IMF approves $138 million for El Salvador, calls for reducing country’s involvement in Bitcoin activities

Odaily Planet Daily News The International Monetary Fund (IMF) completed the second and third reviews of El Salvador’s 40-month extended fund arrangement and approved the immediate disbursement of approximately US$138 million under the US$1.4 billion financing plan. Although some performance standards were not met, the IMF granted exemptions based on corrective actions and recommitment.

The IMF stated that El Salvador will continue to reduce the country’s involvement in Bitcoin-related activities, strengthen crypto-asset supervision, governance and transparency of public sector crypto-asset holdings, and will no longer increase its holdings of Bitcoin except for recorded donations. Majority ownership and operational control of the government’s Chivo Bitcoin wallet has been transferred to a private operator. (Cointelegraph)