El Salvador picks up speed Bitcoin acquisition strategy, even if it reduces certain policies after the agreement with the International Monetary Fund (IMF).
On December 20, the country's national bitcoin office announced Buying 11 bitcoins for about $1 million. This purchase adds 1 Bitcoin to the daily purchase, bringing the total for the past week to 18 Bitcoin.
on the chain data It shows that El Salvador now has 5,980.77 Bitcoins, which is worth about $585.8 million.
Since becoming the first country to adopt Bitcoin as legal tender in 2021, El Salvador has used the digital currency to drive economic innovation and attract global investment.
While early criticism predicted financial instability, the country has emerged as a pioneer in the digital asset space.
Doubling Bitcoin
The recent buying spree follows comments by Stacey Herbert, head of the National Bitcoin Office, that indicated the country intends to Increase in Bitcoin purchases despite The International Monetary Fund imposed conditions on the $1.4 billion loan.
The IMF agreement called for the reduction of El Salvador Public Sector Participation in BitcoinRelated initiatives and adoption of Bitcoin by private businesses is optional rather than mandatory. Tax payments will also remain exclusively in US dollars.
However, Herbert reaffirmed that Bitcoin remains legal tender in the country. He emphasized the government's commitment to expanding strategic bitcoin reserves and advancing bitcoin-related programs.
These initiatives include educational efforts, such as the new “Little HODLer” workbooks for elementary students, which are slated to launch in January 2025. Similarly, the country will continue its efforts to establish Bitcoin capital markets with the aim of attracting new capital.
Meanwhile, Max Keyser, the president's senior bitcoin advisor Viceroy of Bokeledismissed IMF regulations as largely irrelevant because the use of Bitcoin in the country has always been voluntary.
Kaiser pointed to Bitcoin's growing role in savings and real estate transactions, emphasizing its importance in El Salvador's economic transformation. he expressed:
El Salvador's success is due to Bitcoin, not the failed policies of the International Monetary Fund. The people of El Salvador will never return to the IMF.
