Public sector involvement with Bitcoin will be restricted, and Chivo wallet will be phased out.
A survey shows 92% of Salvadorans don’t use Bitcoin for transactions.
El Salvador has agreed to make merchant acceptance of
Bitcoin voluntary as part of a $1.4 billion loan agreement with the
International Monetary Fund (IMF). Meanwhile, Bitcoin made a bearish move
yesterday (Wednesday), causing its price to drop to $100000. The cryptocurrency
had reached an all-time high of $108,000 the day before.
The country will also scale back its involvement with the
Chivo wallet, which has seen limited use, and restrict public sector
participation in Bitcoin-related activities. These changes are aimed at
reducing El Salvador's debt-to-GDP ratio, according to an IMF statement on
December 18.
IMF Agreement Limits Bitcoin Use
The agreement, set to last 40 months, requires El Salvador
to implement legal reforms, making Bitcoin acceptance voluntary for the private
sector. Additionally, public sector engagement with Bitcoin will be confined,
with taxes to be paid in US dollars, the country’s official currency. The IMF
noted that government involvement in Chivo will be gradually phased out.
“The potential risks of the Bitcoin project will be
diminished significantly in line with Fund policies. Legal reforms will make
acceptance of Bitcoin by the private sector voluntary,” the IMF said.
BTCUSD Forms Bearish Engulfing Candle After Reaching
$108K
After breaching the $100K mark, BTCUSD headed north and
reached $108K. However, following the formation of a doji candle on the daily
chart, a bearish engulfing candle emerged, closing back within the $100K range.
This is a significant level, where the cryptocurrency is likely to find its
next direction for some time.
BTCUSD, Daily Chart, Source: TradingView
El Salvador’s Bitcoin Strategy Faces IMF Scrutiny
El Salvador, which
started buying Bitcoin in 2021, currently holds 5,968.8 Bitcoin, valued
at approximately $632 million. A spokesperson for the National Bitcoin
Office confirmed that the country will continue accumulating Bitcoin at a rate
of one per day and will not sell its current holdings.
The deal is subject to approval by the IMF Executive Board
but concludes years of negotiations surrounding President Nayib Bukele’s 2021
decision to adopt Bitcoin as legal tender. The IMF has previously expressed
concerns about the risks posed by Bitcoin, citing its speculative nature.
92% of Salvadorans Avoid Bitcoin
In addition to the IMF loan, El Salvador is expected to
secure over $3.5 billion in total financing from other global financial
institutions, including the World Bank.
In response to the IMF announcement, Bukele's Bitcoin
adviser, Max Keiser, criticized the IMF, dismissing its comments as
"bureaucratic" and "meaningless."
Keiser argued that
Bitcoin use in El Salvador remains voluntary and continues to grow. However, an
October survey revealed that 92% of Salvadorans do not use Bitcoin for
transactions, a slight increase from 88% in 2023.
El Salvador has agreed to make merchant acceptance of
Bitcoin voluntary as part of a $1.4 billion loan agreement with the
International Monetary Fund (IMF). Meanwhile, Bitcoin made a bearish move
yesterday (Wednesday), causing its price to drop to $100000. The cryptocurrency
had reached an all-time high of $108,000 the day before.
The country will also scale back its involvement with the
Chivo wallet, which has seen limited use, and restrict public sector
participation in Bitcoin-related activities. These changes are aimed at
reducing El Salvador's debt-to-GDP ratio, according to an IMF statement on
December 18.
IMF Agreement Limits Bitcoin Use
The agreement, set to last 40 months, requires El Salvador
to implement legal reforms, making Bitcoin acceptance voluntary for the private
sector. Additionally, public sector engagement with Bitcoin will be confined,
with taxes to be paid in US dollars, the country’s official currency. The IMF
noted that government involvement in Chivo will be gradually phased out.
“The potential risks of the Bitcoin project will be
diminished significantly in line with Fund policies. Legal reforms will make
acceptance of Bitcoin by the private sector voluntary,” the IMF said.
BTCUSD Forms Bearish Engulfing Candle After Reaching
$108K
After breaching the $100K mark, BTCUSD headed north and
reached $108K. However, following the formation of a doji candle on the daily
chart, a bearish engulfing candle emerged, closing back within the $100K range.
This is a significant level, where the cryptocurrency is likely to find its
next direction for some time.
BTCUSD, Daily Chart, Source: TradingView
El Salvador’s Bitcoin Strategy Faces IMF Scrutiny
El Salvador, which
started buying Bitcoin in 2021, currently holds 5,968.8 Bitcoin, valued
at approximately $632 million. A spokesperson for the National Bitcoin
Office confirmed that the country will continue accumulating Bitcoin at a rate
of one per day and will not sell its current holdings.
The deal is subject to approval by the IMF Executive Board
but concludes years of negotiations surrounding President Nayib Bukele’s 2021
decision to adopt Bitcoin as legal tender. The IMF has previously expressed
concerns about the risks posed by Bitcoin, citing its speculative nature.
92% of Salvadorans Avoid Bitcoin
In addition to the IMF loan, El Salvador is expected to
secure over $3.5 billion in total financing from other global financial
institutions, including the World Bank.
In response to the IMF announcement, Bukele's Bitcoin
adviser, Max Keiser, criticized the IMF, dismissing its comments as
"bureaucratic" and "meaningless."
Keiser argued that
Bitcoin use in El Salvador remains voluntary and continues to grow. However, an
October survey revealed that 92% of Salvadorans do not use Bitcoin for
transactions, a slight increase from 88% in 2023.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
