El Salvador Challenges IMF, Strengthens Bitcoin Holdings with Bold Move
Despite an agreement with the International Monetary Fund (IMF) that requires El Salvador to mitigate bitcoin risks in exchange for a $1.4 billion credit line, the government has continued to purchase bitcoin.
El Salvador’s Bitcoin Office confirmed the ongoing “1 BTC a day” purchase program, adding 30 BTC in the last week alone. Director Stacy Herbert emphasized that bitcoin would remain legal tender, and crypto education initiatives would continue.
These actions contradict the IMF’s stipulation that bitcoin adoption by the private sector be voluntary, raising questions about the full implications of the agreement and potential conflicts with the IMF’s conditions.
Clever Robot News Desk 23th December 2024
