El Salvador refuses to stop buying Bitcoin, even after the International Monetary Fund (IMF) urged the country to halt its purchases. President Nayib Bukele made it clear on March 4 that the country will continue accumulating Bitcoin despite the IMF’s latest request.
“No, it’s not stopping,” Bukele said in an X post. He emphasized that if El Salvador didn’t stop when the world criticized its Bitcoin strategy, it won’t stop now, and it won’t stop in the future.
A March 3 memorandum from the IMF as part of a $1.3 billion funding agreement demanded El Salvador to cease Bitcoin mining operations and ban public debt instruments linked to BTC. The government has not provided any indication regarding their willingness to meet these specified conditions.
El Salvador maintains its Bitcoin purchase program by buying at least one Bitcoin every day through its treasury strategy. The country currently possesses 6,101 BTC which has a market value of $534.5 million. El Salvador stands as the sixth country worldwide that holds the most Bitcoin after the United States, China, United Kingdom, Ukraine and Bhutan.
The El Salvador government declared Bitcoin legal tender during 2021 before amending the law to make business BTC acceptance optional. El Salvador continues its Bitcoin purchase program despite the IMF agreement which required certain Bitcoin initiatives to be reduced because President Bukele remains committed to Bitcoin acquisition.
El Salvador maintains its Bitcoin initiative despite worldwide pressure because the government remains committed to its chosen approach.
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