The IMF called the main condition for providing the loan a reduction in the ratio of public debt to gross domestic product (GDP) and a review of government policy regarding digital assets. The agreement specifies that all taxes will be accepted exclusively in US dollars, and the government will phase out its participation in the government’s cryptocurrency wallet. Chivo. According to the terms of the agreement, accepting the first cryptocurrency for payment will no longer be mandatory in El Salvador.
The agreement must still be approved by the IMF’s executive board. In addition to the funds from the fund, the El Salvadoran authorities will receive additional loans from other international organizations, including the World Bank. The total amount of debt financing will exceed $3.5 billion.
Adviser to the President of El Salvador, Nayib Bukele (Nayib Bukele) on Bitcoin, Max Keiser called the agreement with the IMF “bureaucratic nonsense” and assured that the use of Bitcoin in El Salvador “has always been voluntary” for the country’s citizens and companies.
Earlier, the National Digital Asset Committee of El Salvador (CNAD) and the National Securities Committee of Argentina (CNV) signed a cooperation agreement to accelerate the promotion of crypto assets in Latin America.
Source: Bits
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