IMF 1 – El Bitcoin 0

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June 5, 2021. El Salvador president Nayib Bukele to a bitcoin conference:

Great ideas are beautiful, and have great power. But like most beautiful things, they can also be more fragile than everything. When I was a kid, we thought about the future and we were delighted by its possibilities. We couldn’t wait for it to happen and be part of its creation.

Our ingenuity is what separates us from other species. In El Salvador, we are trying to rescue this idea and start the design of a country for the future using the best ingredients that makes us who we are, while using sensibility to find the best examples of ideas from history and around the world. I believe bitcoin could be one of those ideas. This is why, next week I will send to Congress a bill that will make bitcoin a legal tender in El Salvador.

December 16, 2024: El Salvador: The Leading Bitcoin Country w/ Max Keiser and Stacy Herbert

December 18, 2024: IMF Reaches Staff-Level Agreement with El Salvador on an Extended Fund Facility Arrangement

– IMF staff and the El Salvadoran authorities have reached a staff-level agreement on a new arrangement under the IMF’s Extended Fund Facility (EFF) for about US$1.4 billion to support the government’s reform agenda. The agreement is subject to IMF Executive Board approval.

– The program aims to strengthen fiscal and external sustainability, through implementation of an ambitious and growth-friendly fiscal consolidation plan, as well as actions to enhance reserve buffers.

– Early efforts to improve governance, transparency, and resilience will be essential to boost confidence and the country’s growth potential, against the backdrop of strong security improvements.

– Meanwhile, Bitcoin-related risks are being mitigated. Acceptance of Bitcoin by the private sector will be voluntary and public sector’s participation in Bitcoin-related activities will be confined.

Further reading:
— El Salvador’s ‘absurd’ bond deal (FTAV)
— El Salvador hasn’t defaulted. Don’t thank Bitcoin (FTAV)
— El Bagholder strikes again (FTAV)