El Salvador to Receive $120 Million IMF Payment Amidst Bitcoin Spending Controversy

The International Monetary Fund (IMF) has agreed to provide El Salvador with a $120 million payment as part of an initial tranche for its $1.4 billion loan agreement last year. This comes after the IMF demanded measures to curb government involvement in Bitcoin, including ceasing the Chivo wallet by July’s end. The IMF emphasized continuing efforts to ensure that Bitcoin holdings across all government-owned wallets remain static.