El Salvador may reduce its Bitcoin plan to reach a $1.3 billion IMF agreement

ChainCatcher news, according to Solid Intel, El Salvador may reduce its Bitcoin plan to reach a $1.3 billion agreement with the International Monetary Fund (IMF).

The El Salvadoran government will also commit to reducing the budget deficit by 3.5 percentage points over three years through spending cuts and increased taxes, and will advance this plan by passing an anti-corruption bill and increasing foreign exchange reserves from $11 billion to $15 billion.

The IMF has opposed El Salvador's adoption of this digital currency, stating that it poses risks to financial stability and integrity, and urged the Bukele government to stop using cryptocurrency as legal tender.