However, the IMF has objected to the Bitcoin law amid loan negotiations with El Salvador, which needs financing to pay debts and obligations. Talks have stalled for nearly two years over the IMF's calls to limit Bitcoin's scope in the country.
The fund's opposition highlights a clash over the future of money and payments. While Bukele sees Bitcoin as an innovative solution for financial inclusion, the IMF remains wary of its volatility and decentralized nature, and a threat to their dominance. The IMF loan impasse puts El Salvador in a difficult fiscal position. By tying loan access to changes in El Salvador's Bitcoin law, the IMF is exerting its influence over poorer nations. But Bukele seems unwilling to back down on Bitcoin, creating an ideological tug-of-war.
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