El Salvador buys 12 bitcoins despite IMF agreement

El Salvador added 12 Bitcoin to its reserves in the past day, intensifying Bitcoin buying as the leading crypto asset hovers near all-time highs.

This development comes despite a recent agreement with the International Monetary Fund (IMF) to scale back some of its cryptocurrency policies.

Bitcoin payment continues

National Bitcoin Office Announce Via Additional Bitcoin was acquired the next day for $106,000.

Office portfolio tracker as well open The country’s total holdings now stand at 6,044 Bitcoin, worth approximately $620 million, with Bitcoin trading at more than $103,000.

Last month, President Nayib Bukele’s administration secured a $1.4 billion financing deal with the International Monetary Fund, and agreed to scale back some Bitcoin initiatives, including making accepting Bitcoin optional for businesses and reducing government involvement in the Chivo wallet.

However, the day after this agreement, the Central American country purchased $1 million worth of Bitcoin. National Bitcoin Office Director Stacey Herbert said on X that the country’s Bitcoin strategy remains unchanged. El Salvador became the first country in the world to recognize Bitcoin as an official currency after its adoption by the Legislative Assembly in 2021.

Bitfinex and Tether Offers in El Salvador

Last year, Bitfinex Securities launched tokenized US Treasury bonds in El Salvador under the country’s new securities regime. The main goal behind the offering was to raise $30 million and provide investors with exposure to short-term Treasuries through blockchain technology.

Recently, Tether, the issuer of the USDT stablecoin, announced the relocation of its business and headquarters to El Salvador after obtaining a Digital Asset Service Provider (DASP) license. The move is in line with El Salvador’s Bitcoin-friendly policies, which aim to promote Bitcoin adoption globally and innovation in emerging markets. The Tether CEO highlighted the country’s supportive environment for digital assets and its vision for financial freedom and decentralized technologies.