El Salvador Bitcoin ignoring the demands of the International Monetary Fund (IMF) $89,748.06 continued to purchase. The total amount of Bitcoin of the country reached 6,101. The total value of the Bitcoin portfolio is approaching $ 510 million. This investment strategy contradicts the financial regulations put forward by the IMF.
Despite IMF warnings, Bitcoin purchases continue
El Salvador’s Bitcoin office announced that the government continues to increase Bitcoin investments. Although Bitcoin’s usage rate is limited in the country, the government follows a long -term investment strategy. Authorities argue that Bitcoin will contribute to the national economy.
The IMF emphasizes Bitcoin’s risks in public financing. The institution demands El Salvador to stop Bitcoin purchases. In addition, the use of the Chivo wallet supported by the state wants to be terminated. The IMF requires the liquidation of Fidebitcoin Trust Fund until July 2025.
On a single screen instant prices, important data, news, latest developments, comments and discussions at Chat! Come right away from your eyes!
In addition, the IMF demands the announcement of all public Bitcoin wallets in the country. The institution argues that Bitcoin’s impact on national economy is limited and that most of the people do not adopt this digital existence.
BUKELE: Bitcoin strategy will not change
El Salvador President Nayib Bukele reacted harshly to the demands of the IMF. In his share on social media, Bitcoin stressed that the investment strategy will not change. Bukele said, “This will stop completely. In April, in June, in December,… But he didn’t stop and he won’t stop, ”he said.
The government thinks that Bitcoin will benefit El Salvador in the long run. Authorities believe that technological innovations will strengthen the national economy. El Salvador continues to see Bitcoin as an investment tool.
The IMF says Bitcoin threatens financial stability. The institution argues that Bitcoin is not widespread and that large companies do not use this asset in tax payments. According to the IMF, the economic benefit did not reach the expected level due to the limited use of Bitcoin.
El Salvador’s Bitcoin policy worries international financial institutions. However, the government does not step back from its economic strategy. Bitcoin purchases will continue.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
