El Salvador is giving businesses more flexibility regarding Bitcoin. The cryptocurrency, which has been an official currency in the country since 2021, will now be optional for private firms. This move, supported by the International Monetary Fund (IMF), aims to help revive the economy.
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The Central American nation, the first in the world to adopt Bitcoin as legal tender, is now scaling back its initial ambitions. Bitcoin usage will be voluntary for the private sector, although public institutions will still face certain restrictions in handling the cryptocurrency.
According to the IMF, this step reduces risks associated with the volatility of digital currencies, as businesses will be able to choose their preferred currency for transactions. This information was reported by the BBC.
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El Salvador and the IMF have agreed on a $1.4 billion loan through the Extended Fund Facility (EFF) program to support government reforms, including the voluntary use of Bitcoin. The program is set to last 40 months, pending final approval by the IMF’s executive board.
Key goals of the program include achieving fiscal stability and ensuring access to Bitcoin reserves, which exceed $632 million. The reform package also aims to improve government efficiency and strengthen the sustainability of the pension system.
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The IMF anticipates that the program could attract additional financial support from the World Bank, the Inter-American Development Bank, and other regional institutions. Potential contributors may include the Central American Bank for Economic Integration and the Development Bank of Latin America and the Caribbean. Total financial assistance during the program’s implementation could exceed $3.5 billion.
