El Salvador approves amendments to Bitcoin law after IMF deal
El Salvador amends Bitcoin law, making BTC acceptance optional for businesses.
El Salvador’s Legislative Assembly has approved amendments to its Bitcoin law, aligning with an International Monetary Fund (IMF) loan agreement that will make Bitcoin acceptance optional for private businesses.
The measure, swiftly ratified by President Nayib Bukele, passed with 55 votes in favor and only two against, reflecting the dominance of Bukele’s New Ideas Party in Congress, reports Cryptopolitan.
Elisa Rosales, a ruling party lawmaker, stated that the reforms aim to keep Bitcoin’s legal tender status intact while ensuring its use remains “practical” within the country’s financial system.
El Salvador Secures IMF Loan but Maintains BTC Accumulation
The revision follows El Salvador’s $1.3 billion loan agreement with the IMF in December 2024, which required the government to scale back Bitcoin mandates. Under the new law, businesses are no longer required to accept Bitcoin, a shift from the country’s previous stance that mandated BTC acceptance for all commercial transactions.
Despite these regulatory changes, El Salvador continues to accumulate Bitcoin. The Bitcoin Office reports that as of January 30, the country holds 6,049 BTC, valued at approximately $634.44 million. The nation’s Bitcoin investment has yielded a 129% profit, with an average purchase price of $46,000 per BTC.
Additionally, El Salvador added 14 BTC to its Strategic Bitcoin Reserve in the past 10 days, reinforcing Bukele’s commitment to Bitcoin accumulation despite external financial pressures.
Bukele Strengthens Anti-Corruption Efforts
Alongside economic reforms, Bukele has introduced a new Anti-Corruption Law, aiming to enhance transparency and hold public officials accountable for misuse of government funds. The proposal, sent to the Legislative Assembly, mandates that public officials and their families declare their wealth annually, making the information publicly accessible.
Furthermore, the law seeks to establish direct cooperation between the Court of Accounts and the Attorney General’s Office, ensuring strict audits and investigations into corruption cases.
These developments signal Bukele’s dual approach—balancing economic pragmatism with his pro-Bitcoin stance, while reinforcing transparency and financial oversight in the country.
Recently we wrote, that Max Keiser recently commented on El Salvador's unique stance in the world of cryptocurrency.
