El Salvador defies IMF, continues Bitcoin purchases amid market downtrend

El Salvador has reinforced its committedness to Bitcoin contempt repeated cautions from the International Monetary Fund (IMF).

On March 9, El Salvador’s Bitcoin Office confirmed that the state acquired six BTC for astir $500,000.

According to the statement, the Nayib Bukele-led state added 5 BTC to its reserves portion purchasing 1 BTC daily.

Following this acquisition, the state has accumulated 18 BTC—valued astatine astir $1.4 million—over the past week.

According to authoritative data, this brings El Salvador’s full Bitcoin purchases successful March to astir 19 BTC. The state present holds astir 6,111 BTC, worthy implicit $504 cardinal astatine existent marketplace prices.

Meanwhile, this latest acquisition coincides with Bitcoin’s caller marketplace diminution of astir 12%, with prices hovering astir $80,000.

Stacy Herbert, manager of El Salvador’s Bitcoin Office, highlighted that the state has repeatedly leveraged marketplace downturns to fortify its holdings. She noted that El Salvador made akin purchases during Bitcoin’s past 3 large dips.

IMF tensions

Despite archetypal agreements betwixt some parties, El Salvador’s continued Bitcoin purchases straight situation the IMF’s conditions tied to a $1.4 cardinal fiscal assistance package.

Last week, the IMF published a report outlining its projected statement with El Salvador aft astir 4 years of negotiations. The woody required the state to trim nationalist assemblage engagement successful Bitcoin-related activities and instrumentality stricter integer plus monitoring rules to align with planetary fiscal standards.

Additionally, the IMF sought to restrict the Central American state from voluntarily purchasing Bitcoin, including acquisitions done mining operations. The statement permitted Bitcoin holdings lone from seizures, forfeitures, and different ineligible actions.

Notably, El Salvador had previously adjusted its policies to accommodate planetary concerns, including revoking the request for businesses to judge Bitcoin and scaling backmost its usage for taxation payments.

However, its continued purchases suggest a committedness to the apical crypto. President Bukele maintains the country’s stance, emphasizing that BTC acquisitions would continue.

The station El Salvador defies IMF, continues Bitcoin purchases amid marketplace downtrend appeared archetypal connected CryptoSlate.