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El Salvador President Passes Bitcoin Reform Bill

El Salvador President Passes Bitcoin Reform Bill

El Salvador president Nayib Bukele quietly advanced the country’s crypto agenda while advocating for the Bitcoin reform bill by the IMF agreement.

Nayib Bukele, the President of El Salvador, has once again captivated the attention of crypto market observers with his most recent action. According to reports, the President approved a Bitcoin bill to adhere to the IMF agreement, indicating the nation’s ongoing commitment to the flagship cryptocurrency. Furthermore, the President has also ridiculed the sentencing of Bob Menendez, an anti-BTC activist who has previously expressed apprehension regarding El Salvador’s adoption of BTC, citing corruption issues.

President Nayib Bukele of El Salvador amended the Bitcoin law through an IMF agreement

El Salvador’s Congress swiftly approved reforming the country’s Bitcoin law, led by President Nayib Bukele’s New Ideas Party. The bill, passed minutes after it was introduced, guarantees adherence to a $1.4 billion loan agreement backed by the International Monetary Fund.

The IMF recommended that El Salvador reduce its exposure to crypto risks by making BTC acceptance voluntary for the private sector, as indicated in previous reports. In response, the new amendment under Nayib Bukele clarifies that businesses are not required to accept BTC, thereby addressing the concerns of global financial institutions.

At the same time, Reuters reported that Elisa Rosales, a lawmaker from Bukele’s party, asserted that the reform ensures BTC’s legal tender status while simplifying its implementation. The bill’s approval further reinforced the government’s control over crypto regulations, which received 55 votes in favor and only two against.

Amid a global push, El Salvador’s Bitcoin strategy is under scrutiny

Nayib Bukele’s Bitcoin vision remains unwavering despite the pressure from the International Monetary Fund. The government’s ongoing accumulation of Bitcoin is a testament to its steadfast faith in the asset. This strategy is consistent with a general global trend as countries investigate BTC as a reserve asset.

The Czech National Bank has recently announced its intention to allocate 5% of its reserves to Bitcoin, thereby joining many institutional investors adopting it. Similarly, Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, has consistently referred to Bitcoin as a haven in the face of economic uncertainties while anticipating the “largest market crash in history.”

Conversely, US Senator Cynthia Lummis recently advocated for a definitive decision regarding the Strategic Bitcoin Reserve of the United States. This development also demonstrates the increasing confidence of global leaders in the flagship crypto.

Bob Menendez, a Bitcoin critic, is ridiculed by Bukele

In a concurrent development, Nayib Bukele responded to the sentencing of former Senator Bob Menendez, who has frequently criticized El Salvador’s adoption of Bitcoin. Menendez was found guilty of accepting bribes in cash and gold, a stark irony in light of his previous assertions that Bitcoin was the source of corruption in El Salvador.

Bukele disseminated the news update on X in the interim, sarcastically observing, “This individual claimed that Bitcoin was employed for money laundering and corruption.” His statement emphasizes the evolving narrative surrounding Bitcoin as conventional financial figures encounter legal complications.

El Salvador’s Bitcoin policy is unlikely to change substantially due to Bukele’s successful second term and increased control over Congress. The nation has already implemented Bitcoin bonds and is in the process of constructing infrastructure that is compatible with cryptocurrency. Although the IMF agreement necessitates regulatory modifications, it does not diminish El Salvador’s status as a Bitcoin pioneer.

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