The federal government of El Salvador continues stacking Bitcoin (BTC) for its nationwide crypto reserve, regardless of an ongoing cope with the Worldwide Financial Fund (IMF) stipulating that the Central American nation cease utilizing public funds to buy Bitcoin as one of many circumstances for a mortgage settlement.
In response to information 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 regular tempo of Bitcoin acquisitions months after the IMF settlement was signed and reveals no signal of halting its Bitcoin purchases.
The Central American nation is likely one of the solely nations actively buying Bitcoin in open market operations, and its nationwide Bitcoin treasury technique will function a blueprint for different international locations additionally contemplating Bitcoin strategic reserves, in line with crypto trade executives.
Associated: El Salvador works with Nvidia to develop sovereign AI infrastructure
El Salvador stays defiant in opposition to IMF stress
El Salvador signed a $1.4 billion mortgage settlement 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 regulation and make Bitcoin funds voluntary.
The settlement additionally stipulated that El Salvador should cut back 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In January 2025, lawmakers within the Central American nation repealed the Bitcoin authorized tender regulation in a 55-2 Congressional vote, though this did nothing to pause or sluggish Bitcoin acquisitions.
The IMF issued one other 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 again in opposition to the requests.
Bukele emphasised that the nation wouldn’t cease its Bitcoin purchases or decelerate its accumulation of BTC within the face of mounting stress 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 gained’t cease now, and it gained’t cease sooner or later,” Bukele wrote in a March 4 X put up.
Journal: El Salvador’s nationwide Bitcoin chief has been orange-pilling Argentina
