As a condition of a new IMF loan package, President Bukele of El Salvador has had to concede three aspects of the Bitcoin Law passed in 2021.
The concessions include removing the legal tender mandate requiring businesses to accept Bitcoin and shutting down the state-run wallet and on/off-ramp service, Chivo.
However, the state will no longer accept tax payments in bitcoin.
President Bukele's priority is to help the Salvadoran people, and if deprioritizing Bitcoin is in their best interest, he will do so.