El Salvador has strengthened its commitment to Bitcoin despite repeated caution from the International Monetary Fund (IMF).
On March 9, the Bitcoin office in El Salvador confirmed that the country had acquired six BTCs for around $500,000.
According to the statement, the Naive Bukere-led country added five BTC to its reserves, while purchasing one BTC every day.
After the acquisition, the country has accumulated 18 BTC and rose to around $1.4 million last week.
According to official data, this will bring the total purchase of Bitcoin in El Salvador in March to around 19 for BTC. Currently, the country holds around 6,111 BTC, worth more than $504 million at its current market price.
Meanwhile, this latest purchase coincides with a recent decline in Bitcoin’s market and a decline of around 12%, with a price of around $80,000.
Stacey Herbert, director of the Bitcoin office in El Salvador, emphasized that the country has repeatedly utilized the market slump to strengthen its holdings. She noted that El Salvador made similar purchases on the last three major dips of Bitcoin.
IMF tension
Despite the initial agreement between the parties, El Salvador’s continued purchase of Bitcoin directly challenges the IMF terms related to the $1.4 billion financial aid package.
Last week, the IMF published a report outlining the proposed agreement with El Salvador after nearly four years of negotiations. The transaction called for the country to reduce public sector involvement in Bitcoin-related activities and implement stricter digital asset surveillance rules to meet international financial standards.
Additionally, the IMF sought to limit voluntary purchases of Central American countries, including acquisitions through mining operations. Under this agreement, Bitcoin holdings were held only from seizures, confiscations and other legal actions.
In particular, El Salvador previously adjusted its policies to address international concerns, including revoking the requirement for businesses to accept Bitcoin and reducing the use of tax payments.
However, its ongoing purchase suggests a commitment to top-level crypto. President Bukere has maintained the country’s stance, emphasizing the continued acquisition of BTC.
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