El Salvador only added 11 Cryptocurrency to its reserves soon after promising to reduce its implementation.
El Salvador’s Bitcoin Office announced in a Jan. 20 Twitter article that it just added another 11 BTC to its Strategic Bitcoin Reserve. As of press time, 11 BTC are worth more than$ 1 million.
The announcement follows El Salvador promising the International Monetary Fund ( IMF) that it would scale back its BTC adoptionin exchange for a$ 1. 4 billion mortgage back in December 2024. Conversations around the package were revealed earlier that month, with the IMF requesting El Salvador cease requiring businesses to accept Bitcoin and limit the people industry’s participation in crypto activities.
Stacy Herbert, the mind of El Salvador’s National Bitcoin Office, even announced in December 2024 that following the IMF deal the land may accelerate the speed of its BTC formation. The comment follow the IMF insisting that El Salvador does restrict its Bitcoin implementation several days.
El Salvador adopted Bitcoin as its lawful sweet alongside the U. S. dollars in September 2021 and has since received censure from the IMF. The plan body warned in 2021 that the land ’s move to make BTC legal sweet raised “a quantity of economic, financial and legal issues. ”
In August, the IMF admitted that many of the dangers of the BTC test “had never already materialized. ” The business wrote that “while many of the risks have not yet materialized, there is mutual recognition that additional efforts are needed to increase transparency and alleviate possible fiscal and monetary stability risks from the Bitcoin project. ”
In October 2024, IMF director Julie Kozack was once quoted as saying that the IMF had recommended “limiting open field subjection to Bitcoin. ”
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