El Salvador President Nayib Bukele has once again caught the eyes of the crypto market watchers with his latest move. The President reportedly passed a Bitcoin bill to comply with the IMF deal, showcasing the country’s sustained focus on the flagship crypto. In addition, the President has also mocked the sentencing of anti-BTC Bob Menendez, who has once voiced concern against El Salvador’s adoption of BTC citing corruption woes.
El Salvador President Nayib Bukele Amends Bitcoin Law Under IMF Deal
El Salvador’s Congress, led by President Nayib Bukele’s New Ideas Party, swiftly approved a reform to the country’s Bitcoin law. The bill, passed just minutes after being introduced, ensures compliance with an IMF-backed $1.4 billion loan agreement.
According to previous reports, the IMF urged El Salvador to make BTC acceptance voluntary for the private sector, reducing its exposure to crypto risks. In response, the new amendment under Nayib Bukele clarifies that businesses are not obligated to accept BTC, addressing concerns raised by global financial institutions.
Meanwhile, Reuters reported that Elisa Rosales, a lawmaker from Bukele’s party, stated that the reform guarantees BTC’s status as legal tender while making its implementation more practical. The bill was approved with 55 votes in favor and only two against, reinforcing the government’s control over crypto regulations.
El Salvador’s Bitcoin Strategy In Focus Amid Global Push
Despite IMF pressure, Nayib Bukele remains steadfast in his Bitcoin vision. The government continues accumulating Bitcoin, signaling its long-term belief in the asset. This approach aligns with a broader global trend, as nations explore BTC as a reserve asset.
Recently, the Czech National Bank revealed plans to allocate 5% of its reserves to Bitcoin, joining a growing list of institutional investors embracing the cryptocurrency. Similarly, renowned Rich Dad Poor Dad author Robert Kiyosaki has repeatedly called BTC a safe haven amid economic uncertainties, while predicting the “biggest market crash in history” ahead.
On the other hand, US Senator Cynthia Lummis pushed for a decisive decision in the country’s Strategic Bitcoin Reserve recently. This development also showcases the growing confidence of the global leaders towards the flagship crypto.
Bukele Mocks Bitcoin Critic Bob Menendez
In a parallel development, Nayib Bukele reacted to the sentencing of ex-Senator Bob Menendez, a longtime critic of El Salvador’s Bitcoin adoption. Menendez was convicted of accepting bribes in cash and gold, a stark irony given his past claims that Bitcoin fueled corruption in El Salvador.
Meanwhile, Bukele shared the news update on X, sarcastically pointing out, “This guy said we used Bitcoin for money laundering and corruption.” His statement underscores the shifting narrative around Bitcoin, as traditional financial figures face legal troubles.
With Bukele securing a second term and tightening control over Congress, El Salvador’s Bitcoin policy is unlikely to change significantly. The country has already launched Bitcoin bonds and continues developing crypto-friendly infrastructure. While the IMF deal brings regulatory adjustments, it does not diminish El Salvador’s role as a Bitcoin pioneer.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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