El Salvador’s President Nayib Bukele insists the country will not cease Bitcoin purchases despite IMF restrictions, citing ongoing support for its Bitcoin strategy. The nation has recently increased its Bitcoin holdings and maintains a significant position globally, having made Bitcoin legal tender in 2021.
President Nayib Bukele of El Salvador asserts that the country will continue its Bitcoin purchases despite restrictions imposed by the International Monetary Fund (IMF). A recent financing deal with the IMF includes conditions that prohibit the accumulation of new Bitcoin, but Bukele has declared that this will not deter El Salvador’s cryptocurrency strategy.
The IMF’s financing deal, amounting to $1.4 billion through a 40-month Extended Fund Facility (EFF), has imposed strict limits on government Bitcoin activities and called for a halt in Bitcoin mining. It explicitly prohibits public sector entities from acquiring new BTC. However, Bukele openly rejects these terms, vowing to maintain the country’s Bitcoin acquisition efforts.
On social media, Bukele stated, “This all stops in April. This all stops in June. This all stops in December. No, it’s not stopping.” He emphasized that El Salvador’s commitment to Bitcoin remains strong despite past challenges and external pressures. As part of its treasury strategy, the country recently added 5 Bitcoin to its holdings, bringing the total to 6,101 BTC, valued at approximately $530 million.
Currently, El Salvador ranks as the nation with the sixth-largest Bitcoin stockpile, following the United States, China, the United Kingdom, Ukraine, and Bhutan. El Salvador began purchasing Bitcoin in September 2021, becoming the first nation to designate Bitcoin as legal tender, though acceptance was made voluntary for private merchants in January 2023. Supporters, including Michael Saylor, have praised Bukele’s unwavering dedication to Bitcoin adoption.
In response to the IMF’s restrictions, President Bukele is committed to continuing El Salvador’s Bitcoin purchases, asserting that external pressures will not alter the nation’s cryptocurrency policy. As it stands, El Salvador holds a significant Bitcoin stockpile, having begun its journey as a Bitcoin-adopting nation in 2021. The ongoing support from influential figures in the Bitcoin community highlights confidence in Bukele’s strategy despite the challenges posed by the IMF agreement.
Original Source: zycrypto.com
