El Salvador’s President Nayib Bukele has declared that the country will continue its Bitcoin purchases despite IMF’s request to halt such activities as part of a funding arrangement. The nation maintains its strategy of acquiring Bitcoin daily and currently holds over 6,100 Bitcoins, securing its position as a leading nation in Bitcoin reserves.
El Salvador’s President Nayib Bukele has asserted that his administration will persist in acquiring Bitcoin, disregarding the latest request from the International Monetary Fund (IMF) urging the country to cease its Bitcoin accumulation. On March 3, the IMF called for El Salvador to halt voluntary Bitcoin purchases as part of an extended $1.4 billion funding arrangement. Bukele made his position clear in a March 4 post on X, stating that the country’s Bitcoin purchases would continue irrespective of external pressure.
“With this commitment, El Salvador has maintained its strategy of purchasing at least one Bitcoin daily since March 4 as part of its treasury management. The IMF’s memorandum specifically urged the cessation of Bitcoin mining and advised against public sector issuance of debts linked to Bitcoin. While Bukele is steadfast in continuing Bitcoin acquisitions, the nation’s response to other IMF requests remains uncertain at this time.
El Salvador, which began purchasing Bitcoin in September 2021, is now one of the leading countries in holding Bitcoin assets, currently possessing 6,101 Bitcoins valued at approximately $534.5 million. This monumental initiative places El Salvador in the sixth position globally concerning Bitcoin reserves, following the United States, China, the United Kingdom, Ukraine, and Bhutan, according to data from the National Bitcoin Office. Initially, as part of a $1.4 billion deal with the IMF in December 2024, the country had agreed to re-evaluate its Bitcoin initiatives alongside adjustments in tax payment structures.
In conclusion, President Nayib Bukele firmly upholds El Salvador’s commitment to Bitcoin acquisition despite IMF pressures, reflecting a bold stance on digital currency. The country’s ongoing strategy contrasts with IMF recommendations to halt Bitcoin activities. As El Salvador asserts its position as a significant player in Bitcoin holdings, the implications of its decisions may influence its economic landscape and relations with international financial bodies.
Original Source: cointelegraph.com
