๐ IMF and El Salvador Close to Agreement on Bitcoin!
๐ Key Points:
- IMF-Supported Program
โ๏ธ Ongoing negotiations between the IMF and El Salvador to mitigate risks associated with Bitcoin as legal tender.
โ๏ธ Focus on strengthening public finances, financial stability, and transparency.
- Focus Areas in Negotiations
๐ธ Public Finances: Target to increase the primary balance by 3.5% of GDP over three years.
๐ธ Bank Reserves: Strengthening to ensure financial system stability.
๐ธ Governance & Transparency: Enhanced focus, particularly regarding Bitcoin usage.
- IMFโs Stance on Bitcoin
๐จ Potential risks of Bitcoin as legal tender are acknowledged but havenโt materialized yet.
๐ The IMF stresses improving transparency and mitigating potential risks.
- El Salvadorโs Commitment to Bitcoin
๐ธ๐ป Since adopting Bitcoin in 2021, El Salvador has accumulated 5,834 BTC (~$323 million).
๐ 12% of Salvadorans reportedly use Bitcoin for daily purchases in 2023.
๐ The "Bitcoin City" project continues to symbolize El Salvador's dedication to crypto.
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