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January 31, 2025

El Salvador Withdraws Bitcoin Legal Tender Status to Secure IMF Credit

In a significant move, El Salvador’s Congress has passed a reform modifying the infamous Bitcoin Law. This reform directly aligns with the requirements established in last year’s agreement with the International Monetary Fund (IMF). The changes now prepare El Salvador to receive an important credit facility worth $1.4 billion. This evolution in policy demonstrates the government’s commitment to compliance and improving economic stability while managing the complexities of cryptocurrency regulation. It marks a pivotal moment for the Central American nation, showcasing its willingness to adapt to global financial standards and secure much-needed support from international financial institutions.

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