El Salvador’s Commitment to Bitcoin Acquisition
Despite its agreement with the International Monetary Fund (IMF), President Nayib Bukele has confirmed that El Salvador will continue acquiring Bitcoin.
President’s Statement
On March 5, Bukele dismissed rumors of halting Bitcoin purchases and reiterated the country’s commitment to acquiring BTC, regardless of external pressures. He stated, “[Our Bitcoin purchases] is not stopping. If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”
Recent Bitcoin Acquisition
Following Bukele’s remarks, El Salvador’s National Bitcoin Office confirmed a fresh Bitcoin acquisition, bringing the country’s total holdings to 6,101 BTC—valued at approximately $530 million.
IMF Agreement and Restrictions
El Salvador has agreed to limit its government’s direct involvement in BTC-related activities as per the IMF’s requirements. The nation must introduce stricter oversight of digital assets to align with evolving global financial regulations.
Restrictions on Bitcoin Purchases
The Central American country is prohibited from purchasing Bitcoin voluntarily, including through mining operations. The only exception applies to Bitcoin obtained via seizures, forfeitures, or other legal enforcement actions.
Policy Changes for Financial Aid
El Salvador agreed to ease its Bitcoin policies in exchange for a $1.4 billion financial aid package from the IMF. Conditions include the removal of mandatory Bitcoin acceptance for businesses and discontinuing tax payments in BTC.
Community Reaction
Bukele’s statement has sparked mixed reactions within the crypto community. Some support his Bitcoin advocacy, while others seek clarity on how El Salvador will navigate its IMF commitments.
Criticism and Support
CEO Samson Mow suggested that Bukele clarify the country’s BTC strategy within the new regulatory constraints. Meanwhile, Stacy Herbert defended the government’s commitment, criticizing those who doubted it.
[Editor’s Note: The IMF agreement prohibits El Salvador from acquiring Bitcoin outside of law enforcement, with potential consequences for non-compliance. This information highlights the importance of adhering to regulatory requirements for financial aid.]
