Summary
- El Salvador has reportedly agreed to the terms of a $3.5 billion bailout from the International Monetary Fund (IMF).
- The bailout conditions include removing the mandatory acceptance of Bitcoin and dismantling the state-owned virtual asset wallet 'Chivo'.
- By easing its Bitcoin legal tender policy, it appears to have strategically chosen to cooperate with the IMF.
El Salvador, which adopted Bitcoin (BTC) as legal tender and garnered significant attention from the virtual asset (cryptocurrency) market, is reportedly scaling back its Bitcoin project. This is in order to negotiate a bailout with the International Monetary Fund (IMF).
On the 18th (local time), the virtual asset specialized media Bitcoin Magazine reported via X (Twitter) that "El Salvador has agreed to the terms of a $3.5 billion IMF bailout," stating, "The conditions include removing the mandatory acceptance of Bitcoin in the private sector and dismantling the state-owned virtual asset wallet 'Chivo'."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
!["No U.S. government backstop" shock…Bitcoin retreats to the $60,000 level; Ethereum also rattled [Lee Su-hyun’s Coin Radar]](https://media.bloomingbit.io/PROD/news/a68e1192-3206-4568-a111-6bed63eb83ab.webp?w=250)