El Salvador’s Bitcoin Law Amended: It’s No Longer a Must-Use
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- El Salvador makes Bitcoin adoption voluntary after IMF pressure on private sector use.
- Local Bitcoin usage remains low, with only 7.5% of the population using it for transactions.
- El Salvador continues to buy Bitcoin, holding over 6,000 BTC worth $636 million.
El Salvador has amended its Bitcoin law to make cryptocurrency adoption optional, bowing to pressure from the International Monetary Fund (IMF). The country’s Congress passed the new law on Wednesday, following a request from President Nayib Bukele.
El Salvador passed a law in 2021 recognizing Bitcoin as legal tender alongside the U.S. dollar, a move that Bukele issued into law and described as a move toward financial inclusion and economic growth. However, the expected boom in Bitcoin adoption never materialized.
Local adoption, however, remains dismal, with only 7.5% of the local population using the asset daily, according to a report by Reuters. A government-run Chivo wallet that was supposed to be the primary mechanism for handling Bitcoin transactions overwhelmed the market.
However, the IMF, which agreed to lend El Salvador $1.4 billion in December 2024, recommended that Bitcoin be volun…
The post El Salvador’s Bitcoin Law Amended: It’s No Longer a Must-Use appeared first on Coin Edition.
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