How Nayib Bukele Played the IMF with Bitcoin Bargaining Chip

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After adopting bitcoin as legal tender in El Salvador in June 2021, President Nayib Bukele has agreed to reform the Bitcoin Law to access a US$1.3 billion loan from the International Monetary Fund.

Bukele’s government has been negotiating with the IMF for three years. Initially, the IMF firmly rejected any deal so long as El Salvador continued recognizing bitcoin as legal tender.

However, in recent negotiations, Bukele has used the Bitcoin Law as a strategic tool, turning it into an asset in his favor. As a result, El Salvador is set to soon receive IMF funds without losing its Bitcoin Law.

Read the article: https://impunityobserver.com/2024/12/18/how-nayib-bukele-imf-with-bitcoin-bargaining-chip/