El Salvador President Nayib Bukele announced the country’s commitment to purchasing Bitcoin despite IMF requests to cease such activities. The nation continues to buy at least one Bitcoin daily and maintains a significant Bitcoin stash, holding 6,101 Bitcoin worth $534.5 million. There are still uncertainties regarding compliance with other IMF recommendations related to Bitcoin mining and debt issuance.
El Salvador’s President Nayib Bukele affirmed his government’s commitment to continue purchasing Bitcoin despite a recent directive from the International Monetary Fund (IMF). On March 3, the IMF requested that El Salvador cease its public sector’s voluntary accumulation of Bitcoin as part of an extended arrangement under a $1.4 billion fund. In response, President Bukele stated, “No, it’s not stopping,” emphasizing that this initiative would persist despite previous global criticism and abandonment by many in the cryptocurrency community.
As of March 4, El Salvador has maintained its strategy by acquiring at least one Bitcoin daily. The IMF memorandum also urged the nation to halt Bitcoin mining and to limit debt issuance linked to Bitcoin. Although Bukele reiterated the country’s intention to continue accumulating Bitcoin, the government’s compliance with other IMF requests remains uncertain.
El Salvador previously secured a $1.4 billion funding deal from the IMF in December 2024 with agreements to reduce its Bitcoin initiatives, such as establishing voluntary Bitcoin payments and allowing tax payments only in US dollars. The National Bitcoin Office of El Salvador reported that the country currently possesses 6,101 Bitcoin, valued at approximately $534.5 million, ranking it the sixth-largest holder of Bitcoin among nations.
In conclusion, President Nayib Bukele has declared that El Salvador will persist in its Bitcoin purchases despite the IMF’s recommendations against such actions. The country’s current Bitcoin holdings make it a significant player in the cryptocurrency landscape. However, the extent to which El Salvador will adhere to other IMF suggestions remains to be seen, reflecting ongoing tensions between national policy and international financial oversight.
Original Source: cointelegraph.com
