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El Salvador compromises! Promises to adjust BTC strategy to secure IMF loan
The International Monetary Fund (IMF) and El Salvador have reached a protocol on a $1.4 billion loan program, which will also facilitate additional financial support from the World Bank, Inter-American Development Bank, and other regional development banks. The total financing package for the entire program period exceeds $3.5 billion. However, El Salvador needs to make significant adjustments to its BTC strategy.
El Salvador will adjust BTC strategy
El Salvador became the first country in the world to classify BTC as legal tender in September 2021. The IMF opposes El Salvador's adoption of digital currency, citing risks to financial stability and integrity. The IMF has repeatedly urged El Salvador to strengthen its regulatory framework and regulate the national BTC ecosystem.
In this negotiation, the IMF requested El Salvador to make the following adjustments to its BTC strategy:
Private sector cannot accept BTC as regulated by law
The participation of the public sector in BTC-related economic activities, as well as the trading and purchasing of BTC, will be restricted.
Tax payments can only be made in US dollars.
The government's involvement in the Chivo electronic wallet will be gradually phased out.
To enhance the transparency, regulation, and supervision of digital assets to maintain financial stability, consumer and investor protection, and financial integrity
In addition, the Salvadoran government will also commit to reducing the budget deficit as a percentage of GDP by 3.5 percentage points over three years, while taking measures to cut spending and increase taxes, passing anti-corruption laws, and gradually achieving the required liquidity buffer for banks to reach 15%, in line with the Basel Protocol III standards for banking supervision and risk-based regulation.
El Salvador continues daily DCA of BTC
President Nayib Bukele announced El Salvador's 'national wallet' in March this year and stated that he will invest 1 BTC daily. According to Arkham's data, El Salvador currently holds 5,969 BTC, worth approximately 607 million US dollars. This shows that its daily investment plan is still ongoing!
A few days ago, Bukele even generously showed his return rate, which has reached 133.95%.
This article Salvador compromises! Promise to adjust BTC strategy to obtain IMF loans first appeared in Chain News ABMedia.