El Salvador refuses to halt its Bitcoin purchases, as reiterated by President Nayib Bukele. Despite the IMF’s request linked to a funding agreement, the government indicates no intention to comply. The country continues its Bitcoin acquisition through regular purchases, standing as the sixth-largest Bitcoin holder globally.
El Salvador’s commitment to purchasing Bitcoin persists despite pressure from the International Monetary Fund (IMF). On March 4, President Nayib Bukele asserted that the country would continue to accumulate Bitcoin, stating, “No, it’s not stopping.” Bukele expressed that if El Salvador did not halt its Bitcoin strategy in the face of global criticism, it would not cease these activities now or in the future.
The IMF recently released a memorandum associated with a $1.4 billion funding agreement, which requested that El Salvador stop Bitcoin mining operations and prohibit public debt instruments linked to Bitcoin. To date, the government has given no indication of a willingness to comply with these proposed restrictions.
El Salvador persists with its Bitcoin purchase program, acquiring at least one Bitcoin daily through its treasury strategy. The nation currently possesses 6,101 Bitcoins, valued at approximately $534.5 million, positioning El Salvador as the sixth-largest holder of Bitcoin worldwide, following the United States, China, the United Kingdom, Ukraine, and Bhutan.
In 2021, El Salvador designated Bitcoin as legal tender and later revised the law to make the acceptance of Bitcoin for business transactions optional. However, despite the IMF’s calls for a reduction in Bitcoin-related initiatives, President Bukele continues to advocate for Bitcoin accumulation, demonstrating an unwavering commitment to the cryptocurrency.
In summary, El Salvador maintains its strong commitment to purchasing Bitcoin, undeterred by the IMF’s requests to cease its operations. President Bukele’s assertion highlights his steadfast approach to Bitcoin investment, reflecting the nation’s strategic goal despite international pressure. El Salvador’s position as a significant Bitcoin holder continues to solidify its role in the global cryptocurrency market.
Original Source: www.cryptotimes.io
