萨尔瓦多和国际货币基金组织：比特币实验接近十字路口

该协议预计将在几周内敲定，世界银行和美洲开发银行将额外提供 10 亿美元资金

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.

据报道，萨尔瓦多即将与国际货币基金组织 (IMF) 敲定一项协议，该协议可能会在未来几年从世界银行和美洲开发银行额外提供 10 亿美元资金。这些资金将为萨尔瓦多提供重要的财政支持，萨尔瓦多因其比特币的采用而面临持续的审查。

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.

如果实施，这一政策变化将标志着萨尔瓦多大胆的比特币实验发生重大转变，该实验于 2021 年 9 月在总统纳伊布·布克莱 (Nayib Bukele) 的领导下开始。国际货币基金组织从一开始就对该政策提出了直言不讳的批评，理由是要求企业接受比特币作为支付方式会导致金融稳定风险和效率低下。

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.

国际货币基金组织一再敦促萨尔瓦多解决与比特币相关的风险，并警告称，采用比特币作为法定货币可能会带来经济和运营挑战。 2021 年 7 月，随着比特币法的制定，国际货币基金组织警告说，企业和家庭可能会花费过多时间来决定使用比特币还是法定货币，从而影响生产活动。

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.

今年早些时候，即 2023 年 2 月，国际货币基金组织重申了其担忧，认为采用比特币的好处尚未实现。当时，比特币的交易价格约为 21,600 美元，与后来的高点相差甚远。

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.

尽管受到批评，萨尔瓦多自 2021 年 9 月首次购买 200 BTC 以来，已加倍实施其比特币战略。政府继续积累比特币，承诺每日购买，到 2024 年 11 月累计购买 5,942 BTC。这一承诺似乎得到了回报2024 年 12 月，比特币飙升至 10 万美元以上，为该国带来了超过 3 亿美元的未实现收益。

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.

布克莱总统的政府已将这些投资视为长期战略的一部分，但拟议的比特币法修改表明，在外部金融压力下，人们越来越愿意做出妥协。

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.

据报道，萨尔瓦多与国际货币基金组织之间关于 13 亿美元贷款和潜在比特币政策修订的谈判自 2024 年 10 月以来一直在进行。虽然细节仍处于保密状态，但结果可能标志着萨尔瓦多重新调整将比特币融入其经济的方法。

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.

在萨尔瓦多引导这些讨论的过程中，其比特币实验继续引起全球关注，既是加密货币与主权金融交叉领域的警示故事，也是案例研究。