{
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El Salvador seeks IMF support amid challenges to Bitcoin adoption
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, facing immediate criticism, particularly from the IMF, which cited risks to financial stability and consumer protection. To secure a $1.4 billion liquidity injection, El Salvador is now complying with IMF conditions that limit cryptocurrency adoption, revealing vulnerabilities in its ambitious Bitcoin initiative.
Crypto Valley Journal
United States Dollar SLV
Regulatory & Legal, News Article
06:00 21.12.2024
el salvador secures 1.4 billion loan from imf while scaling back bitcoin plans
El Salvador has secured a $1.4 billion loan from the IMF, contingent on limiting its Bitcoin and crypto initiatives. The agreement mandates that Bitcoin acceptance by the private sector will be voluntary, and government involvement in the Chivo wallet will be gradually reduced, with taxes paid only in US dollars. Despite this, the country plans to continue purchasing Bitcoin for its Strategic Bitcoin Reserve.
dailyhodl.com
United States Dollar International Monetary Fund FUND SLV Stacy Herbert
Finance & Economy, Press Release
20:45 20.12.2024
El Salvador boosts Bitcoin reserves with new one million dollar purchase
El Salvador is intensifying its Bitcoin acquisition strategy, recently purchasing 11 BTC for approximately $1 million, bringing its total holdings to 5,980.77 BTC valued at around $585.8 million. Despite an agreement with the IMF that requires reducing public sector involvement in Bitcoin initiatives, the government remains committed to expanding its Bitcoin reserves and promoting educational programs. Senior Bitcoin advisor Max Keiser emphasized that Bitcoin's role in the country's economic transformation is paramount, dismissing IMF conditions as largely irrelevant.
CryptoSlate
United States Dollar SLV Nayib Bukele Stacy Herbert Max Keiser Show more
Crypto, News Article
11:11 20.12.2024
El Salvador increases Bitcoin reserves despite IMF deal restrictions on crypto
El Salvador has purchased 11 Bitcoin, valued at around $1 million, increasing its total holdings to nearly 5,981 BTC. This move follows a $1.4 billion financing deal with the IMF, which imposes limits on the country's crypto policies, including making Bitcoin acceptance voluntary and restricting tax payments to the U.S. dollar. Despite these conditions, the government remains committed to its Bitcoin strategy, with plans for continued purchases and maintaining Bitcoin as legal tender.
CoinCodeCap
SLV USA Nayib Bukele Stacy Herbert Eugene Epstein Show more
Finance & Economy, News Article
10:26 20.12.2024
El Salvador purchases 11 Bitcoin after IMF deal despite cryptocurrency limits
El Salvador purchased 11 Bitcoin worth $1 million just a day after securing a $1.4 billion deal with the IMF, which imposed limits on the country's cryptocurrency dealings. This acquisition breaks its previous pattern of buying one Bitcoin daily, raising its total holdings to approximately 5,980.77 BTC, valued at around $580 million. Despite the IMF's stipulations, the National Bitcoin Office indicated that the government would continue to buy Bitcoin, emphasizing its commitment to the cryptocurrency strategy.
Cointelegraph
United States Dollar International Monetary Fund FUND SLV Nayib Bukele Stacy Herbert
Finance & Economy, News Article
06:57 20.12.2024
El Salvador scales back Bitcoin plans amid IMF loan agreement
El Salvador has secured a $1.4 billion loan from the IMF, which requires the government to scale back its Bitcoin initiatives to enhance financial stability. The agreement will make Bitcoin usage optional for businesses and limit public sector Bitcoin activities, including the cessation of tax payments in BTC. This shift aims to restore confidence in fiscal policies and attract further international financial support.
CryptoPotato
International Monetary Fund FUND SLV Nayib Bukele
Finance & Economy, Press Release
05:26 20.12.2024
institutional demand for bitcoin surges as etfs and companies lead purchases
In 2024, institutional investors acquired 859,454 Bitcoins, equivalent to eight years of issuance, driven by the rise of US-traded spot Bitcoin ETFs, which now manage 1.4 million BTC. Public companies, notably MicroStrategy, added 297,673 BTC to their treasuries, enhancing market liquidity. Growing interest in a "Bitcoin Strategic Reserve" among lawmakers, alongside existing holdings by countries like Bhutan and El Salvador, signals a potential shift towards broader institutional and sovereign adoption of Bitcoin.
CryptoSlate
United States Dollar MicroStrategy Inc CHE USA BRA SLV Donald Trump Show more
Finance & Economy, Market Report
20:08 19.12.2024
el salvador revises bitcoin strategy to secure imf loan and stabilize economy
El Salvador is reforming its Bitcoin strategy to secure a $1.4 billion loan from the IMF, making Bitcoin acceptance by merchants voluntary and limiting public sector involvement in cryptocurrency. Despite these changes, the government remains committed to purchasing one Bitcoin daily, reflecting President Bukele's belief in its long-term potential. As of mid-December, the country's Bitcoin holdings were valued at over $632 million, with significant investments aimed at improving financial access for its population.
Crypto News Flash
United States Dollar McDonald's Corporation Starbucks Corp ARG SLV Nayib Bukele
Finance & Economy, News Article
14:42 19.12.2024
El Salvador revises Bitcoin policies for IMF loan agreement of 1.4 billion dollars
El Salvador has agreed to modify its Bitcoin policies as part of a $1.4 billion loan deal with the IMF, transitioning to voluntary Bitcoin acceptance for businesses and reducing public sector involvement in crypto activities. The government will also only accept tax payments in US dollars moving forward. Despite these changes, El Salvador continues to purchase one Bitcoin daily, maintaining a significant holding that has yielded substantial unrealized profits.
CryptoSlate
United States Dollar International Monetary Fund FUND SLV Nayib Bukele
Finance & Economy, News Article
12:32 19.12.2024
Bitget Token BGB Reaches Record High Following El Salvador License Approval
Bitget Token (BGB) surged 11% to a record high of $4.6 following the approval of a Bitcoin Service Provider license in El Salvador, enhancing its market presence in a country that adopted Bitcoin as legal tender. Additional factors fueling BGB's growth include expansion into European markets, new payment options for Vietnamese users, and a partnership with a Telegram game that features airdrops and a substantial prize pool. Market metrics show a significant increase in open interest for futures contracts and trading volume, indicating heightened trader confidence and participation.
Coinchapter
Vietnamese Đồng Bitget Token USD VNM SLV LTU GBR POL Show more
Finance & Economy, Market Report
11:35 19.12.2024
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