The International Monetary Fund’s (IMF) executive board approved a $1.4 billion loan with El Salvador on Wednesday that requires the bitcoin-centric state to scale back its involvement with the cryptocurrency.  

The deal was initially struck last December and required the approval of the IMF board. Its goal is to strengthen El Salvador’s public finances, governance, and growth while addressing the risks of its “Bitcoin project.”

The IMF’s Deputy Managing Director and Acting Chair, Nigel Clarke, said the program, “will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of bitcoin.”

"Globalism" has outmaneuvered Bukele and #Bitcoin.@IMFNews just granted El Salvador a $1.4B loan. In exchange, the Bukele administration agreed to reduce government involvement in #Bitcoin, including halting Bitcoin purchases. Defund @bitcoinofficesv https://t.co/5h26nsBqX6 pic.twitter.com/ux51GWsT5U