El Salvador remains committed to its Bitcoin purchases despite IMF pressure. President Nayib Bukele stated the country will not halt its Bitcoin strategy, emphasizing ongoing acquisitions. The IMF has demanded El Salvador cease Bitcoin-related activities as part of a funding agreement, but the government has shown no intent to comply. El Salvador currently holds over 6,100 BTC, ranking it sixth globally among Bitcoin holders.
El Salvador’s commitment to Bitcoin acquisition continues unabated, despite pressure from the International Monetary Fund (IMF) to cease its purchases. President Nayib Bukele reaffirmed this stance on March 4, stating unequivocally that the nation will persist in accumulating Bitcoin regardless of external criticism. Bukele declared, “No, it’s not stopping,” indicating a resolute determination to follow through with their Bitcoin strategy.
On March 3, the IMF issued a memorandum as a part of a $1.4 billion financial agreement, demanding that El Salvador halt its Bitcoin mining activities and prohibit public debt instruments linked to cryptocurrency. Nevertheless, the Salvadoran government has shown no indication of complying with these specific requests from the IMF.
El Salvador’s strategy includes the acquisition of at least one Bitcoin daily through its treasury operations. As of now, the nation holds a total of 6,101 BTC valued at approximately $534.5 million, ranking it as the sixth largest holder of Bitcoin globally, following the United States, China, the United Kingdom, Ukraine, and Bhutan.
The government established Bitcoin as legal tender in 2021 but subsequently revised the legislation to make business acceptance of BTC optional. Despite the IMF’s stipulations aimed at reducing Bitcoin initiatives, President Bukele’s continued commitment to Bitcoin acquisition prevails.
El Salvador’s government remains steadfast in its Bitcoin ambitions, undeterred by international pressures. This resolve highlights the administration’s dedication to advancing its cryptocurrency strategy despite calls for retraction from prominent global financial institutions.
In summary, El Salvador’s government has unwaveringly committed to its Bitcoin strategy, despite pressure from the IMF to suspend purchases and related activities. President Bukele’s declaration to continue acquiring Bitcoin reflects a strong belief in the digital currency’s potential, positioning El Salvador among the top Bitcoin-holding nations in the world. This approach underscores the administration’s intent to pioneer cryptocurrency use as a central element of its economic policy.
Original Source: www.cryptotimes.io
