World is taking so much Interest in $BTC 🔥🚀
It's El Salvador Now, has recently made significant decisions regarding its Bitcoin policies in conjunction with a new financial agreement. On December 18, 2024.
The country reached a technical agreement with the International Monetary Fund (IMF) for a $1.4 billion loan under the Extended Fund Facility (EFF). As part of this agreement, El Salvador has committed to several key changes:
Voluntary Acceptance:
Businesses will no longer be mandated to accept Bitcoin; its acceptance will become optional for private entities.
Public Sector Involvement:
The government's participation in Bitcoin-related activities will be limited. This includes plans to sell or discontinue the official cryptocurrency wallet, Chivo.
Tax Payments:
Taxes will be payable exclusively in U.S. dollars, removing the option to pay in Bitcoin.
Despite these adjustments, El Salvador remains committed to Bitcoin as part of its financial strategy.
The National Bitcoin Office has confirmed the transfer of over $1 million in Bitcoin to its strategic reserves, bringing the total holdings to approximately 5,980 Bitcoins, valued at around $580 million.
Stacy Herbert, director of the Bitcoin Office, indicated that the country might accelerate its Bitcoin purchases in the coming months.
These developments highlight El Salvador's efforts to balance its pioneering adoption of Bitcoin with the financial and regulatory frameworks required by international financial institutions like the IMF.