TechFlow news, January 30 — El Salvador's Congress swiftly approved on January 29 the Bitcoin reform bill submitted by President Nayib Bukele, in compliance with the requirements of a $1.4 billion loan agreement reached with the International Monetary Fund (IMF). The new bill amends previous regulations by changing the requirement for private-sector Bitcoin adoption from mandatory to voluntary. The reform passed with 55 votes in favor and 2 opposed.
El Salvador became the first country in 2021 to adopt Bitcoin as legal tender alongside the US dollar. However, the IMF has required the country to reduce its reliance on Bitcoin and adjust related policies under the loan agreement. Ruling party lawmaker Elisa Rosales stated that the amendment aims to safeguard Bitcoin's "legal tender status" while streamlining its practical application.
Despite these policy adjustments, the Bukele administration recently reaffirmed its intention to continue purchasing Bitcoin to bolster national reserves.
