El Salvador Increases Bitcoin Reserves After $1.4 Billion IMF Agreement
El Salvador recently added $1 million in bitcoins to its strategic #bitcoin reserves, just one day after reaching a $1.4 billion agreement with the International Monetary Fund (IMF).
This differs from the government's previous strategy of buying "one bitcoin a day" announced by President Naive Bukere in late 2022. The purchase of 11 bitcoins brings El Salvador's total assets to about 5,980 #BTC , equivalent to about US$580 million.
Stacy Herbert, director of the National Bitcoin Office, suggested that bitcoin purchases could increase in the future. However, the IMF agreement places restrictions on the government's bitcoin activities.
To receive funding, El Salvador agreed to limit bitcoin transactions, ensure private sector participation, limit tax payments to U. S. dollars and reduce government involvement in Chivo wallet transactions.
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