with the IMF. As of January 30, El Salvador owns 6049 BTC worth about $634,44 million with an average purchase price of $46. Yield Bitcoin-reserves amounted to 129%.