El Salvador Agrees to Voluntary Bitcoin Acceptance for $1.3B IMF Deal

Dec 9, 2024, 12:35 PM

El Salvador is set to scale back its pioneering use of Bitcoin as legal tender in order to secure a $1.3 billion loan from the International Monetary Fund (IMF). The country expects to finalize the deal within the next two to three weeks by agreeing to make Bitcoin acceptance voluntary for businesses, instead of mandatory. This move is part of the conditions set by the IMF to unlock additional international lending for El Salvador.