El Salvador’s Unwavering Commitment to Bitcoin Despite IMF Pressure
El Salvador persists in buying Bitcoin despite IMF recommendations to halt its purchases. President Nayib Bukele emphasized that the country will continue accumulating Bitcoin, unaffected by prior global criticism. The IMF’s recent memorandum requested the country to stop mining and related activities but has not altered El Salvador’s approach, as the government continues to purchase Bitcoin daily.
El Salvador remains resolute in its Bitcoin acquisitions despite the International Monetary Fund’s (IMF) call for the country to cease its purchases. President Nayib Bukele reaffirmed on March 4 that the nation will continue to accumulate Bitcoin, underscoring that previous global criticism had not deterred their strategy. Bukele stated, “No, it’s not stopping,” indicating a steadfast commitment to their Bitcoin initiative.
A memorandum dated March 3, from the IMF, related to a $1.4 billion funding agreement, urged El Salvador to halt Bitcoin mining operations and prohibit public debt instruments linked to Bitcoin. However, the El Salvadoran government has not shown any inclination to comply with these directives.
El Salvador is actively pursuing a strategy that involves purchasing at least one Bitcoin daily through its treasury operations. Currently, the nation holds 6,101 Bitcoin, valued at approximately $534.5 million. This positions El Salvador as the sixth largest holder of Bitcoin globally, trailing only behind the United States, China, the United Kingdom, Ukraine, and Bhutan.
In 2021, El Salvador designated Bitcoin as legal tender, later modifying the law to make business acceptance of Bitcoin optional. The country’s commitment to its Bitcoin acquisition strategy continues unhampered, despite the IMF’s stipulations regarding the reduction of certain Bitcoin initiatives. President Bukele’s unwavering dedication to Bitcoin acquisition further solidifies this path.
In summary, El Salvador’s government has demonstrated an unyielding resolve to continue its Bitcoin buying strategy, even in the face of pressure from the IMF. By maintaining its daily acquisition and holding a significant amount of Bitcoin, El Salvador positions itself among the leading countries in Bitcoin ownership. President Bukele’s commitment to this cryptocurrency underscores the nation’s vision of integrating Bitcoin into its economic framework.
Original Source: www.cryptotimes.io
