El Salvador to pursue further bitcoin acquisitions, says President Bukele
The illustration shows El Salvador’s national flag over Bitcoin coins. (Adobe Stock Photo)
El Salvador’s President Nayib Bukele announced Tuesday that the country, the first in the world to recognize bitcoin as legal tender, will continue acquiring the cryptocurrency despite recent legal amendments and external pressures.
“‘This all stops in April.’ ‘This all stops in June.’ ‘This all stops in December.’ No, it’s not stopping,” he said on X, replying to the official Bitcoin Office of El Salvador’s announcement post about the acquisition of another Bitcoin.
“If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” he added.
El Salvador currently holds 6,101 bitcoin, which makes it the largest investor state of the largest and most valuable digital asset, according to the official Bitcoin Office of El Salvador.
On the other hand, at the end of January, the Legislative Assembly of El Salvador amended the Bitcoin Law, removing the obligation for businesses to accept the cryptocurrency. It also ended the state’s role in its use and removed references to bitcoin as a legal tender from the text of the law.
IMF deal tightens rules, yet doesn’t hinder bitcoin acquisitions
On Feb. 27, the International Monetary Fund (IMF) approved a new arrangement of funds equivalent to $1.4 billion for El Salvador, which also includes restrictions regarding Bitcoin.
“The potential risks of the Bitcoin project are being addressed in line with Fund policies and with Fund advice to the authorities,” said Nigel Clarke, the IMF’s acting chair, in a statement.
“Prior actions include legal reforms that have made acceptance of bitcoin by the private sector voluntary and ensured that tax payments are made only in U.S. dollars.”
As of 8:45 a.m. GMT on Wednesday, bitcoin stood at $85,820, reflecting a 5% daily gain.
