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Weekly Report - 23 January 2025 (WR-25-03)

TRACKING TRENDS

EL SALVADOR | Bukele goes crypto – again. After talks with the International Monetary Fund (IMF) last December the government of President Nayib Bukele agreed to restrict the use of digital currency Bitcoin, which had been declared as legal tender in 2021. In exchange for the promise of US$1.4bn in IMF financing, the government agreed to stick to the US dollar for tax payments, to make use of Bitcoin voluntary, and to “unwind” Chivo - the technically troubled smartphone crypto payments system.

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