El Salvador, the first country to adopt Bitcoin (BTC) as legal tender, is now considering canceling the requirement for companies to accept BTC payments in exchange for a $3.3 billion loan from the International Monetary Fund (IMF) and the World Bank. In 2021, the IMF had criticized the move, demanding that El Salvador amend its Bitcoin bill before providing financial assistance.
As a result, the IMF and El Salvador reached a deadlock for two years. In the new agreement, companies will have the option to accept or reject BTC payments, while the government plans to reduce its budget deficit and increase foreign exchange reserves. The IMF has consistently opposed the adoption of digital currencies in El Salvador, citing risks to financial stability and integrity.
Source
<p>The post El Salvador to Drop Forced Bitcoin Payments, Secures $3.3B Loan Package first appeared on CoinBuzzFeed.</p>
