The International Monetary Fund (IMF) has reached a staff-level agreement with El Salvador on the review of an Extended Fund Facility (EFF) arrangement, confirming that the country will not accumulate Bitcoin beyond recorded private donations. This marks a key concession in El Salvador's cryptocurrency policy, which has been criticized by the IMF since the country made Bitcoin legal tender in 2021. The agreement removes a major obstacle for the disbursement of subsequent loan tranches.
The International Monetary Fund (IMF) has reached a staff-level agreement with El Salvador on the review of an Extended Fund Facility (EFF) arrangement, according to a statement. The agreement confirms that El Salvador will not accumulate Bitcoin beyond what is recorded from private donations.
El Salvador made Bitcoin legal tender in 2021 and has been purchasing the cryptocurrency. The IMF has long criticized this policy. The staff-level agreement removes a major obstacle for the disbursement of subsequent loan tranches and marks a key concession by El Salvador on its cryptocurrency policy.
Source: Cointelegraph
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