El Salvador Approves New Bitcoin Law to Comply with IMF
According to reports, El Salvador’s Congress quickly passed legislation to amend its Bitcoin laws in order to comply with an agreement made with the International Monetary Fund.
The country’s Legislative Assembly ratified the bill just minutes after President Nayib Bukele sent it, as reported by Reuters on January 29th.
In December, El Salvador entered into a $1.4 billion loan agreement with the IMF, which required the government to limit its involvement in Bitcoin and make it optional for private merchants.
The reforms, which were passed with 55 votes in favor and only two against, have amended the previous legal requirement for businesses to accept Bitcoin as payment.
Elisa Rosales, a lawmaker from the ruling party, stated that the amendment was necessary to ensure the permanence of Bitcoin as a legal tender, while also facilitating its practical use.
