Crypto
IMF Slaps Conditions on El Salvador for $1.4B Loan, Demands Bitcoin Reforms
The International Monetary Fund (IMF) has outlined four major Bitcoin reforms for El Salvador to secure a $1.4 billion loan program.
El Salvador must halt its state-led Bitcoin accumulation strategy, using private donations as the sole source of Bitcoin instead.
The nation also needs to unwind its control over the Chivo e-wallet, which was formerly state-run but is now operated by a private company.
The IMF demands that Bitcoin use remain voluntary for both individuals and businesses, and that Bitcoin tax payments are banned.
Additionally, El Salvador must conduct a public audit of its digital assets to limit fiscal contingency risks.