Bitcoin

IMF Demanding El Salvador Modify “Bitcoin Law” in Exchange for $1.4 Billion Credit Line

The International Monetary Fund (IMF) seems to be taking advantage of this situation to put critical pressure on the Bitcoin bull country El Salvador.El Salvador is a popular country across the world. In 2021, this country grabbed huge attention in the world, when its president Nayib Bukele announced the adoption of Bitcoin as a legal tender. Since Sep 2021, Bitcoin has been the second legal currency of the country, after the US dollar. The El Salvador government was criticised by big traditional financial players, opposition leaders, & international financial organisations for Bitcoin adoption as a currency, but Bukele always remained strong with his pro-Bitcoin stance. Recently many media reports surfaced across the internet world, which claimed that the International Monetary Fund (IMF), one of El Salvador’s Bitcoin law critics, asked the country to stop Bitcoin-focused initiatives if they want to secure a $1.4 billion credit line.

However, no official sourced statement from the IMF body or the El Salvador government came to the public domain on this matter but we can see that El Salvador President Bukele is actively engaged to reduce the debt pressure from the country. Just a few days ago, Bukele invited people to purchase the country’s external debt. For such efforts, he is getting huge support. Ensuring financial stability is crucial for nations, and your proactive approach to managing debt is commendable. Encouraging responsible fiscal practices sets a valuable example for sustainable economic management.— Muhmmad Azhar (@AzharTheGreat) April 8, 2024 Just a week ago, El Salvador started a new initiative to attract foreign citizens in the country, who are talented enough. Bukele announced that the country is open to inviting 5,000 people in the country who are talented in their corresponding fields. Also, the country will help to relocate their property & all businesses in the country at zero percentage tax & with free country citizenship. We’re offering 5,000 free passports (equivalent to $5 billion in our passport program) to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad. This represents less than 0.1% of our population, so granting them full citizen status, including… — Nayib Bukele (@nayibbukele) April 6, 2024 All such efforts by the El Salvador Government are showing that the leadership of the country is really in good hands and they’re trying to use every type of strategy to push the growth of the country to the next level. Read also: Bitcoin & Ethereum crash 10%+ amid rising fears of conflict between Israel vs Iran, people call it an opportunity



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