El Salvador Buys More Bitcoin Despite IMF Deal
- El Salvador keeps buying Bitcoin despite the IMF’s loan conditions.
- President Bukele remains committed to crypto-focused growth.
- The government balances Bitcoin adoption with global financial expectations.
El Salvador is doubling down on its Bitcoin strategy, even after signing a $1.4 billion loan agreement with the International Monetary Fund (IMF) that recommended scaling back its crypto ambitions.
During an interview at the Web Summit in Rio de Janeiro, Economy Minister Maria Luisa Hayem confirmed that the government is continuing to accumulate Bitcoin. She emphasised that President Nayib Bukele remains committed to making Bitcoin a central pillar of the country’s economic vision.
“There’s a commitment of President Bukele to keep accumulating assets,” Hayem said.
Despite IMF recommendations for fiscal restraint and reduced focus on Bitcoin, El Salvador’s official Bitcoin Office continues to share updates on new Bitcoin purchases via social media.
Tension Between Innovation and Global Finance
El Salvador introduced more flexibility into its Bitcoin law, as part of the IMF loan agreement, allowing businesses to choose whether to accept Bitcoin or not. This was seen as an effort to strike a balance between innovation and investor concerns.
In 2021, El Salvador made headlines as the first nation in the world to make Bitcoin legal tender. Although crypto enthusiasts welcomed the development, mainstream financial institutions and credit agencies were shocked, prompting credit downgrades and warnings from institutions such as the IMF.
Still, Hayem highlighted that both government-led and private crypto initiatives are progressing, signalling that the digital asset strategy is far from being paused.
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El Salvador Buys More Bitcoin Despite IMF Deal
- El Salvador keeps buying Bitcoin despite the IMF’s loan conditions.
- President Bukele remains committed to crypto-focused growth.
- The government balances Bitcoin adoption with global financial expectations.
El Salvador is doubling down on its Bitcoin strategy, even after signing a $1.4 billion loan agreement with the International Monetary Fund (IMF) that recommended scaling back its crypto ambitions.
During an interview at the Web Summit in Rio de Janeiro, Economy Minister Maria Luisa Hayem confirmed that the government is continuing to accumulate Bitcoin. She emphasised that President Nayib Bukele remains committed to making Bitcoin a central pillar of the country’s economic vision.
“There’s a commitment of President Bukele to keep accumulating assets,” Hayem said.
Despite IMF recommendations for fiscal restraint and reduced focus on Bitcoin, El Salvador’s official Bitcoin Office continues to share updates on new Bitcoin purchases via social media.
Tension Between Innovation and Global Finance
El Salvador introduced more flexibility into its Bitcoin law, as part of the IMF loan agreement, allowing businesses to choose whether to accept Bitcoin or not. This was seen as an effort to strike a balance between innovation and investor concerns.
In 2021, El Salvador made headlines as the first nation in the world to make Bitcoin legal tender. Although crypto enthusiasts welcomed the development, mainstream financial institutions and credit agencies were shocked, prompting credit downgrades and warnings from institutions such as the IMF.
Still, Hayem highlighted that both government-led and private crypto initiatives are progressing, signalling that the digital asset strategy is far from being paused.
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