El Salvador is in the process of securing a $3.5 billion deal with the International Monetary Fund, but is making some concessions around bitcoin (BTC) to get the funding.
Stacey Herbert, director of the Bitcoin Office in El Salvador, posted on Thursday that the government-issued Chivo wallet — launched in 2021 in a bid to spread bitcoin adoption across the country — will be “sold off or wound down” as part of the deal. Other bitcoin wallets operated by private companies will “continue serving El Salvador,” Herbert said.
The IMF stated on Wednesday that, under the agreement, El Salvador will also make bitcoin acceptance by the private sector voluntary, and that taxes will only be paid in U.S. dollars (not bitcoin). “For the public sector, engagement in bitcoin-related economic activities and transactions in and purchases of bitcoin will be confined,” the document also said, without going into further detail.
Herbert, however, wrote in her post that El Salvador will continue to add bitcoin to its reserves — possibly, even, at an “accelerated pace.” The Central American nation is currently buying one
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Author: Tom Carreras
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