The El Salvador Congress made significant changes to the “Bitcoin Law için to adapt to the requirements of the International Monetary Fund (IMF). Together with these reforms, the country aims to complete the $ 1.4 billion credit agreement.
El Salvador Removed Bitcoin’s compulsory use
El Salvador went down in history as the first country to accept Bitcoin as a legal currency. However, with the new law amendment, Bitcoin’s obligation to be an official payment tool was abolished.
The reform, which is approved at the congress, eliminates the use of Bitcoin as a state -supported payment tool. It is no longer necessary for enterprises to accept BTC, and state -supported mechanisms that provide direct transformation between Bitcoin and the dollar have been disabled.
Bitcoin use for tax payments is banned
While it was possible to pay taxes with Bitcoin before, this application was completely removed with the amendment. In addition, the regulations that enable Bitcoin to be used as a price unit have been removed from the law.
Authorities say that these changes are necessary to adapt to the Credit Agreement with the IMF. El Salvador said that the funds to be taken will be used to support economic reforms and realize debt payments.
BUKELE management continues to adhere to Bitcoin
Although President Nayib Bukele argues that the changes did not change the country’s Bitcoin strategy to a great extent, this step significantly weakens Bitcoin’s role in state policies.
Before the reform, the Chivo wallet would be sold or closed. Now, it remains unclear whether the Bitcoin purchase restrictions specified in the IMF agreement will be implemented.
Nevertheless, the boule government has recently continued to increase Bitcoin reserves. This move is in parallel with the strengthening of the idea of Bitcoin’s adoption of a global reserve asset.
