El Salvador Agrees to Reduce Bitcoin Policy for $3.5 Billion from IMF

El Salvador, which adopted Bitcoin (BTC) as legal tender and garnered significant attention from the virtual asset (cryptocurrency) market, is reportedly scaling back its Bitcoin project. This is in order to negotiate a bailout with the International Monetary Fund (IMF).

On the 18th (local time), the virtual asset specialized media Bitcoin Magazine reported via X (Twitter) that "El Salvador has agreed to the terms of a $3.5 billion IMF bailout," stating, "The conditions include removing the mandatory acceptance of Bitcoin in the private sector and dismantling the state-owned virtual asset wallet 'Chivo'."