El Salvador may scrap official bitcoin wallet Chivo after $1.4 billion IMF deal

On Wednesday, El Salvador struck a $1.4 billion loan deal with the IMF after agreeing that it would scale back its bitcoin policies. In 2021, the country became the first to make the cryptocurrency a legal tender.

Profile image By Reuters December 20, 2024, 12:01:15 AM IST (Published)

El Salvador’s official digital bitcoin wallet Chivo will be sold or discontinued, an official said on Thursday, a day after the Central American country struck an agreement with the International Monetary Fund (IMF).

Stacy Herbert, director of the national bitcoin office, said the cryptocurrency would remain a legal tender and that the government would continue to buy it, possibly at an accelerated pace, for its strategic reserves.

On Wednesday, El Salvador struck a $1.4 billion loan deal with the IMF after agreeing that it would scale back its bitcoin policies. In 2021, the country became the first to make the cryptocurrency a legal tender.

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20.12.2024

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