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The International Monetary Fund (IMF) recently agreed to a $1.4 billion loan deal with El Salvador, led by President Nayib Bukele. However, the agreement includes strict conditions on Bitcoin usage: private sector acceptance must remain voluntary, government involvement in Bitcoin activities will be phased out, and taxes must only be paid in U.S. dollars.
El Salvador adopted Bitcoin as legal tender in September 2021, with Bukele promoting it as a way to include unbanked citizens in the financial system. The government launched the Chivo Wallet app, providing $30 incentives to new users. Despite initial enthusiasm, Bitcoin’s value has fluctuated significantly, reaching $100,000 following Donald Trump’s re-election but previously dropping to $23,000.
A 2024 survey by the Central American University revealed that 92% of Salvadorans did not use Bitcoin, suggesting limited public adoption despite the government’s early investment in the cryptocurrency.
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