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**Salvador makes concessions to the IMF, but many things remain unchanged**
The International Monetary Fund (IMF) has announced that El Salvador has made significant concessions to ensure the successful implementation of its Bitcoin Law. According to reports, Herbert, a representative of the Salvadoran government, stated that they currently hold approximately 5968.77 Bitcoins, worth almost $600 million.
It is important to note that the IMF’s agreement will not affect the legal tender status of Bitcoin in El Salvador. This decision was made by Nayib Bukele, the President of El Salvador, back in September 2021. The International Monetary Fund had previously expressed concerns about the risks associated with using Bitcoin as a legal currency, citing its high volatility.
Despite the IMF’s warnings, Herbert emphasized that many projects related to Bitcoin will continue to operate. These include developing capital markets and educational programs focused on Bitcoin. He also reassured the public that the Chivo registration incentive, which initially offered $30 in Bitcoin per registration, but failed to gain widespread adoption, would not be a significant loss for the government.
According to the National Bureau of Economic Research, more than 60% of beneficiaries did not complete any transactions by mid-2022. A survey conducted by the University of Central America in January found that an astonishing 88% of Salvadorans do not use Bitcoin.
Despite these bleak numbers, El Salvador will still receive significant funding as part of its agreement with the IMF and other international financial institutions. The IMF has pledged $1.4 billion, while the World Bank, Inter-American Development Bank, and regional development banks are expected to provide an additional $3.5 billion.
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Source: http://www.bitcoinbazis.hu
