El Salvador reaffirms its commitment to Bitcoin despite pressure from the IMF regarding the country’s use of the digital asset.
On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced important amendments to the CNAD law, granting the authority to regulate Bitcoin companies in the country.
Bitcoin Regulation
The CNAD will now oversee the nation’s Bitcoin industry and implement a risk-based regulatory framework to establish El Salvador as a global leader in digital asset adoption and regulation.
Reyes emphasized the importance of combining regulatory knowledge with practical Bitcoin experience for an effective approach.
The National Bitcoin Office (ONBTC) of the Office of the President of El Salvador announced the country’s initiative to build new capital markets on Bitcoin.
IMF Concerns
The IMF expressed concerns about El Salvador’s Bitcoin initiatives and recommended narrowing the scope of the Bitcoin law, strengthening the regulatory framework, and limiting public sector exposure to Bitcoin.
Despite the IMF’s caution, the crypto community advised El Salvador to stand firm in its pro-Bitcoin stance, praising President Nayib Bukele’s vision for driving a remarkable transformation.
