El Salvador, led by President Bukele, will continue to buy Bitcoin despite the IMF’s request to cease purchases. The country holds over 6,100 BTC, valued at $534.5 million, and remains committed to its Bitcoin initiative despite global criticism and IMF conditions.
El Salvador remains steadfast in its Bitcoin acquisition strategy, disregarding the International Monetary Fund’s (IMF) recommendation to halt its purchases. President Nayib Bukele stated on March 4 that the country will persist in accumulating Bitcoin, highlighting that it did not yield to global criticism earlier, thus it will not do so now or in the future.
The IMF issued a memorandum on March 3 as part of a $1.4 billion funding agreement, urging El Salvador to stop Bitcoin mining and to prohibit public debt instruments tied to BTC. However, the Salvadoran government has shown no willingness to comply with these requests.
Continuing its treasury strategy, El Salvador purchases at least one Bitcoin daily and currently holds 6,101 BTC, valued at approximately $534.5 million. This positions El Salvador as the sixth-largest holder of Bitcoin globally, following established nations such as the United States and China.
Bitcoin was declared legal tender in El Salvador in 2021, later adjusting the law to make BTC acceptance by businesses optional. Despite the IMF agreement that called for restrictions on Bitcoin initiatives, President Bukele’s commitment to Bitcoin acquisition remains firm.
El Salvador’s ongoing Bitcoin initiative illustrates the government’s dedication to its chosen financial strategy, standing resilient against international pressure and opposition regarding its cryptocurrency policies.
In summary, El Salvador has reiterated its commitment to Bitcoin acquisitions despite IMF advisories against it. President Bukele’s administration continues to buy Bitcoin daily, with substantial holdings that place the nation among the largest Bitcoin holders worldwide. This reinforces the government’s stance on upholding its financial strategies irrespective of external pressures.
Original Source: www.cryptotimes.io
