El Salvador scales back bitcoin bet to get $1.4bn IMF loan
El Salvador has struck a $1.4bn (£1.1bn) loan deal with the International Monetary Fund (IMF) after agreeing to scale back its controversial bitcoin policies. The IMF said risks related to the adoption of the world's largest cryptocurrency had eased now that businesses will be allowed to decide whether or not to accept bitcoin.
El Salvador Made Bitcoin an Official Currency. Now It’s Backtracking for IMF Loan.
The government of El Salvador’s President Nayib Bukele agreed to scale back his ambitious plan to adopt bitcoin as a national currency in exchange for a much-needed $1.4 billion loan by the International Monetary Fund.
IMF Reaches Agreement with El Salvador for $1.4 Billion Loan
El Salvador reached a deal with the International Monetary Fund after four years of negotiations that were strained by the country’s adoption of Bitcoin as a legal tender.
IMF Reaches Staff-Level Agreement with El Salvador on an Extended Fund Facility Arrangement
IMF staff and the El Salvadoran authorities have reached a staff-level agreement on a new arrangement under the IMF’s Extended Fund Facility (EFF) for about US.4 billion to support the government’s reform agenda.
El Salvador to Scale Back Bitcoin Efforts Under $1.4 Billion IMF Deal
Under the agreement, El Salvador will make Bitcoin acceptance voluntary for the private sector while restricting public sector involvement.
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IMF Reaches New $1.4 Bn Loan Agreement With El Salvador
The IMF announced on Wednesday that it had reached an agreement on a $1.4 billion loan deal with the government of El Salvador to strengthen the Central American country's economy.