El Salvador Reforms Bitcoin Law to Meet IMF Requirements

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In a swift legislative move， El Salvador has approved critical amendments to its Bitcoin laws， signaling a major shift in the country’s cryptocurrency strategy.

On January 29， El Salvador’s Congress quickly ratified a new bill proposed by President Nayib Bukele， aimed at complying with the International Monetary Fund’s (IMF) loan agreement conditions. The legislative assembly passed the reform with an overwhelming majority of 55 votes in favor and only two against， demonstrating the government’s commitment to meeting international financial standards.

The key changes to the Bitcoin law remove the previous mandatory requirement for businesses to accept Bitcoin as payment. This adjustment aligns with the IMF’s stipulations， which demanded that cryptocurrency adoption become optional and voluntary for private sector merchants. Ruling party lawmaker Elisa Rosales emphasized that the amendment is crucial for ensuring Bitcoin’s continued status as legal tender while facilitating its practical implementation.

Despite these regulatory changes， El Salvador remains committed to its Bitcoin strategy. The country continues to accumulate Bitcoin， recently adding 12 BTC to its strategic reserves. As of now， El Salvador holds 6，049 BTC， valued at approximately $633 million， with the portfolio showing an impressive 127% profit at an average purchase price of $46，000 per Bitcoin.

The Bitcoin Office has indicated that the country plans to intensify its cryptocurrency investments in 2025， maintaining its pioneering stance in national Bitcoin adoption. This approach has positioned El Salvador as a unique case study in national cryptocurrency integration， despite ongoing international scrutiny.

Interestingly， this legislative update comes at a time of significant political context. Former US Senator Bob Menendez， a vocal critic of El Salvador’s Bitcoin adoption， was simultaneously sentenced to 11 years in prison for corruption charges， adding an ironic backdrop to the country’s cryptocurrency narrative.

The new law represents a delicate balance between maintaining El Salvador’s innovative cryptocurrency approach and meeting international financial institutional requirements. By making Bitcoin adoption voluntary， the country demonstrates flexibility while preserving its groundbreaking position in global cryptocurrency policy.

As the first country to adopt Bitcoin as legal tender in 2021， El Salvador continues to challenge traditional financial paradigms. The recent legislative amendment shows the nation’s ability to adapt its cryptocurrency strategy while maintaining its core commitment to blockchain technology and financial innovation.