El Salvador Adds 12 BTC to Reserve Amid IMF Agreement
Despite a previous agreement with the International Monetary Fund to relax some of the nation’s cryptocurrency regulations, El Salvador has purchased 12 Bitcoin for its reserve in the past day. The nation’s National Bitcoin Office stated in a post on January 19 that it has purchased an additional 11 Bitcoins for its Strategic Bitcoin Reserve, which now has a value of more than $1 million. Additionally, it paid $106,000 for one Bitcoin on January 20. El Salvador’s assets total 6,044 BTC, or around $610 million, according to the Bitcoin Office’s portfolio tracker.
Despite IMF Agreement, El Salvador Strengthens Bitcoin Reserves
The government of President Nayib Bukele decided to shut down some of its Bitcoin operations as part of a $1.4 billion funding deal with the IMF last month. The nation’s reforms included removing government intervention in the Chivo cryptocurrency wallet and allowing private sector use of Bitcoin voluntarily.
However, El Salvador purchased $1 million worth of Bitcoin the day after that transaction. In an X post, Stacy Herbert, the director of the National Bitcoin Office, stated that the nation’s plans regarding Bitcoin remained unchanged. El Salvador is not the only nation that has taken significant steps to increase its Bitcoin holdings. For years, the South Asian nation of Bhutan has also been covertly mining Bitcoin.
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