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El Salvador amends Bitcoin law to meet IMF requirements

El Salvador's legislature has urgently approved amendments to the Bitcoin law to meet the terms of an agreement with the International Monetary Fund. One of the key changes was the removal of the requirement for mandatory cryptocurrency acceptance by private companies.

What is known

The document, introduced by President Nayib Bukele, was approved by an overwhelming majority. Representatives of the ruling party emphasized that the innovations will allow Bitcoin to maintain its status as a legal tender while ensuring its more convenient use in the economy.

The amendments were necessary to fulfill the terms of an agreement with the IMF, which requires reducing the risks associated with cryptocurrencies. In exchange, the organization agreed to provide the country with a $1.4 billion loan.

Despite intensifying cooperation with the IMF, El Salvador continues to increase reserves in the first cryptocurrency. Over the past few months, the country has purchased an additional 12 BTC.