The Salvadoral government has urgently adopted a major change in its Bitcoin legislation, abandoning the obligation for companies to accept the BTC as a means of payment. This reform comes as part of a $ 1.4 billion loan agreement with the International Monetary Fund (IMF).
A flash reform to secure the funding of the IMF
The Salvador Legislative Assembly adopted the reform by an overwhelming majority of 55 votes against 2, shortly after its presentation by President Nayib Bukele. . The new law releases private companies from the obligation to accept Bitcoin as a means of payment.
This modification responds directly to the conditions set by the IMF as part of a loan agreement of $ 1.4 billion concluded in December. The institution required that the Bukele government limits its exposure to bitcoin and makes its use optional for merchants.
For Elisa Rosales, deputy of the presidential party, this reform aims to perpetuate the legal status of Bitcoin while softening its framework of application. If Salvador adapts to international requirements, it does not abandon its Bitcoin strategy: the country has just added 12 additional BTC to its national reserves.
A bitcoin strategy that bears fruit despite the adjustments
Despite these regulatory changes, the Salvadoral government continues its Bitcoin accumulation strategy with determination. The country currently holds 6,049 BTC, representing approximately $ 633 million, according to data Bitcoin Office. This reserve displays a remarkable performance with a profit of 127 % on an average purchase price of $ 46,000.
The Bitcoin office of Salvador also confirmed its intention to intensify its acquisitions in 2025. “ Our national strategy has proven to be a winner and now serves as a model“, Haded a spokesperson for the Bitcoin office.
Ironically, Bob Menendez, the former American senator who had firmly opposed the adoption of Bitcoin by the Salvador, was sentenced to 11 years in prison for corruption. The FBI seized 480,000 dollars in cash and $ 150,000 in gold lights at its home.
In short, the first country to have adopted Bitcoin as a legal currency in 2021, Salvador shows its ability to adapt its policy while retaining its pioneer role in Crypto adoption.
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