• Written by: Nakamura Haruto
• Wed, 05 Mar 2025
•   Indonesia

El Salvador's President Nayib Bukele has reaffirmed the country's commitment to accumulating Bitcoin, despite an agreement with the IMF that calls for scaling back crypto-related activities.The post El Salvador Defies IMF Pressure, Continues Bitcoin Accumulation appeared first on Kanalcoin.

El Salvador Defies IMF Pressure, Continues Bitcoin Accumulation

El Salvadors President Nayib Bukele has reaffirmed the countrys commitment to accumulating Bitcoin, despite an agreement with the International Monetary Fund (IMF) that calls for scaling back crypto-related activities.

Bukeles latest remarks follow an IMF report discouraging further government acquisitions of Bitcoin. The IMF recently disclosed details of its $3.5 billion financial arrangement with El Salvador, which includes a $1.4 billion loan approved last month.

As part of the deal, the IMF urged the Central American nation to cease Bitcoin mining and restrict public sector issuance of debt or tokenized instruments linked to Bitcoin.

The countrys Congress acted swiftly on some IMF recommendations, approving amendments to make Bitcoin acceptance voluntary in the private sector.

El Salvador Stands Firm on Bitcoin Accumulation

Despite these developments, Bukele remains resolute in his Bitcoin strategy. On March 4, he reinforced his stance by sharing a post from the countrys Bitcoin Office announcing the addition of another Bitcoin to El Salvadors national reserves.

Bukeles response dismissed speculation that Bitcoin accumulation would cease, contradicting IMF recommendations and media reports suggesting an end to the practice.

El Salvador has been acquiring at least one Bitcoin daily as part of its treasury strategy. In the past week alone, the country added 19 Bitcoins to its holdings, bringing the total reserve to approximately 6,101.18 BTC, valued at over $530 million.

The IMF has previously raised concerns about potential risks associated with El Salvadors Bitcoin adoption, though it acknowledged that such risks have not yet materialized.

The financial institutions latest memorandum underscores the tension between the IMFs regulatory stance and El Salvadors pro-Bitcoin policies.

While it remains unclear whether El Salvador will comply with other IMF stipulations, Bukeles latest statements suggest that Bitcoin accumulation will continue, reinforcing his administrations long-term commitment to the cryptocurrency.

The post El Salvador Defies IMF Pressure, Continues Bitcoin Accumulation appeared first on Kanalcoin.