- El Salvador’s new Bitcoin law ensures businesses are not obligated to accept BTC, aligning with IMF conditions.
- President Bukele continues advancing Bitcoin adoption, with the government accumulating BTC and developing crypto infrastructure.
- Bukele mocked critic Bob Menendez after his bribery conviction, spotlighting the shifting narrative on Bitcoin and corruption.
El Salvador’s Congress, under the leadership of President Nayib Bukele, has approved a reform to its Bitcoin law. The amendment passed swiftly after its introduction aligns with the conditions of an IMF-backed $1.4 billion loan agreement.
Bitcoin Reform Aligns with IMF Loan Agreement
The reform clarifies that businesses in El Salvador are not obligated to accept Bitcoin as payment. This adjustment complies with the IMF’s recommendation to reduce the country’s exposure to crypto-related risks.
Elisa Rosales, who represents Bukele’s New Ideas Party in the legislative branch, confirmed that the revised law ensures Bitcoin’s legal status through improved practical usage. The reform earned widespread backing from lawmakers who supported the 55 votes in favor while opposing only two.
El Salvador’s government remains committed to its Bitcoin strategy, as evidenced by its continued accumulation of cryptocurrency. This approach aligns with a broader institutional and national interest trend in Bitcoin as a reserve asset.
For example, the Czech National Bank recently announced plans to allocate 5% of its reserves to Bitcoin. Similarly, U.S. Senator Cynthia Lummis has advocated for establishing a Strategic Bitcoin Reserve, reflecting growing global confidence in cryptocurrency.
Bukele Responds to Bitcoin Critic’s Sentencing
The decision to sentence former U.S. Senator Bob Menendez received commentary from President Nayib Bukele during a separate announcement. The El Salvador Bitcoin adoption critic Menendez received bribes in cash and gold, which led to his conviction.
Bukele announced on X that former U.S. Senator Bob Menendez received sentencing following his conviction forládantariosities; the president referenced Menendez’s earlier statements linking Bitcoin to corruption in El Salvador.
With Bukele securing a second term and maintaining control over Congress, the country’s Bitcoin policies are expected to remain consistent. The government has launched Bitcoin bonds and continues to develop crypto-friendly infrastructure. While the IMF deal brings regulatory adjustments, El Salvador retains its position as a pioneer in adopting Bitcoin as legal tender.
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