Once again, El Salvador demonstrates its attachment to Bitcoin. Only one day after signing a $1.4 billion loan with the IMF, the country announced the purchase of 11 additional BTC. More details in the paragraphs that follow!
El Salvador strengthens its BTC reserves despite imposed limits
On December 18, the government of Nayib Bukele concluded a historic agreement with the IMF. However, this agreement includes restrictions on Bitcoin transactions. Concretely, it requires a reduction in public involvement in activities related to the flagship cryptocurrency.
Despite this, El Salvador's National Bitcoin Office confirmed that it transferred more than 1 million euros worth of BTC to its strategic reserve. Currently, El Salvador's total reserves therefore reach 5,980 BTC. This represents an estimated value of $580 million.
This figure therefore marks the end of the “one BTC per day” strategy announced in 2022. According to Stacy Herbert, director of the Bitcoin Office, the country could even haveaccelerate your purchases in the coming months.
Challenges ahead for Nayib Bukele's Bitcoin strategy
L'agreement with the IMF also requires that:
- tax payments are made only in US dollars,
- acceptance of BTC by the private sector remains voluntary.
The government also plans to sell or eliminate its Chivo wallet, while letting the private sector manage BTC adoption. Despite these constraints, a spokesperson for the Bitcoin Office asserted: “BTC remains our main strategy. »
Risky strategy, but assumed! As the crypto community closely follows these developments, El Salvador's move could influence other countries to adopt Bitcoin as a key economic tool. Only the future will tell us!
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