El Salvador Reaffirms BTC Commitment, Will Continue Accumulating Reserves
The post El Salvador Reaffirms BTC Commitment, Will Continue Accumulating Reserves appeared on BitcoinEthereumNews.com.
El Salvador has reiterated its commitment to Bitcoin in spite of recent developments that saw its digital wallet, Chivo, being sold or retired. This is just days after the country sealed a $1.4 billion loan deal with the International Monetary Fund. The deal forces the scaling back of Bitcoin policies, but the Salvadoran government remains undeterred in its quest to accumulate BTC for its strategic reserves. El Salvador Reaffirms BTC Commitment, to Keep Accumulating Reserves El Salvador recently struck a $1.4 billion deal with the International Monetary Fund (IMF). It is also looking to secure a $3.5 billion deal, but with certain concessions regarding Bitcoin (BTC) to secure the funding. As part of the agreement, the country has agreed to scale back its Bitcoin policies, particularly in relation to its official digital wallet, Chivo, which the country plans to sell or retire. Stacey Herbert, the Director of the National Bitcoin Office, highlighted the fact that Bitcoin would keep on playing a critical role in the country’s financial strategy. She said that, while the Chivo wallet will stop being active, the government will speed up its buying of Bitcoin, continuing to add more BTC to its reserves. 🇸🇻EL SALVADOR SECURES $3.5 FUNDING DEAL ➡️Bitcoin remains legal tender➡️El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve➡️Bitcoin capital markets will continue to be built; for example, the recent tokenized issuance… — Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024 Presently, El Salvador holds 5,968.77 Bitcoin, which is nearly $596 million, with plans to purchase one Bitcoin per day. The IMF required Bitcoin use in the private sector to be voluntary. It also limited public sector involvement in Bitcoin transactions. Despite these restrictions, Herbert stated that many Bitcoin-related initiatives will continue. These include developing Bitcoin capital markets and…
