El Salvador’s president Nayib Bukele said the government would not cease buying Bitcoins despite an updated request by the International Monetary Fund.
You can also find out more about the following: IMF issued a new request On March 3, the company announced an extension of its fund facility for El Salvador ($1.4 billion), which required that El Salvador’s government stop collecting Bitcoin.BTC).
“No, it’s not stopping,” Bukele stated in an X postEl Salvador’s refusal to comply with IMF requests was confirmed by the IMF.
“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,” He added.
Source: Nayib Bukele
El Salvador continued its purchase Central American Participants are required to use at least one Bitcoin each day from March 4, as part the Central American country’s treasury strategy.
IMF memorandum of March 3 also demanded that El Salvador stop Bitcoin mining, and limit public sector issuers to debt or tokenized instrument denominated or index in Bitcoin.
Bukele said that El Salvador would continue to stack Bitcoins, but it wasn’t immediately clear if the country will comply with any other requests.
El Salvador’s National Bitcoin Office didn’t immediately reply to a comment request.
Related: Bitcoin, crypto firms move to El Salvador, but success rides on banking access
The country initially secured a $1.4 billion funding deal In December 2024, the IMF is expected to give Bitcoin-related initiatives a reduction in return for the IMF’s support.
Some of these measures include making Bitcoin payments on a voluntary basis and paying tax in US Dollars.
El Salvador holds 6101 Bitcoin worth 534.5 millions dollars. according The National Bitcoin Office of El Salvador provides data on the Bitcoin market.
BitBo’s Bitcoin Treasuries data shows.
El Salvador began purchasing Bitcoins in September 2021. Bitcoin was made legal tender — making it the first country to do so.
Bitcoin’s status as legal tender In January, El Salvador passed a law Private sector retailers will no longer be required to accept BTC in January.
Magazine: Big Questions: How can Bitcoin payments stage a comeback?
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Source: cointelegraph.com
