The federal government of El Salvador continues stacking Bitcoin (BTC) for its nationwide crypto reserve, regardless of an ongoing take care of the Worldwide Financial Fund (IMF) stipulating that the Central American nation cease utilizing public funds to buy Bitcoin as one of many situations for a mortgage settlement.
In keeping with data from the El Salvador Bitcoin Workplace, the nation acquired a further seven BTC within the final seven days, bringing its whole holdings to six,173 BTC, valued at over $637 million.
El Salvador’s Bitcoin Workplace has continued its steady pace of Bitcoin acquisitions months after the IMF settlement was signed and exhibits no signal of halting its Bitcoin purchases.
The Central American nation is among the solely nations actively buying Bitcoin in open market operations, and its nationwide Bitcoin treasury technique will serve as a blueprint for other countries additionally contemplating Bitcoin strategic reserves, in accordance with crypto business executives.
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El Salvador stays defiant towards IMF strain
El Salvador signed a $1.4 billion loan agreement with the IMF in December 2024. As a part of that settlement, the federal government of the nation agreed to rescind its Bitcoin authorized tender legislation and make Bitcoin funds voluntary.
The settlement additionally stipulated that El Salvador should reduce its Bitcoin accumulation, refraining from utilizing public funds to finance Bitcoin purchases.
Moreover, the deal required the federal government privatize the Chivo Pockets, which was publicly funded however noticed little use amongst residents.
In January 2025, lawmakers within the Central American nation repealed the Bitcoin authorized tender legislation in a 55-2 Congressional vote, though this did nothing to pause or sluggish Bitcoin acquisitions.
The IMF issued another request to the nation to halt Bitcoin buys in March 2025, reiterating the unique phrases of the settlement. Nevertheless, El Salvador’s President Nayib Bukele pushed back against the requests.
Bukele emphasised that the nation wouldn’t cease its Bitcoin purchases or decelerate its accumulation of BTC within the face of mounting strain from the supranational monetary establishment.
“No, it’s not stopping. If it didn’t cease when the world ostracized us and most ‘Bitcoiners’ deserted us, it received’t cease now, and it received’t cease sooner or later,” Bukele wrote in a March 4 X post.
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