El Salvador's Congress approves reform of Bitcoin Act, Bitcoin is no longer considered "legal currency"

Odaily Planet Daily News According to the Spanish newspaper El País, the El Salvadorian Congress recently approved the reform of the Bitcoin Act, officially abolishing Bitcoin's status as legal tender. The reform came after nearly two years of pressure from the International Monetary Fund (IMF), which set a condition of "reducing the risk of Bitcoin" in exchange for Kenyan President Nayib Bukele's approval of a much-needed $1.4 billion loan. If the Salvadoran government wants to receive the money, it must amend the law before the last day of January. More than three years after the law was implemented, representatives have amended six of its articles and repealed three of the sixteen articles. From now on, Bitcoin will no longer be considered "legal tender"; its acceptance will be voluntary instead of mandatory, and it will not be used for taxation. Although President Bukele is very active on social media, he has not made any comments on this.