El Salvador to End Bitcoin Wallet Chivo in $1.4B IMF Agreement

El Salvador to End Bitcoin Wallet Chivo in $1.4B IMF Agreement

As part of a deal with the International Monetary Fund (IMF) to obtain a $1.4 billion loan, El Salvador is scheduled to shut down or sell off Chivo, the state-backed Bitcoin wallet. The ruling will not change the country's position on Bitcoin as legal tender, but it does represent a reevaluation of its approach to the cryptocurrency. According to Stacy Herbert, head of El Salvador's National Bitcoin Office, closing Chivo is in line with the I...

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