El Salvador continues its Bitcoin purchase strategy, as President Bukele confirms the government’s refusal to comply with the IMF’s request to stop buying Bitcoin. The nation maintains a strategy of acquiring at least one Bitcoin daily and currently holds the sixth-largest Bitcoin reserve globally. The IMF also requested the cessation of Bitcoin mining and restrictions on related public sector financing.
The President of El Salvador, Nayib Bukele, has affirmed that his government will persist in purchasing Bitcoin, notwithstanding a recent request from the International Monetary Fund (IMF) urging a cessation. On March 3, the IMF called for the country to halt the voluntary accumulation of Bitcoin as part of an extended arrangement under its $1.4 billion funding facility.
In a statement on March 4 via X, Bukele remarked, “No, it’s not stopping,” thereby asserting El Salvador’s decision to disregard the IMF’s recommendations. He emphasized that the nation’s commitment to Bitcoin would continue despite previous global criticism and the withdrawal of several Bitcoin enthusiasts.
El Salvador has maintained its strategy of acquiring at least one Bitcoin per day as part of its treasury initiatives, confirming its dedication to the cryptocurrency. Alongside its request for halting Bitcoin purchases, the IMF also recommended that El Salvador cease all mining activities and limit public sector involvement with Bitcoin-denominated debt instruments.
Although Bukele has reiterated El Salvador’s resolve in purchasing Bitcoin, it remains uncertain if the nation will acquiesce to the other stipulations set forth by the IMF. On a related note, the El Salvador National Bitcoin Office did not provide immediate commentary on the matter.
Historically, El Salvador’s relationship with the IMF has included commitments to curtail its Bitcoin-related projects in exchange for financial support, initially securing a $1.4 billion deal in December 2024. The nation holds a total of 6,101 Bitcoin, valued at approximately $534.5 million, ranking as the sixth-largest Bitcoin holder globally.
In summary, President Nayib Bukele’s determination to continue Bitcoin acquisitions despite IMF pressure underscores El Salvador’s commitment to its cryptocurrency strategy. While Bukele has firmly rejected the IMF’s request to cease purchases, the future compliance with other IMF recommendations remains uncertain. El Salvador’s standing as a significant player in the Bitcoin market is further solidified by its sizeable holdings.
Original Source: cointelegraph.com
