薩爾瓦多和國際貨幣基金組織：比特幣實驗接近十字路口

該協議預計將在幾週內敲定，世界銀行和美洲開發銀行將額外提供 10 億美元資金

El Salvador is reportedly close to finalizing an agreement with the International Monetary Fund (IMF) that could unlock an additional $1 billion in funding from both the World Bank and the Inter-American Development Bank over the next few years. These funds would provide critical financial support for El Salvador, which has faced ongoing scrutiny over its Bitcoin adoption.

據報道，薩爾瓦多即將與國際貨幣基金組織 (IMF) 敲定一項協議，該協議可能會在未來幾年從世界銀行和美洲開發銀行額外提供 10 億美元資金。這些資金將為薩爾瓦多提供重要的財政支持，薩爾瓦多因其比特幣的採用而面臨持續的審查。

If implemented, the policy change would mark a significant shift from El Salvador’s bold Bitcoin experiment, which began in September 2021 under President Nayib Bukele's leadership. The IMF has been a vocal critic of the policy from the start, citing risks to financial stability and inefficiencies caused by requiring businesses to accept Bitcoin as payment.

如果實施，這項政策變化將標誌著薩爾瓦多大膽的比特幣實驗發生重大轉變，該實驗於 2021 年 9 月在總統 Nayib Bukele 的領導下開始。國際貨幣基金組織從一開始就對該政策提出了直言不諱的批評，理由是要求企業接受比特幣作為支付方式會導致金融穩定風險和效率低下。

The IMF has repeatedly urged El Salvador to address Bitcoin-related risks, warning that its adoption as legal tender could create economic and operational challenges. In July 2021, as the Bitcoin Law was being prepared, the IMF cautioned that businesses and households might spend excessive time deciding between using Bitcoin or fiat currency, detracting from productive activities.

國際貨幣基金組織一再敦促薩爾瓦多解決與比特幣相關的風險，並警告稱，採用比特幣作為法定貨幣可能會帶來經濟和營運挑戰。 2021 年 7 月，隨著比特幣法的製定，國際貨幣基金組織警告說，企業和家庭可能會花費太多時間來決定使用比特幣還是法定貨幣，從而影響生產活動。

Earlier this year, in February 2023, the IMF reiterated its concerns, arguing that the benefits of Bitcoin adoption had not materialized. At that time, Bitcoin was trading around $21,600, a far cry from its later highs.

今年早些時候，即 2023 年 2 月，國際貨幣基金組織重申了其擔憂，認為採用比特幣的好處尚未實現。當時，比特幣的交易價格約為 21,600 美元，與後來的高點相差甚遠。

Despite criticism, El Salvador has doubled down on its Bitcoin strategy since its initial purchase of 200 BTC in September 2021. The government has continued accumulating Bitcoin, committing to daily purchases and amassing a total of 5,942 BTC by November 2024. This commitment seemed to pay off when Bitcoin soared past $100,000 in December 2024, leading to unrealized gains of over $300 million for the country.

儘管受到批評，薩爾瓦多自2021 年9 月首次購買200 BTC 以來，已加倍實施其比特幣戰略。了回報2024 年 12 月，比特幣飆升至 10 萬美元以上，為該國帶來了超過 3 億美元的未實現收益。

President Bukele’s administration has framed these investments as part of a long-term strategy, but the proposed changes to the Bitcoin Law suggest a growing willingness to compromise under external financial pressures.

布克萊總統的政府已將這些投資視為長期戰略的一部分，但擬議的比特幣法修改表明，在外部金融壓力下，人們越來越願意做出妥協。

Talks between El Salvador and the IMF regarding the $1.3 billion loan and potential Bitcoin policy revisions have reportedly been ongoing since October 2024. While details remain under wraps, the outcome could signal a recalibration of El Salvador’s approach to integrating Bitcoin into its economy.

據報道，薩爾瓦多與國際貨幣基金組織之間關於13 億美元貸款和潛在比特幣政策修訂的談判自2024 年10 月以來一直在進行。比特幣納入其經濟的方法。

As El Salvador navigates these discussions, its Bitcoin experiment continues to draw global attention, serving as both a cautionary tale and a case study in the intersection of cryptocurrency and sovereign finance.

在薩爾瓦多引導這些討論的過程中，其比特幣實驗繼續引起全球關注，既是加密貨幣與主權金融交叉領域的警示故事，也是案例研究。