{"id":612217,"date":"2024-12-22T00:40:23","date_gmt":"2024-12-22T00:40:23","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=612217"},"modified":"2024-12-22T00:40:23","modified_gmt":"2024-12-22T00:40:23","slug":"el-salvador-boosts-bitcoin-purchases-after-imf-agreement","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/el-salvador-boosts-bitcoin-purchases-after-imf-agreement","title":{"rendered":"El Salvador Boosts Bitcoin Purchases After IMF Agreement"},"content":{"rendered":"

El Salvador has reaffirmed its dedication to Bitcoin, maintaining a strategy of active acquisition even after entering a financing agreement with the International Monetary Fund (IMF)<\/a>. This commitment reflects the nation’s drive to position itself as a global hub for cryptocurrency, while also accommodating changes necessitated by international financial pressures.<\/p>\n

El Salvador’s Dual Commitment: Bitcoin Expansion and IMF Agreement<\/h2>\n

On December 19, El Salvador made a significant move by purchasing 11 BTC, valued at over $1 million. This latest addition brings the country’s total Bitcoin holdings to more than 5,980 coins, currently valued at over $577 million, according to the National Bitcoin Office. The purchase marks a shift from the government’s “1 Bitcoin a day” strategy, initiated by President Nayib Bukele in 2022 when Bitcoin was officially made legal tender. Stacy Herbert, director of the National Bitcoin Office,<\/a> confirmed plans to accelerate Bitcoin acquisitions as part of a broader strategy to solidify El Salvador’s status as a Bitcoin-centric economy.<\/p>\n

This development follows the country’s agreement on a $1.4 billion IMF deal. As part of the agreement, the government pledged to scale back some of its Bitcoin-related activities, including removing the mandatory requirement for businesses to accept Bitcoin. Instead, Bitcoin acceptance will now be optional. Additionally, tax payments will only be accepted in the U.S. dollar, and the Chivo crypto wallet, a government-backed platform launched in 2021, will be phased out.<\/p>\n

Despite these changes, the government has emphasized its commitment to Bitcoin as legal tender. Herbert has outlined plans to continue promoting Bitcoin-related initiatives<\/a>, including advancing capital markets, fostering private-sector Bitcoin wallets, and supporting educational programs. Blockchain developer training and financial literacy programs also remain key priorities to strengthen the nation’s cryptocurrency ecosystem.<\/p>\n

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JUST IN: El Salvador buys 11 #bitcoin<\/a> worth over $1 million for their Strategic Bitcoin Reserve 🇸🇻 pic.twitter.com\/Xf04fIH4Jx<\/a><\/p>\n

— Bitcoin Magazine (@BitcoinMagazine) December 20, 2024<\/a><\/p><\/blockquote>\n