- The IMF makes fruitless effort to have El Salvador refuse its Bitcoin buying.
- Defiant, the nation continues to silently accumulate Bitcoin.
- The International Monetary Fund reminds the nation of its loan agreement.
The International Monetary Fund (IMF) expects El Salvador to make ‘efforts’ to stop Bitcoin buys with a $120 million payments deal. In detail, the IMF makes fruitless efforts to have the defiant El Salvador reduce its Bitcoin buying. El Salvador, the first nation to officially embrace Bitcoin (BTC), has made incredible strides since making Bitcoin a legal tender, bringing prosperity to the country and its people. The IMF wastes its efforts.
IMF Makes Fruitless Efforts to Reduce El Salvador’s BTC Buys
Last bull cycle, El Salvador’s President, Nayib Bukele, made a bold move that forever revolutionized Bitcoin and how BTC was seen in the eyes of nations, institutions, and the greater masses. To highlight, Bukele announced that El Salvador was making Bitcoin a legal tender and began buying BTC in bulk. He also launched a Chivo Wallet to encourage his citizens to hold BTC as well.
The Chivo Wallet gave El Salvador citizens $50 worth of BTC to start with. Soon after this El Salvador took it a step further and announced that the country would be using the geothermal power of its volcanoes to mine BTC. They used natural sources to feed the energy Bitcoin miners need, setting high standards for other nations to follow. Since then, El Salvador has had a big lead in BTC accumulation and has used BTC profits to improve the country’s standard of living.
El Salvador Defiantly Buys More BTC
Now with new countries joining the race, it is imperative to maintain one’s lead in BTC holding, and the IMF seems to be trying to slow El Salvador down with its latest move. In detail, the IMF reached an agreement with El Salvador to pay the country $120 million following a review of its $1.4 billion loan agreement from the previous year. The IMF expects the nation to fulfil its prior obligations around limiting further government involvement in Bitcoin.
El Salvador must now repay the loan in 35 months. Until then, they are expected to cease involvement in the Chivo wallet and reduce their BTC buying. Despite these agreements, Bukele and El Salvador continue to buy Bitcoin on a regular basis as part of the nation’s Bitcoin Treasury Strategy. Another reminder came from the IMF, only to be ignored by El Salvador and its latest BTC buy.
Indeed, Bukele and El Salvador continue to be a beacon of strength and vision for the crypto community. With more financial institutions like BlackRock and visionaries like Michael Saylor accumulating more BTC every day, El Salvador cannot afford to slack off in its Bitcoin accumulation. Responses to the story are all in support of Bukele and El Salvador, and hope to see the IMF loosen up.
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