El Salvador announced on Wednesday the purchase of a bitcoin, which takes the total in the country's strategic reserve to above 6,102 coins, the National Bitcoin Office posted on social media.
In a controversial move to temper El Salvador’s Bitcoin enthusiasm, the International Monetary Fund (IMF) has rolled out fresh terms under a
IMF representatives told Forbes the addition of new BTC by El Salvador is alligned with IMF restrictions on bitcoin purchases and the agreement is still in place.
A clause in the country's recently-completed IMF financing deal suggested a prohibition against El Salvador accumulating any additional bitcoin.
The IMF published a new staff country report related to El Salvador in which the fund underscored that El Salvador bitcoin accumulation needs to stop.
The IMF said bitcoin usage remains marginal in El Salvador, with minimal circulation as a payment method due to its high price volatility and low public trust.
El Salvador' Law changes helped the country to secure up to $3.5 billion, despite some criticism among Bitcoin advocates.
Nayib Bukele is under fire among Bitcoiners and prominent figures in the crypto industry after he insisted that El Salvador will not halt its strategic Bitcoin reserve even if the IMF's funding deal c
El Salvador buys 5 BTC in a day, increasing reserves to 6,105 BTC. Bukele remains committed to Bitcoin despite IMF pressure.
El Salvador has been accumulating BTC at an accelerated pace amid pressure from the International Monetary Fund (IMF) to halt purchases.
El Salvador appeared to contradict a recent agreement with the IMF to cease public investment in Bitcoin. Salvadoran President Nayib Bukele raised eyebrows among industry observers on March 4 when he said that his government’s Bitcoin purchases won’t stop,
El Salvador has compliance reviews slated in June and September, with new rules to follow. If it fails, the country risks its loan package.