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EL SALVADOR SECURES IMF DEAL AS BITCOIN ACCEPTANCE TURNS VOLUNTARY
The $1.4 billion IMF agreement establishes voluntary Bitcoin acceptance in the private sector while limiting public sector involvement.
▪️El Salvador reached a $1.4 billion agreement with IMF making Bitcoin acceptance voluntary.
▪️The deal includes fiscal measures and expects $3.5 billion additional financing from World Bank and regional banks.
El Salvador has secured a $1.4 billion agreement with the International Monetary Fund (IMF), marking a shift in the country’s crypto policies by making Bitcoin acceptance voluntary.
The agreement, which requires IMF Executive Board approval, includes fiscal consolidation measures targeting a 3.5% improvement in the primary balance over three years.
El Salvador’s public debt, which reached 85% of GDP in 2024, is expected to decrease under the program.
The deal anticipates additional financing of $3.5 billion from the World Bank and regional development banks to support the country’s economic reforms.
As part of the agreement, El Salvador will reduce Bitcoin’s role in its economy.
The government plans to make private sector adoption of Bitcoin voluntary while limiting public sector involvement.
Taxes will only be accepted in US dollars, further scaling back Bitcoin’s official use.
Officials will also gradually wind down the state-backed Chivo e-wallet operations and restrict Bitcoin-related transactions.
The announcement coincides with Bitcoin’s price decline to just above $100,000, following its recent all-time high of $108,000, as markets react to the Federal Reserve’s hawkish stance on interest rates.
El Salvador’s economy shows resilience amid these changes, benefiting from strong remittances, growing tourism, and improved security conditions.
@ Newshounds News™
Source: Crypto Briefing
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HONG KONG’S HASHKEY GROUP LAUNCHES ETHEREUM LAYER 2 HASHKEY CHAIN ON MAINNET
▪️HashKey Group has launched its Ethereum Layer 2 HashKey Chain on mainnet.
▪️HashKey joins other crypto firms like Coinbase and Kraken in building their own Layer 2 networks using the OP Stack.
HashKey Group has launched HashKey Chain on mainnet just eight months after first announcing plans to introduce its own Ethereum Layer 2.
HashKey Group is a Hong Kong-based regulated digital asset financial services provider offering trading, asset management, custody and blockchain ecosystem solutions.
During the testnet phase, which began on Nov. 11, the firm claims that HashKey Chain generated nearly 25 million transactions, registered more than 860,000 wallet addresses and achieved 400 transactions per second under test conditions.
A total of 50 projects were successfully deployed, with 300,000 community members actively participating, it said in a statement shared with The Block.
Similar to Coinbase’s leading Layer 2 network Base and Kraken’s upcoming Ink, HashKey Chain joins the broader Ethereum ecosystem as part of the Superchain — a network of interoperable Layer 2 blockchains built using Optimism’s OP Stack, which enables seamless communication and scalability across networks.
Other projects, including OP Mainnet itself, Zora and Worldcoin, have already deployed Layer 2s on the Superchain, with the decentralized exchange Uniswap unveiling its own Unichain optimistic rollup plans in October.
“Leveraging the latest OP Stack and rollup technology, we have expanded network capacity to deliver a smoother user experience,” HashKey Eco Labs CEO Kay Lu said. “This also creates a secure, efficient, and developer-friendly environment for building transformative decentralized applications on a compliant and innovation-driven public chain.”
@ Newshounds News™
Source: The Block
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Source: Seeds of Wisdom Team RV Currency Facts
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