President Nayib Bukele has reached a milestone in its path to improve the economic standing of El Salvador, securing an agreement with the International Monetary Fund (IMF) that will benefit the country with funds to improve the country’s economy.
Salvadoran authorities scored a $1.4 billion credit facility from the fund, to “address balance of payment needs and support the government’s economic reforms,” according to a press release issued by the IMF. The facility would also include a further push for the country to receive more support from other institutions including the World Bank, the Inter-American Development Bank, the Central American Bank for Economic Integration (CABEI), and the Development Bank of Latin America and the Caribbean (CAF) to receive a combined support of $3.5 billion during 40 months.
The IMF remarked on the Salvadoran economy’s post-pandemic growth and improvement in the country’s fiscal situation, stressing this facility would aim to create the conditions for continued betterment of these variables.
To finalize this deal, El Salvador agreed to reduce the role of bitcoin in its economy, as the IMF had included this as a requirement to pass this credit facility.
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A recent resolution issued by the Security Ministry of Argentina has added crypto crimes to the set of activities that will be tracked and surveilled by police forces. Resolution 1330/2024 states that the federal security forces will develop countermeasures to fight crimes of “unauthorized financial intermediation through the use of cryptoassets,” to prevent them from materializing. The Ministry argues that the constant advances in the cryptocurrency field have generated a space for cyber-assisted crime, affecting a large number of citizens and sparking a rise in pyramid schemes that promise unreal revenues in fiat or digital assets.
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Crypto is becoming a common subject in legislative bodies’ debates all around the world. A multipartisan group has requested to dedicate a Brazilian Senate session to discuss the state of crypto markets in the country. The meeting, titled “Cryptocurrency Market: The Future Of Finance and Digital Economy,” aims to examine the advantages and challenges that rising cryptocurrency adoption will bring to Brazil.
This adoption growth is part of the hearing justification. The 13 deputies that requested this meeting, helmed by Senator Jorge Seif, argue that digital assets will grow to be used by a large degree of the population by 2030.
Brazil has consistently ranked among the countries in Latam and the world with the biggest crypto adoption, and the size of its economy makes it attractive for crypto companies. The hearing request seems to focus on establishing a base for subsequent hearings, mentioning elements like Ethereum 2.0, decentralized finance solutions, and non-fungible tokens (NFTs) as part of a natural push for financial democratization.
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