1 month ago
The state continues to get much Bitcoin for its strategical reserve and has embraced method innovation to substance economical growth.
The authorities of El Salvador continues stacking Bitcoin (BTC) for its nationalist crypto reserve, contempt an ongoing woody with the International Monetary Fund (IMF) stipulating that the Central American state halt utilizing nationalist funds to acquisition Bitcoin arsenic 1 of the conditions for a indebtedness agreement.
According to data from the El Salvador Bitcoin Office, the state acquired an further 7 BTC successful the past 7 days, bringing its full holdings to 6,173 BTC, valued astatine implicit $637 million.
El Salvador's Bitcoin Office has continued its steady gait of Bitcoin acquisitions months aft the IMF statement was signed and shows nary motion of halting its Bitcoin purchases.
The Central American state is 1 of the lone nations actively purchasing Bitcoin successful unfastened marketplace operations, and its nationalist Bitcoin treasury strategy volition serve arsenic a blueprint for different countries besides considering Bitcoin strategical reserves, according to crypto manufacture executives.
El Salvador’s Bitcoin holdings and acquisitions since March 13. Source: El Salvador Bitcoin OfficeRelated: El Salvador works with Nvidia to make sovereign AI infrastructure
El Salvador remains defiant against IMF unit
El Salvador signed a $1.4 cardinal indebtedness agreement with the IMF successful December 2024. As portion of that agreement, the authorities of the state agreed to rescind its Bitcoin ineligible tender instrumentality and marque Bitcoin payments voluntary.
The statement besides stipulated that El Salvador indispensable standard backmost its Bitcoin accumulation, refraining from utilizing nationalist funds to concern Bitcoin purchases.
Additionally, the woody required the authorities privatize the Chivo Wallet, which was publically funded but saw small usage among residents.
In January 2025, lawmakers successful the Central American state repealed the Bitcoin ineligible tender instrumentality successful a 55-2 Congressional vote, though this did thing to intermission oregon dilatory Bitcoin acquisitions.
The IMF issued different petition to the state to halt Bitcoin buys successful March 2025, reiterating the archetypal presumption of the agreement. However, El Salvador's President Nayib Bukele pushed backmost against the requests.
Bukele emphasized that the state would not halt its Bitcoin purchases oregon dilatory down its accumulation of BTC successful the look of mounting unit from the supranational fiscal institution.
"No, it’s not stopping. If it didn’t halt erstwhile the satellite ostracized america and astir 'Bitcoiners' abandoned us, it won’t halt now, and it won’t halt successful the future," Bukele wrote successful a March 4 X post.
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