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Bitcoin (BITCOIN)
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Bonk price

Bitcoin (BITCOIN)
$98,797 0.80%

Bitcoin price

Ethereum (ETHEREUM)
$3,459 -0.41%

Ethereum price

BNB (BINANCECOIN)
$703.84 -0.04%

BNB price

Solana (SOLANA)
$196.82 -1.42%

Solana price

XRP (RIPPLE)
$2.27 -0.62%

XRP price

Shiba Inu (SHIBA-INU)
$0.000023 -2.82%

Shiba Inu price

Pepe (PEPE)
$0.000018 -3.69%

Pepe price

Bonk (BONK)
$0.000033 -3.55%

Bonk price

Bitcoin (BITCOIN)
$98,797 0.80%

Bitcoin price

Ethereum (ETHEREUM)
$3,459 -0.41%

Ethereum price

BNB (BINANCECOIN)
$703.84 -0.04%

BNB price

Solana (SOLANA)
$196.82 -1.42%

Solana price

XRP (RIPPLE)
$2.27 -0.62%

XRP price

Shiba Inu (SHIBA-INU)
$0.000023 -2.82%

Shiba Inu price

Pepe (PEPE)
$0.000018 -3.69%

Pepe price

Bonk (BONK)
$0.000033 -3.55%

Bonk price

Bitcoin (BITCOIN)
$98,797 0.80%

Bitcoin price

Ethereum (ETHEREUM)
$3,459 -0.41%

Ethereum price

BNB (BINANCECOIN)
$703.84 -0.04%

BNB price

Solana (SOLANA)
$196.82 -1.42%

Solana price

XRP (RIPPLE)
$2.27 -0.62%

XRP price

Shiba Inu (SHIBA-INU)
$0.000023 -2.82%

Shiba Inu price

Pepe (PEPE)
$0.000018 -3.69%

Pepe price

Bonk (BONK)
$0.000033 -3.55%

Bonk price

Crypto News


EL SALVADOR BUYS 11 BITCOIN A DAY AFTER IMF URGES SCALING BACK

Syed Ali Haider
Crypto News Author
Fact Checked by Wajeeh Khan
Last updated: December 20, 2024
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you
trade. We may earn affiliate commissions from some of the products on this page
- at no extra cost to you.
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Highlights:

 * El Salvador boosts Bitcoin reserves to 5,980 BTC with a $1 million purchase.
 * A New IMF agreement limits public-sector Bitcoin use while making it optional
   for the private sector.
 * Stacy Herbert confirms El Salvador will continue buying Bitcoin and shaping
   policies.

El Salvador has boosted its Bitcoin reserve by purchasing 11 Bitcoins for $1
million, bringing its total holdings to 5,969, valued at $579 million. This
investment follows the country’s recent $1.4 billion agreement with the
International Monetary Fund (IMF).

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The new agreement makes Bitcoin acceptance optional for the private sector while
limiting the public sector’s involvement in crypto activities. Taxes will only
be accepted in US dollars, further restricting Bitcoin’s official use. The
government will also gradually scale back its role in the Chivo digital wallet
program. The IMF stated that the potential risks of the Bitcoin project will be
significantly reduced, in line with Fund policies.

On Thursday, Stacy Herbert, director of El Salvador’s National Bitcoin Office,
announced on X that the country will continue buying Bitcoin for its strategic
reserve. She also mentioned that the office would keep shaping Bitcoin policies.
Additionally, it will create roadmaps, attract investors, and launch educational
programs.

The CUBO+ program will graduate 20+ Bitcoin developers by January next year. Mi
Primer Bitcoin and Node Nation continue in Salvadoran high schools. Meanwhile,
80,000 civil servants are getting Bitcoin-certified through ESIAP.






HERBERT CONFIRMS BITCOIN WILL REMAIN LEGAL TENDER IN EL SALVADOR

In September 2021, El Salvador became the first to adopt BTC as a legal tender.
Despite warnings from the International Monetary Fund, it adopted Bitcoin
alongside the U.S. dollar. Since then, the country has acquired Bitcoin through
various methods, including purchases and mining. Additionally, the nation has
generated revenue from Bitcoin-related initiatives.

Herbert stated that it will remain legal tender. She also mentioned that the
government-issued Chivo wallet “will be sold or wound down.” Additionally, she
expected private-sector Bitcoin wallets to “continue serving El Salvador.”

The country has bought one Bitcoin per day since 2022. President Nayib Bukele
has said the government will continue buying Bitcoin until it becomes too
expensive in fiat currencies.


IMF CONTINUES TO URGE EL SALVADOR TO MOVE AWAY FROM BITCOIN

Since adopting BTC as a legal tender, the IMF has urged the country to move away
from Bitcoin and recommended adopting traditional financial infrastructure. In
November 2021, the IMF said Bitcoin should not be used as a legal tender in El
Salvador. It also called for stronger regulation of cryptocurrency ecosystems in
Central America. This recommendation was reiterated in January 2022. 

In August, the IMF raised concerns. They noted that while risks haven’t
appeared, more actions are needed. Moreover, in a press conference on October 3,
IMF communications director Julie Kozack emphasized the need to narrow Bitcoin
law. She also called for improved regulation and reduced public sector exposure
to Bitcoin. 

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Bitcoin El Salvador Stacy Herbert
Author: Syed Ali Haider

Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a
crypto and blockchain journalist with over four years of experience. Syed Ali is
a Blockchain enthusiast and writer passionate about enhancing the acceptance,
adoption, and integration of Blockchain technology worldwide. He has also
advocated for digital freedom and cybersecurity for many years. Haider has been
featured in a number of high-profile crypto and finance outlets, including
Coincult and more.

View full profile ›


MORE BY THIS AUTHOR:

 * Over 30% of South Koreans Hold Crypto, Bank of Korea Reports
 * Bitcoin ETFs Sees $1.5 Billion in Outflows Over Four-Day Streak, BlackRock’s
   IBIT Hits Record Loss
 * Hackers Steal $500K Through X Breaches and Meme Coin Scams

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