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As El Salvador slowly submits to requests by the International Monetary Fund (IMF), it has modified its laws to diminish bitcoin’s (BTC) role in the economy. Indeed, despite President Nayib Bukele taunting the IMF and boasting about his embrace of BTC, his need for US dollar financing has forced him to reverse most of his once-celebrated policies. This, in turn, has led to debates among Bitcoiners over whether BTC is even legal tender erupting on social media. BTC no longer accepted for payment of taxes Bukele’s administration has modified laws that enshrined BTC’s role as legal tender in the country’s constitution, neutering the role of the world’s foremost digital asset. Critically, the government deleted a provision in Article 4, “Todas las contribuciones tributarias podrán ser pagadas en bitcoin” (translated: All tax contributions may be paid in bitcoin). Because an instrument’s status as “legal tender for all debts, public and private” is usuall...

The IMF wants El Salvador to limit “public sector exposure to Bitcoin” The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin” The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin. During a press conference, IMF spokesperson Julie Kozack said: “What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.” Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.” The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin ...

Cointelegraph analyst and writer Marcel Pechman explains how a potential looming recession might be causing Bitcoin’s price to rise. The show Macro Markets, hosted by crypto analyst Marcel Pechman, which airs every Friday on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on the day-to-day crypto activity. The International Monetary Fund (IMF) and the United States Federal Reserve foresee an impending economic recession , which is the topic of today’s episode by crypto analyst Pechman. The video explains how the U.S.’s record-low unemployment rate could be hiding a bigger issue caused by inflation. Pechman explains that the S&P 500 being only 13% below its all-time high has been driven by investors moving away from fixed income and why inflation is no longer a primary concern. Finally, there’s the link between the banking crisis, a weaker U.S. dollar and Bitco...