El Salvador continues accumulating bitcoin and now holds 6,111 BTC despite IMF pressure
Quick Take The Central American nation acquired an additional 6 BTC on Sunday, boosting its total holdings to 6,111.18 BTC. The country agreed to scale back the public sector’s bitcoin activities in a deal with the IMF for a $1.4 billion loan.
El Salvador continues to acquire bitcoin despite its deal with the International Monetary Fund to curb its bitcoin acquisition.
The Central American nation purchased an additional 6 BTC on Sunday, expanding its total bitcoin holdings to 6,111.18 BTC, worth about $504 million at current market prices, compared to 6,072 BTC on Feb. 9, according to the country's Bitcoin Office .
In December, El Salvador reached a deal with the IMF for a $1.4 billion loan, with the total package expected to be over $3.5 billion, and agreed to scale back its bitcoin engagement in exchange for the financing. Then, in January, the country's Legislative Assembly approved a bill to comply with the IMF requirements set out in the deal, according to Reuters.
On March 3, the IMF released a new document outlining conditions as part of the extended arrangement for its fund facility to El Salvador. "Going forward, program commitments will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin," said Nigel Clarke, deputy managing director of the IMF, in the document.
El Salvador's strategic reserve, however, continued to accumulate bitcoin. El Salvador President Nayib Bukele said last week that the country will not stop purchasing bitcoin. "No, it's not stopping," Bukele said in an X post on March 5. "If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won’t stop now, and it won’t stop in the future."
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