The International Monetary Fund deal to ban the public sector “accumulation of bitcoin” in El Salvador
The International Monetary Fund (IMF) is looking to tighten the restrictions imposed on bitcoin purchases by El Salvador as part of a $ 1.4 billion financing arrangement with the country.
On March 3, International Monetary Fund Release A new request to arrange an extended arrangement under the facilities of funds to El Salvador, and to provide many new documents, including updating the employee statement and a statement by the Executive Director of El Salvador.
The technical note was mentioned to understand the case of “the absence of a voluntary accumulation of BTC by the public sector in El Salvador.”
In addition, the memorandum is requested to restrict the public sector to be issued for “any kind of debt or the distinctive tool that is indexed or resistance in Bitcoin and guarantees the responsibility of the public sector.”
An excerpt from the technical memorandum of the International Monetary Fund for understanding with El Salvador. Source: International Monetary Fund
Méndez bertolo from the International Monetary Fund: “The risk of bitcoin is reduced”
In a accompanying statement from February 26, Méndez Bertolo, Executive Director of the Fund for El Salvador, confirmed that the expanding fund facade of El Salvador aims to provide “improvements in governance, transparency and flexibility to enhance confidence and the possibility of the country’s growth.”
“Meanwhile, bitcoin risk is reduced,” Bartolo said, adding:
“The authorities have enacted amendments to Bitcoin Law, which clarifies the legal nature of Bitcoin and removes the basic features of the law. Bitcoin’s acceptance will be voluntary, tax payments will be made in US dollars, and the role of the public sector will be limited to the Bitcoin project.”
Bertolo said that the program is expected to attract “great additional financial support” from the World Bank, the Development Bank between America and other regional development banks.
This is a developing story, and more information will be added when available.
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