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El Salvador’s Legislative Assembly has approved amendments to its Bitcoin Law, ensuring compliance with a $1.3 billion loan agreement with the International Monetary Fund (IMF). The revision makes Bitcoin optional for private businesses, slightly altering the country’s regulatory stance on crypto. According to Reuters, the bill was swiftly ratified after being submitted by President Nayib Bukele, securing 55 votes in favor and just two against. Lawmaker Elisa Rosales emphasized that the reforms would make Bitcoin’s use more "practical" while maintaining its status as legal tender.
IMF Deal and Continued Bitcoin Accumulation
[embed]https://twitter.com/nayibbukele/status/1884791213829620153[/embed] This amendment follows El Salvador’s December 2024 agreement with the IMF, which led to scaled-back Bitcoin adoption in exchange for the financial package. The move is expected to unlock an additional $2 billion in funding from the World Bank and the Inter-American Development Bank. Despite the regulatory shift, the country remains committed to its Bitcoin investment strategy. As of January 30, El Salvador holds 6,049 BTC, valued at $634.44 million, reflecting a 129% profit from its purchases. Recently, the government added 2 BTC to its Strategic Bitcoin Reserve on January 27, bringing total acquisitions to 14 BTC in 10 days.
Bukele Pushes Anti-Corruption Law
Beyond crypto, President Bukele has introduced an Anti-Corruption Law aimed at enhancing transparency and accountability. The proposal mandates public officials and their families to declare their wealth annually, ensuring greater oversight on government expenditures. With these legislative changes, El Salvador continues to balance economic reforms, crypto adoption, and governance transparency. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.