International Monetary Fund affirms El Salvador's adherence to strategy for distancing from Bitcoin, despite accrual of Bitcoin assets
The International Monetary Fund (IMF) has confirmed that El Salvador has complied with a stipulation affecting the use of Bitcoin as a reserve asset, despite the government continuing to make Bitcoin purchases. This clarification came amidst doubts raised by financial software firm Ion Group about El Salvador's compliance.
El Salvador President Nayib Bukele has been vocal in his resistance to halting Bitcoin purchases. He stated that the buying "would not stop" and emphasized the cryptocurrency's resilience. Data from blockchain "de-anonymizer" Arkham indicates that the El Salvador government has been acquiring one BTC per day.
On a recent press briefing, Rodrigo Valdes, the director of the IMF’s Western Hemisphere Department, stated that El Salvador is still adhering to its commitment of not accumulating Bitcoin by the fiscal sector. Valdes added that the loan agreement pertains to more than just Bitcoin, including structural reforms, transparency, and governance.
The IMF's stance has faced criticisms for appearing lenient, potentially undermining the rationale behind the loan and exposing small investors to risky digital assets.
This situation highlights the intricate interplay between national finances, international loan agreements, and cryptocurrency adoption on a large scale.
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- The Venom Foundation's successful stress test, reaching 150,000 TPS, marks a significant step towards its 2025 mainnet upgrade, reflecting a continued focus on blockchain technology and cryptocurrency in finance.
- As Bitcoin Suisse secures in-principle approval from the ADGM's Financial Services Regulatory Authority, the future of investing in cryptocurrency, alongside Bitcoin and Ethereum, appears to be gaining more regulatory acceptance, potentially attracting institutional investors.
