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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.
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.
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