El Salvador has decided to close the Bitcoin wallet!

The Central American country of El Salvador has long been known to crypto investors as one of the first to recognize Bitcoin. In 2021, El Salvador became the first country in the world to legally recognize Bitcoin, and it became a household name in the world. The country then legalized Bitcoin as the country's currency to revive a largely remittance-dependent economy. Also this country is known as crypto friendly country. Because the country has long been positive towards crypto.

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The country became the first country in the world to legalize the use of Bitcoin four years ago. The country then recognized Bitcoin. Even then, the country was gaining attention for its use of crypto. However, the country then officially launched the virtual currency or cryptocurrency wallet Chivo in addition to declaring Bitcoin as the official currency. Now again the country has taken a new decision and as part of that decision it has announced another shutdown.

However, the country has decided to plan to privatize or close the newly launched crypto wallet. Its Salvador is a Central American country. This country is particularly well-known for crypto. However, the government of this Central American country has signed a new loan agreement with the International Monetary Fund (IMF). The amount of this loan agreement is about 1.4 billion US dollars. However, the announcement was made after the country's TV government renewed its loan agreement with the IMF. However, even though it has been announced or planned that Chivo will be sold or discontinued in the country, Bitcoin is not being discontinued in the country.

The director of the country's National Bitcoin Office said in a tweet that even though crypto wallets have been closed, Bitcoin will continue to operate. However last four years ago when Bitcoin was introduced in the country as well as the government of the country introduced wallets for the citizens of the country to pay in Bitcoin. But an interesting fact is that this country buys bitcoins as part of its reserves.

El Salvador will continue to purchase bitcoins for its bitcoin reserves despite the country's wallet closure. However, the country's government plans to close crypto wallets mainly because of the loan agreement with the IMF. However, it has entered into this agreement under the International Monetary Fund and under this agreement, the country's government can freely buy and sell bitcoins. But there will be a limit. Bitcoin-related economic activities and transactions and purchases in Bitcoin will be restricted, especially for the public sector.

However, a survey found that about 88 percent of Salvadorans had not used Bitcoin last year. However, the country still has a huge bitcoin reserve and this number is 5,969 bitcoins worth about $582 million. It is currently known as a crypto-friendly country in the world but plans to close crypto wallets due to the new agreement with the IMF. However, if you want to know about it earlier, then you can read this news .