Newbies in the crypto world! Today we are going to talk about a super interesting country—El Salvador, which is a loyal fan of Bitcoin! Just last week, El Salvador bought 22 Bitcoins (BTC) in one go, boosting its Bitcoin reserves to 574 million USD! It's like suddenly getting a lot of coins in a game, feels amazing, right!
So, why is El Salvador suddenly buying Bitcoin so crazily?
It turns out that the country's president, Nayib Bukele, has had a 'small goal': to buy one Bitcoin every day! He has been sticking to this since November 2022. Last Friday and Sunday, he waved his hand again and bought about 2.14 million USD worth of Bitcoin. It's simply a 'Bitcoin shopping spree'!
However, it is not as simple as just buying, buying, buying in El Salvador! It has also started a 'new game' with the International Monetary Fund (IMF). The IMF recently gave El Salvador a big loan package of 1.4 billion USD, which suddenly gave El Salvador more money to 'play with'. However, the IMF doesn’t give money for free; it requires El Salvador to make some changes in cryptocurrency.
What do these changes include?
First, the El Salvador government needs to impose some restrictions on Bitcoin activities in the public sector and cannot act as freely as before. Secondly, the government also has to stop operating the Bitcoin wallet called Chivo. Doesn’t it sound a bit like being restricted from certain functions in a game? But don’t worry, the El Salvador government is still working hard to improve cryptocurrency regulation to make everything more stable and secure.
Now, El Salvador's Bitcoin reserves have exceeded 574 million USD, and the government plans to buy another 20,000 Bitcoins! This is simply a 'Bitcoin feast'!
Friends in the global financial sector are closely watching El Salvador's 'Bitcoin adventure' and its cooperation with the International Monetary Fund (IMF). They are all assessing what impact this adventure will have on international relations and economic health.
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