El Salvador may roll back a small aspect of its Bitcoin law as part of a new deal with the International Monetary Fund.

The Latin American country may no longer require Salvadorean merchants to accept bitcoin (BTC) as a means of payment across the nation, instead making bitcoin acceptance voluntary, according to a new report from the Financial Times.

The legal modification is part of the conditions imposed by the IMF for El Salvador to gain access to a $1.3 billion loan program, the report said. The World Bank and the Inter-American Development Bank are also expected to lend an extra $1 billion each to the nation, for a total of $3.3 billion. The agreement is projected to be reached within the next two or three weeks.

El Salvador shook the world when it made bitcoin legal tender in 2021, granting the top cryptocurrency the same regulatory status as the nation’s official currency, the U.S. dollar. At the same time the country’s president, Nayib Bukele, has pursued the establishment of a bitcoin Treasury, the holding of which has neared $600 million at bitcoin’s current price of roughly $100,000.

The IMF, however, has criti

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Author: Tom Carreras