El Salvador to Make Bitcoin Voluntary to Secure $1.3B IMF Loan in Weeks

El Salvador is set to scale back its ambitious Bitcoin policies to secure a $1.3 billion loan from the International Monetary Fund (IMF). The government plans to make Bitcoin acceptance voluntary for businesses, instead of mandatory, as part of the agreement. This policy adjustment aims to unlock additional international lending and finalize the loan deal within two to three weeks. The decision marks a significant shift in El Salvador’s pioneering use of Bitcoin as legal tender, which was introduced in 2021 under President Nayib Bukele’s administration. The IMF had previously expressed concerns over the risks associated with Bitcoin’s mandatory acceptance, prompting the country to revise its stance. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant