El Salvador Amends Bitcoin Law to Secure $1.4 Billion IMF Loan

El Salvador's congress passed a bill with a 55-2 majority voting for the amendment to this reform of the country's Bitcoin law to receive a billion-dollar loan from the International Monetary Fund (IMF).

El Salvador, a country in Central America, passed a controversial law on September 7, 2021, qualifying Bitcoin as a legal tender in the country.

El Salvador has now made Bitcoin adoption voluntary for private merchants and prohibits tax collection in cryptocurrency.

As per IMF rules, taxes must be collected in US dollars, and public sector involvement in Bitcoin will be limited.