Bitcoin $101,794.5El Salvador, the first country to use it as a legal currency, has issued a new law to limit crypto money efforts.
Amendment of Law from El Salvador Congress
According to Reuters, the El Salvador Parliament accepted a bill on Wednesday that would change the Bitcoin law in accordance with the government’s agreement with the International Monetary Fund (IMF).
In December, the El Salvador government and the IMF teams reached a loan agreement of $ 1.4 billion in exchange for whether El Salvador was free to accept businesses to accept crypto currency payments.
Economic reforms and reducing Bitcoin risks
El Salvador plans to use this fund to support economic reforms. The IMF said that the regulation made within the scope of expanded fund ease (EFF) will reduce the country’s risks to Bitcoin.
“The potential risks of the Bitcoin project will significantly decrease in line with funding policies. Legal reforms will volunteer the acceptance of Bitcoin by the private sector. For the public sector, participation in economic activities associated with Bitcoin will be limited to the purchase of Bitcoin. ”
El Salvador Congress approved the bill with 55 yes and 2 no votes, under the rule of President Nayib Bukele’s New Ideas Party.
This agreement is still subject to the approval of the IMF Executive Board and will be valid provided that El Salvador fulfills the conditions.
The impact of legal regulations on the public and private sector
The changes will maintain the private sector’s freedom of Bitcoin’s use, while the transactions in the public sector will make more controlled.
These arrangements aim to support El Salvador’s economic stability and manage the risks of crypto currencies.
This step of El Salvador may be an important example for the legal status of crypto currencies for other countries.
In addition, the agreement with the IMF can strengthen the country’s international financial relations and contribute to economic development.
New laws on Bitcoin can reshape the country’s position in the crypto currency market and form the basis for future crypto arrangements.
Conclusion
El Salvador’s legal changes strengthen the cooperation with the IMF, making the use of crypto currency more controlled. This step is considered an important development in terms of economic reforms and risk management. This move of the country can also offer important lessons for global crypto monetary policies.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
