El Salvador Ignores IMF, Bolsters Crypto Holdings
The post El Salvador Ignores IMF, Bolsters Crypto Holdings appeared on BitcoinEthereumNews.com.
In a dramatic gesture that reinforces its stance on Bitcoin, El Salvador has bought 11 BTC for its national reserves, which now amount to 6,044 units. The move follows an agreement with the International Monetary Fund (IMF) for $1.4 billion, whose conditions include a reduction in some of the policies concerning Bitcoin. Still, the Central American country has not relented on the cryptocurrency. IMF Deal Brings New Challenges The IMF loan deal comes with some strings. El Salvador agreed to make acceptance of Bitcoin voluntary on the part of the private sector–a step back from an earlier directive compelling businesses to accept the cryptocurrency. The state also intends to dial back its presence in the Chivo wallet, a government-owned wallet designed for Bitcoin use. These concessions appear to satisfy the concerns expressed by the IMF but haven’t made the country desist from buying more Bitcoin. Source: El Salvador National Bitcoin Office This fine balance between fulfilling the requirements of the IMF and following a Bitcoin-driven finance plan indicates how serious the government is when it comes to being unique in global adoption of cryptocurrencies. It’s a balancing act El Salvador seems ready to ace. A Devoted Vision For Bitcoin In the face of these warnings, however, the El Salvador National Bitcoin Office restated its interest in Bitcoin. It even went on to mention the possibility of acquiring more, which would be faster than before. The unflinching vision reveals that the government believes Bitcoin has a future. It’s something that forms an integral part of its financial vision. BTCUSD trading at $104,319 on the 24-hour chart: TradingView.com El Salvador’s assets total 6,044 BTC, or around $610 million, according to the National Bitcoin Office’s portfolio tracker. CoinGecko reports that the cryptocurrency is currently trading at about $101,350. The National Bitcoin Office of…
Filed under: News - @ January 21, 2025 11:19 pm