El Salvador’s President Nayib Bukele affirmed that the nation will continue acquiring Bitcoin, despite the IMF’s requests to halt such purchases as part of a $1.4 billion funding arrangement. Bukele declared the commitment to Bitcoin unwavering, highlighting that the country has been buying one Bitcoin daily. El Salvador currently holds a significant reserve of Bitcoin, despite the pressure to reduce its cryptocurrency activities.
El Salvador’s President, Nayib Bukele, announced that his administration will persist in purchasing Bitcoin despite the International Monetary Fund’s (IMF) recent request to halt these activities. On March 3, the IMF urged El Salvador to cease its voluntary Bitcoin accumulation as part of an extended arrangement involving a $1.4 billion fund facility. Bukele responded resolutely on March 4, stating, “No, it’s not stopping” and emphasizing the nation’s commitment to Bitcoin.
He further elaborated, “If it didn’t stop when the world ostracized us… it won’t stop now, and it won’t stop in the future.” El Salvador has maintained its strategy of acquiring one Bitcoin daily, a move that illustrates its ongoing dedication despite external pressures.
In conjunction with its Bitcoin acquisition persistence, the IMF memorandum also suggested that El Salvador should end its Bitcoin mining ventures and limit the issuance of public sector debts linked to Bitcoin. While Bukele affirmed the continuation of Bitcoin purchases, he did not clarify whether the country would adhere to the IMF’s other stipulations.
El Salvador’s National Bitcoin Office did not provide immediate commentary on the matter. Previously, in December 2024, El Salvador secured a $1.4 billion funding agreement with the IMF that required the nation to reduce its Bitcoin-related activities, including making Bitcoin payments optional and accepting tax payments solely in U.S. dollars. Currently, El Salvador owns 6,101 Bitcoin valued at approximately $534.5 million, ranking it as the sixth-largest holder globally, following countries such as the United States and China.
El Salvador first adopted Bitcoin as legal tender in September 2021, marking it as the inaugural country to do so. However, a law passed in January further limited Bitcoin’s legal tender status, rendering acceptance voluntary for merchants in the private sector.
In summary, President Nayib Bukele of El Salvador has resolutely decided to continue acquiring Bitcoin despite the IMF’s request to cease such purchases. El Salvador’s commitment to Bitcoin remains steadfast, underscored by its current holding of over 6,000 Bitcoin, despite facing international pressure to reduce its cryptocurrency engagements. The nation’s Bitcoin strategy illustrates its determination to innovate its economy and financial governance, even in the face of adversities.
Original Source: cointelegraph.com
