El Salvador Purchases 12 BTC Despite IMF Agreement

El Salvador added 12 BTC to its reserves in the past day, ramping up its Bitcoin purchase as the leading crypto asset hovers near its all-time high.

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

Bitcoin Push Continues

The National Bitcoin Office announced via X on January 19th that it had purchased 11 BTC for its Strategic Bitcoin Reserve, which is currently worth more than $1 million. An additional Bitcoin was acquired on the following day for $106,000.

The office’s portfolio tracker further revealed that the country’s total holdings now stand at 6,044 BTC, valued at roughly $620 million, with Bitcoin trading above $103,000.

Last month, President Nayib Bukele’s administration secured a $1.4 billion financing deal with the IMF, agreeing to reduce certain Bitcoin initiatives, including making BTC acceptance 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 Stacy Herbert stated on X that the country’s Bitcoin strategy remains unchanged. El Salvador became the world’s first nation to recognize Bitcoin as an official currency following its adoption by the Legislative Assembly in 2021.

Bitfinex and Tether’s Offerings in El Salvador

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

More recently, USDT stablecoin issuer Tether announced relocating its business and headquarters to El Salvador after acquiring a Digital Asset Service Provider (DASP) license. The move aligns with El Salvador’s Bitcoin-friendly policies, aiming to foster global Bitcoin adoption and innovation in emerging markets. Tether’s CEO highlighted the country’s supportive environment for digital assets and its vision for financial freedom and decentralized technologies.