Good morning from El Salvador

We are now in DAY 119 since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective since 30 April)

Yesterday the IMF released it's first staff-level review of the agreement which says El Salvador is following through on its commitments. Regarding Bitcoin it only mentioned the prohibition of the state accumulating new bitcoin and the pending sale of Chivo (the govt bitcoin wallet). A link to the full review is in the comments

This should serve as a reminder of how long the IMF loan process is and how early we are in that process. There have been some effects on the ground already--for example since earlier this month the govt can no longer accept bitcoin--but most effects are still to come. The IMF will have inside access to all things relating to the terms on the agreement and will regularly review compliance for years. Also, there remain many deadlines pending over the next months (such as the sale of Chivo)