El Salvador defies IMF, ramps up Bitcoin strategy with latest purchase of $1M BTC

2 weeks ago

El Salvador is accelerating its Bitcoin acquisition strategy, adjacent arsenic it scales backmost circumstantial policies pursuing an statement with the International Monetary Fund (IMF).

On Dec. 20, the country’s National Bitcoin Office announced the acquisition of 11 BTC for astir $1 million. This acquisition adds to its regular acquisition of 1 BTC, bringing the full for the past week to 18 BTC.

On-chain data shows that El Salvador present holds 5,980.77 BTC, valued astatine astir $585.8 million.

Since becoming the archetypal state to follow Bitcoin arsenic ineligible tender successful 2021, El Salvador has utilized the integer currency to thrust economical innovation and pull planetary investment.

While archetypal disapproval predicted fiscal instability, the federation has emerged arsenic a trailblazer successful the integer plus space.

Doubling down connected Bitcoin

The caller buying spree follows comments from Stacy Herbert, caput of the National Bitcoin Office, who indicated that the state plans to increase Bitcoin purchases contempt IMF-imposed conditions for the $1.4 cardinal loan.

The IMF statement demanded that El Salvador trim public assemblage engagement successful Bitcoin-related initiatives and marque Bitcoin acceptance by backstage businesses optional alternatively than mandatory. Tax payments volition besides stay exclusively successful US dollars.

However, Herbert reaffirmed that Bitcoin remains ineligible tender successful the country. She emphasized the government’s committedness to expanding its Strategic Bitcoin Reserve and advancing Bitcoin-related programs.

These initiatives see acquisition efforts, specified arsenic caller “Little HODLer” workbooks for simple students, acceptable to motorboat successful January 2025. Similarly, the state would proceed its efforts to physique Bitcoin superior markets geared towards attracting caller capital.

Meanwhile, Max Keiser, elder Bitcoin advisor to President Nayib Bukele, dismissed the IMF’s stipulations arsenic mostly irrelevant due to the fact that Bitcoin usage successful the state has ever been voluntary.

Keiser pointed retired Bitcoin’s increasing relation successful savings and existent property transactions and highlighted its value successful El Salvador’s economical transformation. He stated:

“El Salvador’s occurrence is owed to Bitcoin, not the failed policies of the IMF. Salvadorans volition ne'er spell backmost to IMF.”

The station El Salvador defies IMF, ramps up Bitcoin strategy with latest acquisition of $1M BTC appeared archetypal connected CryptoSlate.

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