Currencies34097
Market Cap$ 4.06T+0.17%
24h Spot Volume$ 56.88B+3.88%
DominanceBTC57.73%-0.48%ETH10.84%+1.49%
ETH Gas0.60 Gwei
Cryptorank

El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns


by Shalini Nagarajan
for Cryptonews
El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns

El Salvador announced Thursday that it would keep buying Bitcoin, possibly at a faster rate. This decision came just a day after finalizing a financing deal with the IMF, which had urged the country to reduce its crypto exposure.

The loan agreement states that the government is reducing Bitcoin-related risks and keeping private sector adoption voluntary. It also showed that the government’s Bitcoin risks will significantly decrease, aligning with IMF policies.

However, on Thursday, Stacy Herbert, director of El Salvador’s National Bitcoin Office, announced on X that the country would keep buying Bitcoin for its strategic reserve. She added that the office would continue shaping Bitcoin policies, creating roadmaps, attracting investors and launching educational programs.

El Salvador to Maintain Daily Bitcoin Purchases

Further, Herbert confirmed that the government is still buying one Bitcoin daily, following its ongoing program of daily purchases.

President Nayib Bukele has previously said the government will continue this practice until Bitcoin “becomes unaffordable with fiat currencies.” El Salvador currently holds 5,969 Bitcoin worth $579m.

El Salvador Plans Chivo Wallet Phase-Out Amid $1.4B IMF Agreement

On Wednesday, the country finalized a $1.4b loan agreement with the IMF, requiring President Bukele’s administration to scale back its Bitcoin policies. The deal specifies that tax payments will only be made in the US dollar, the country’s other official currency.

The agreement, still awaiting approval from the IMF Executive Board, marks a significant shift in El Salvador’s ambitious Bitcoin strategy.

The government also plans to reduce its role in the Chivo wallet, introduced as the official digital wallet for Bitcoin transactions. The wallet has seen limited adoption, with one survey showing that 92% of Salvadorans have not used Bitcoin despite its legal tender status.

Herbert announced plans to either sell or phase out the Chivo wallet. However, she confirmed that private sector Bitcoin wallets will continue to operate in El Salvador.

The post El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns appeared first on Cryptonews.

Read the article at Cryptonews

Read More

IMF Bombshell Footnote Solves El Salvador’s Bitcoin Accumulation Mystery

IMF Bombshell Footnote Solves El Salvador’s Bitcoin Accumulation Mystery

The IMF has finally referred to the current status of the accumulation of bitcoin by ...
Pakistan Establishes Ties With El Salvador, With Bitcoin Front and Center

Pakistan Establishes Ties With El Salvador, With Bitcoin Front and Center

The government of the Islamic Republic of Pakistan established diplomatic ties with t...

El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns


by Shalini Nagarajan
for Cryptonews
El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns

El Salvador announced Thursday that it would keep buying Bitcoin, possibly at a faster rate. This decision came just a day after finalizing a financing deal with the IMF, which had urged the country to reduce its crypto exposure.

The loan agreement states that the government is reducing Bitcoin-related risks and keeping private sector adoption voluntary. It also showed that the government’s Bitcoin risks will significantly decrease, aligning with IMF policies.

However, on Thursday, Stacy Herbert, director of El Salvador’s National Bitcoin Office, announced on X that the country would keep buying Bitcoin for its strategic reserve. She added that the office would continue shaping Bitcoin policies, creating roadmaps, attracting investors and launching educational programs.

El Salvador to Maintain Daily Bitcoin Purchases

Further, Herbert confirmed that the government is still buying one Bitcoin daily, following its ongoing program of daily purchases.

President Nayib Bukele has previously said the government will continue this practice until Bitcoin “becomes unaffordable with fiat currencies.” El Salvador currently holds 5,969 Bitcoin worth $579m.

El Salvador Plans Chivo Wallet Phase-Out Amid $1.4B IMF Agreement

On Wednesday, the country finalized a $1.4b loan agreement with the IMF, requiring President Bukele’s administration to scale back its Bitcoin policies. The deal specifies that tax payments will only be made in the US dollar, the country’s other official currency.

The agreement, still awaiting approval from the IMF Executive Board, marks a significant shift in El Salvador’s ambitious Bitcoin strategy.

The government also plans to reduce its role in the Chivo wallet, introduced as the official digital wallet for Bitcoin transactions. The wallet has seen limited adoption, with one survey showing that 92% of Salvadorans have not used Bitcoin despite its legal tender status.

Herbert announced plans to either sell or phase out the Chivo wallet. However, she confirmed that private sector Bitcoin wallets will continue to operate in El Salvador.

The post El Salvador Plans to Continue Bitcoin Purchases Despite IMF Concerns appeared first on Cryptonews.

Read the article at Cryptonews

Read More

IMF Bombshell Footnote Solves El Salvador’s Bitcoin Accumulation Mystery

IMF Bombshell Footnote Solves El Salvador’s Bitcoin Accumulation Mystery

The IMF has finally referred to the current status of the accumulation of bitcoin by ...
Pakistan Establishes Ties With El Salvador, With Bitcoin Front and Center

Pakistan Establishes Ties With El Salvador, With Bitcoin Front and Center

The government of the Islamic Republic of Pakistan established diplomatic ties with t...