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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.
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.
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.
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.
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.
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.
El Salvador will make Bitcoin payments voluntary as part of a $1.4 billion loan deal with the IMF, which aims to reduce the country's debt-to-GDP ratio. The agreement includes unwinding government involvement in the Chivo wallet and limiting public sector engagement in Bitcoin activities. Despite the IMF's concerns about Bitcoin's risks, a recent survey revealed that 92% of Salvadorans do not use Bitcoin for transactions.
El Salvador's Bitcoin holdings have surged to $632 million, reflecting a 134% increase as the cryptocurrency reached a record high of $106,488. President Nayib Bukele celebrated the country's substantial gains, which exceeded $350 million from its initial investment of $270 million in 5,966 BTC. Despite the success, the IMF has urged the government to reconsider its Bitcoin strategy due to ongoing volatility concerns.
El Salvador's Central Reserve Bank has granted Bitget a Bitcoin Service Provider license, allowing the exchange to offer Bitcoin-related services in the country. This comes as the nation celebrates an unrealized profit of approximately $362 million from its Bitcoin holdings, valued at over $632 million. Bitget is also seeking a Digital Assets Service Provider license to expand its offerings and plans to establish a local team to enhance support for users in the region.
Several countries are exploring the establishment of national Bitcoin reserves, reflecting a growing trend in cryptocurrency adoption. In Japan, lawmaker Satoshi Hamada has proposed a discussion on a Bitcoin reserve, while Texas and Pennsylvania are considering similar initiatives. Brazil's government aims to allocate 5% of its international reserves to Bitcoin, and Poland's presidential candidate Sławomir Mentzen advocates for a strategic reserve and crypto-friendly regulations. Russia is also revisiting the idea of a national Bitcoin reserve amid recent legislative changes supporting digital assets.
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