- Bukele insists Bitcoin accumulation will continue despite IMF restrictions.
- El Salvador added 1 BTC to its reserves on March 4, holding 6,101 BTC.
El Salvador’s President Nayib Bukele has reaffirmed that the country will continue accumulating Bitcoin (BTC), despite the recent International Monetary Fund’s (IMF) agreement suggesting otherwise. Bukele dismissed claims that El Salvador’s Bitcoin strategy would stop, countering the IMF’s requirements tied to a $1.4 billion loan deal.
The IMF recently released a report stating that the Salvadoran government should halt voluntary Bitcoin purchases. The agreement imposes restrictions on Bitcoin acquisitions, mining, and transactions. It also requires the government to disclose its Bitcoin wallet addresses and liquidate its Fidebitcoin trust fund by July 2025.
Bukele responded by posting on X, rejecting the IMF’s stance. He stated, “This all stops in April.’ ‘This all stops in June.’ ‘This all stops in December.’ No, it’s not stopping.” The post came after El Salvador added another Bitcoin to its national reserves on March 4, bringing the total to 6,101 BTC, worth over $530 million.
IMF Conditions and El Salvador’s Bitcoin Holdings
The IMF agreement enforces strict limitations on Bitcoin activities. It mandates a “ceiling of 0” on government Bitcoin purchases and prohibits further involvement in Bitcoin-related economic activities. The IMF emphasized that compliance is crucial for receiving continued funding.
Despite these conditions, El Salvador remains committed to its accumulation strategy. The Bitcoin Office disclosed the purchase of 19 BTC in the past week, followed by another acquisition on Tuesday. The country’s Bitcoin reserve continues growing, despite the IMF’s restrictions.
Bukele’s stance has received backing from Bitcoin supporters. Strategy chairman Michael Saylor posted, “Bitcoin adoption is unstoppable.” Samson Mow also commented on the IMF’s restrictions, questioning how they will impact El Salvador’s future purchases.
El Salvador’s Bitcoin strategy began in 2021 when the country made BTC legal tender. Bukele announced in 2022 that the government would buy one Bitcoin daily.
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Source: https://thenewscrypto.com/el-salvador-refuses-to-halt-bitcoin-accumulation-under-imf-deal/