24/7 Cryptocurrency News

El Salvador President Nayib Bukele Silently Passes Bitcoin Reform Bill After IMF Deal

El Salvador President Nayib Bukele pushed the Bitcoin reform bill, complying with the IMF deal, while silently advancing the country's crypto agenda.
Published by
El Salvador President Nayib Bukele Silently Passes Bitcoin Reform Bill After IMF Deal

Highlights

  • El Salvador President Nayib Bukele pushes for a Bitcoin reform bill to comply with the IMF deal.
  • The BTC bill was approved with 55 votes supporting it.
  • President Bukele mocks Bitcoin critic Bob Menendez's corruption sentencing.

El Salvador President Nayib Bukele has once again caught the eyes of the crypto market watchers with his latest move. The President reportedly passed a Bitcoin reform bill to comply with the IMF deal, showcasing the country’s sustained focus on the flagship crypto. In addition, the President has also mocked the sentencing of anti-BTC Bob Menendez, who has once voiced concern against El Salvador’s adoption of BTC citing corruption woes.

Advertisement

El Salvador President Nayib Bukele Amends Bitcoin Law Under IMF Deal

El Salvador’s Congress, led by President Nayib Bukele’s New Ideas Party, swiftly approved a reform to the country’s Bitcoin law. The Bitcoin reform bill, passed just minutes after being introduced, ensures compliance with an IMF-backed $1.4 billion loan agreement.

According to previous reports, the IMF urged El Salvador to make BTC acceptance voluntary for the private sector, reducing its exposure to crypto risks. In response, the new amendment under Nayib Bukele clarifies that businesses are not obligated to accept BTC, addressing concerns raised by global financial institutions.

Meanwhile, Reuters reported that Elisa Rosales, a lawmaker from Bukele’s party, stated that the reform guarantees BTC’s status as legal tender while making its implementation more practical. The bill was approved with 55 votes in favor and only two against, reinforcing the government’s control over crypto regulations.

Advertisement

El Salvador’s Bitcoin Strategy In Focus Amid Global Push

Despite IMF pressure, Nayib Bukele remains steadfast in his Bitcoin vision, as evidenced by the push towards the recent Bitcoin reform bill. The government continues accumulating Bitcoin, signaling its long-term belief in the asset. This approach aligns with a broader global trend, as nations explore BTC as a reserve asset.

Recently, the Czech National Bank revealed plans to allocate 5% of its reserves to Bitcoin, joining a growing list of institutional investors embracing the cryptocurrency. Similarly, renowned Rich Dad Poor Dad author Robert Kiyosaki has repeatedly called BTC a safe haven amid economic uncertainties, while predicting the “biggest market crash in history” ahead.

On the other hand, US Senator Cynthia Lummis pushed for a decisive decision in the country’s Strategic Bitcoin Reserve recently. This development also showcases the growing confidence of the global leaders towards the flagship crypto.

Advertisement

Bukele Mocks Bitcoin Critic Bob Menendez

In a parallel development, Nayib Bukele reacted to the sentencing of ex-Senator Bob Menendez, a longtime critic of El Salvador’s Bitcoin adoption. Menendez was convicted of accepting bribes in cash and gold, a stark irony given his past claims that Bitcoin fueled corruption in El Salvador.

Meanwhile, Bukele shared the news update on X, sarcastically pointing out, “This guy said we used Bitcoin for money laundering and corruption.” His statement underscores the shifting narrative around Bitcoin, as traditional financial figures face legal troubles.

With Bukele securing a second term and tightening control over Congress, El Salvador’s Bitcoin policy is unlikely to change significantly. The country has already launched Bitcoin bonds and continues developing crypto-friendly infrastructure. While the IMF deal brings regulatory adjustments, it does not diminish El Salvador’s role as a Bitcoin pioneer.

Share
Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025
  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025