El Salvador accelerates Bitcoin purchases after IMF deal

El Salvador ramped up its purchases of Bitcoin a day after agreeing to an International Monetary Fund deal that requires curtailment of government-led cryptocurrency activities.

On December 19, the first country to adopt Bitcoin as legal tender and host a strategic Bitcoin reserve He added 11 BTC worth more than $1 million belong to her holdings. With the latest purchase, the country’s total holdings now stand at more than 5,980 bitcoins, which are currently valued at more than $577 million according to the National Bitcoin Office tracker.

So far, Bitcoin accumulation in El Salvador has followed the steady pace of the “One Bitcoin a Day” program, launched by President Nayib Bukele after launching the cryptocurrency’s legal tender in 2022.

However, the latest purchase deviates from the strategy and is consistent with the National Bitcoin Office’s plans to continue purchasing Bitcoin at an “accelerated pace,” as confErmed Written by Bitcoin Bureau Chief, Stacy Herbert, on December 19.

This comes after the country recently received $1.4 billion, which has not yet been confirmed IMF dealwhich imposes changes to its Bitcoin policy. The global regulator has repeatedly warned of the economic risks that Bitcoin reliance could pose to the country’s financial stability.

As part of the deal, El Salvador agreed to remove mandatory requirements for businesses to accept Bitcoin, making it optional, and restrict tax payments to US dollars. Moreover, the country too Wind down Chivo crypto wallet, which was launched in 2021 as the country’s state-backed platform for facilitating Bitcoin transactions.

However, according to Herbert, the country will continue to accept Bitcoin as legal tender and expand its efforts to strengthen its position as a Bitcoin-focused economy. This includes developing Bitcoin capital markets, enhancing education programs, and supporting private sector Bitcoin wallets to serve the growing ecosystem.

Additionally, initiatives such as blockchain developer training and financial literacy programs will remain a key component of El Salvador’s Bitcoin strategy, as governments around the world grow increasingly curious about Bitcoin, driven by the decisions of incoming US President Donald Trump. Plan to create Bitcoin Strategic Reserve.

It is worth noting that organizers in Brazil did this Suggested Allocating 5% of the state treasury amounting to $370 billion to the Bitcoin strategic reserve. Elsewhere, a deputy in the Russian Parliament said: urge Finance Minister Anton Siluanov to consider a similar approach.

Last month, Polish Minister Sławomir Mintzen also visited Fierce The idea of ​​Poland holding Bitcoin in an attempt to make the country more crypto-friendly.