El Salvador's Congress has quickly approved changes to its Bitcoin laws to comply with an agreement reached with the International Monetary Fund.
This bill, which was sent by President Nayib Bukele, was ratified by the Legislative Assembly in just minutes on January 29, Reuters reports.
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In December, El Salvador signed a $1.4 billion loan agreement with the IMF. As part of this agreement, the government was to reduce its participation in Bitcoin and make it optional and voluntary for private sector merchants.
The amendment passed with a large majority of 55 votes in favor and only 2 votes against. Prior to this change, merchants were legally required to accept Bitcoin as a valid form of payment.