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El's Bitcoin Law Reforms
The country's Congress approved major reforms of the laws governing Bitcoin on January 29, 2025, complying with the demands of the International Monetary Fund (IMF). This new law marks a radical approach in the country towards cryptocurrency regulations.
Essential Components of the Reforms
Change towards Voluntary acceptance: The key change is the shift of acceptance of Bitcoins by businesses through a voluntary structure instead of obligatory acceptance. Formerly, companies were forced legally to accept it as a way of payment while the new legislation gives private sector merchants the privilege to either embrace or reject accepting it.
Legislative Approval: The reform bill received 55 approvals and just 2 oppositions, which is evidence of broad political support. Such approval came even though the legislation had only reached President Nayib Bukele minutes earlier.
IMF Loan Deal: The package of reforms falls within a much larger agreement between the IMF, which lent $1.4 billion to El Salvador in December 2024. According to the deal struck with the IMF, El Salvador is to cease reliance on Bitcoin and revise laws related to its existing crypto space.
Maintaining Legal Tender Status: Acceptance is only made optional through the amendment with ruling party lawmaker Elisa Rosales stressing out that the very amendment was aimed at ensuring "Bitcoin's permanence as legal tender" despite its "practical implementation"
Continued Accumulation of Bitcoin
However, the Bukele government is not about to abandon its strategy of strengthening Bitcoin as part of the country's reserves. To date, El Salvador owns approximately 6,049 BTC, valued at around $633 million, meaning that it has gained 127% since the time it started buying them.
Market Reaction
To these changes, Bitcoin's price has been resilient, showing nearly a 2% gain in trading above $105,000 since the announcement of the reforms. This is an indication of interest and speculation surrounding El Salvador's changing relationship with Bitcoin.
These latest changes to Bitcoin law by El Salvador form an approach to the level of international pressures at the stage of finance. However, under these conditions, the country has, in every intent and purpose, become a flagship for the discussion concerning digital currencies in general and how digital currencies stand concerning national economy.
