The International Monetary Fund requests new restrictions on bitcoin on El Salvador, including ending BTC purchases with public funds
The International Monetary Fund (IMF) is trying to impose strict restrictions on El Salvador as part of a $ 1.4 billion loan agreement, targeting the controversial adoption strategy in the country.
Under new circumstances in the International Monetary Fund’s report, Al Salvador must halt BTC public sector acquisitions, Fidebitcoin, by July 2025, and stop the Chivo portfolio system operations.
The government must also publicly reveal all Bitcoin portfolio addresses and provide audited financial statements for encryption entities.
President Nayb Bokil, a voice supporter of Bitcoin, was a pioneer in the status of the legal giving of the king in 2021, which made El Salvador the first country to do so. His administration has invested in BTC’s public funds activity and enhanced the highest encryption by using the market widely.
The International Monetary Fund indicated that economic stability relates to the basic motives of restrictions, and says that the use of BTC was “marginal”.
“Although encrypted couples have the ability to make payments cheaper and faster, widespread adoption can threaten total economic stability and raise financial risks.
The use of Bitcoin as a small payment method, reflecting the high price fluctuations of bitcoin and the limited technology confidence. At the same time, the financial sector is not exposed to Bitcoin, and the payment of taxes in Bitcoin, which will be banned after legal reforms, was not important. “
According to the International Monetary Fund report, Al -Salvador agreed to stop the government purchases from BTC.
“There is another important goal for the program, which is the lack of a net accumulation of local payments (late payments for 90 days or more) as part of the process of strengthening public financial management in El Salvador. Therefore, we do not commit to collecting net local payments by the central government.”
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