El Salvador Purchases 11 BTC Following IMF Agreement
A day after reaching a $1.4 billion agreement with the International Monetary Fund that set restrictions on dealing with the cryptocurrency, El Salvador purchased $1 million worth of Bitcoin. In an X post on December 19, the nation’s National Bitcoin Office stated that it had transferred over a million dollars worth of Bitcoin to our Strategic Bitcoin Reserve. According to the office’s website, it had also added 11 Bitcoin to its holdings. The action ended President Nayib Bukele’s tradition of adding one Bitcoin every day, which he announced in November 2022. With Bitcoin pricing at nearly $97,000, the country’s holdings now total 5,980.77 BTC, or almost $580 million.
Bitcoin Strategy Unwavering: El Salvador Eyes Increased BTC Acquisition
El Salvador will continue to purchase Bitcoin, maybe at a faster rate, according to a statement released on December 19 by Stacy Herbert, director of the National Bitcoin Office. In order to obtain $1.4 billion from the international lender over the following 40 months, Bukele’s administration agreed to a financing deal with the IMF on December 18 and requested that the nation shut down part of its Bitcoin transactions.
The IMF stated that El Salvador’s government-led Bitcoin purchases, transactions, and activities will be restricted as part of the agreement. Additionally, the country decided to stop government engagement in its Chivo crypto wallet, allow taxes to be paid in US dollars, and make private sector adoption of Bitcoin voluntary. According to a Bitcoin Office representative at the time, Bitcoin remains their primary strategy, and they would not sell any of their current holdings. They also stated that they will continue to purchase one Bitcoin every day, with the possibility of purchasing even more in the future.
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