El Salvador will continue to acquire Bitcoin despite his agreement with the International Monetary Fund (IMF), according to President Nayib Bukele.
On March 5, Bukele rejected the suspicion that the country would stop Bitcoin purchases and again confirmed that El Salvador would continue to acquire BTC, regardless of external pressure.
He stated:
‘[Our Bitcoin purchases] Don’t stop. If it didn’t stop when the world exiled us and most of the ‘bitcoiners’ have abandoned us, it will not stop now and it will not stop in the future. “
After his comments, the National Bitcoin office of El Salvador confirmed A new Bitcoin acquisition, which brings the total interests of the country to 6,101 BTC – valued at around $ 530 million during reporting time.
The statement of Bukele is among the reports that El Salvador has agreed to limit the direct involvement of the government with BTC-related activities. The IMF outlined that the nation must introduce stricter supervision of digital assets to adapt to developing global financial regulations.
As part of this scheme, the Midden -American country was not allowed to buy a Bitcoin voluntarily, including through mining activities. The only exception applies to Bitcoin obtained through epileptic seizures, forfeiture or other legal enforcement actions.
This development follows the earlier agreement of the country to alleviate its Bitcoin policy in exchange for an initial financial aid package of $ 1.4 billion from the IMF. The conditions require the removal of mandatory Bitcoin acceptance for companies and stopping tax payments in BTC.
Community response
Bukele’s statement has drawn a divided reaction within the crypto room. While some cheer his constant advocacy from Bitcoin, others ask for more transparency about how El Salvador will navigate in his IMF obligations.
Jan3 CEO Samson Mow suggested That Bukele must clarify how the country intends to maintain its BTC strategy within the new legal restrictions. Similarly, John Carvalho, CEO of Synonony, called for details about the government’s long -term plan and said:
“The IMF news seems to be clearly forbidding what you are doing, and yet you have closed the deal, so what is your plan and what do you think afterwards?”
Stacy Herbert, the director of the National Bitcoin office of El Salvador,, however, criticized those who doubted the use of the government.
She stated:
“Some ‘bitcoiners’ rely on the words of the IMF about the stacking actions of El Salvador that is recorded on the Bitcoin -Blockchain forever.”
[Editor’s Note: The IMF agreement clearly states that the El Salvadorian government may not continue to acquire Bitcoin in any format outside of law enforcement, including mining. Failure to comply with this requirement could cost the country $3.5 billion in aid over the agreement term. There is no trust in the ‘word of the IMF’ required to ascertain these facts. If El Salvador continues to acquire Bitcoin the IMF has the power to revoke funding unless the government has identified a loophole that has not been publicly shared.]
