Nayib Bukele kills Salvadoran bitcoin initiatives to appease IMF
Nayib Bukele’s tune has seemingly changed his stance on the International Monetary Fund (IMF). Bukele once laughed at its bankers causing a dip in bitcoin (BTC) prices, refused to consider repeated requests to revoke the crypto as legal tender, and angered IMF workers with various tweets. He has also censored the IMF’s views within El Salvador and refused to meet its demands for debt refinancing. However, yesterday, the president’s staff kowtowed to IMF demands, agreeing to confine his administration’s BTC-related economic activities and transactions, eliminate the acceptance of BTC tax payments, and unwind the government’s involvement with its once-state-backed BTC wallet and ATM network, Chivo. Bukele made these compromises to get access to a paltry $1.4 billion loan extension to fund his administration’s reform agenda. “IMF staff thank the Salvadorean authorities for the excellent collaboration and candid dialogue,” press officers wrote, juxtaposing Bukele’...