Even under pressure from the International Monetary Fund (IMF) to reduce Bitcoin investment, El Salvador once again used practical actions to prove its determination to “study Bitcoin as a whole” and increased its investment in buying more Bitcoins, exceeding the original The rhythm of "buy 1 Bitcoin every day".
After four years of negotiations and back-and-forth, El Salvador reached a $1.4 billion loan agreement with the IMF earlier this month. In order to obtain much-needed financial assistance, it also had to make concessions on Bitcoin-related policies.
According to a statement released by the IMF on December 18, as part of the agreement, the El Salvador government has agreed to "reduce the amount of Bitcoin purchases" and will no longer accept people using Bitcoin to pay taxes, nor will it mandate that merchants accept it. Bitcoin payments.
However, Stacy Herbert, director of the El Salvador Bitcoin office, later emphasized in a post that the pace of Bitcoin purchases by El Salvador would not only continue but would accelerate.
On the very day the IMF issued its statement, El Salvador purchased 12 Bitcoins, and the next day added another one. By December 21, it bought another 12, and thereafter resumed a steady pace of buying 1 Bitcoin daily.
According to official data, El Salvador has accumulated a total of 5,998.77 Bitcoins to date, worth approximately $577 million.
"Unfazed by IMF's pressure to 'reduce Bitcoin investments'! El Salvador ignores the advice and instead increases its purchases." This article was first published on (Blockcast).
