The International Monetary Fund (IMF) that discussions regarding El Salvador\u2019s Bitcoin project continue \u201ccentered on enhancing transparency, safeguarding public resources, and mitigating risks.\u201d<\/p>\n
The international agency is also in advanced talks, negotiating for the sale of the government-run Chivo crypto wallet. The first Bitcoin-focused government wallet reportedly saw widespread accusations of identity theft, fraud and bugs, leading to accounts being frozen.<\/p>\n
Last year, one of the architects of the Chivo wallet said that the government should shut down the wallet application \u201cdue to the controversy it has generated since its launch.\u201d<\/p>\n
In 2024, El Salvador secured a $1.4 billion IMF loan after the nation\u2019s Bitcoin adoption strained IMF relations.<\/p>\n
At the time, Stacy Herbert, director of Salvador\u2019s National Bitcoin Office, said Chivo wallet \u201c.\u201d However, several private sector Bitcoin wallets will continue serving El Salvador, she noted.IMF Continues Bitcoin Discussions With El Salvador<\/p>\n
In the Tuesday update, the IMF emphasized that further Bitcoin discussions with El Salvador will be centered on factors like transparency and mitigating risks.<\/p>\n
Further, the IMF praised the Central American nation for its economic growth, which it says is \u201cexpanding at a faster than anticipated.\u201d<\/p>\n
\u201cReal GDP growth is projected to reach around 4% this year and with very good prospects for next year,\u201d it added.<\/p>\n
Gradually, then suddenly. \u2014 Nayib Bukele (@nayibbukele) <\/p>\n
The recent update details the progress of the second review of El Salvador\u2019s 40-month Extended Fund Facility (EFF).Is Salvador Still Stacking BTC?<\/p>\n
Last month, El Salvador added 1,098 BTC to its national Bitcoin treasury, worth nearly $100 million, doubling down on its accumulation strategy, despite a significant market selloff.<\/p>\n
Per Salvador\u2019s , the country is still stacking the crypto asset, with the latest purchase reported on December 22. The country reported increasing its reserves to 7,509 BTC.<\/p>\n
| Reserva de bitc\u00f3in de El Salvador alcanza 7,509 unidadesEl hito se logr\u00f3 gracias a una pol\u00edtica de compras diarias de un BTC. \u2014 Diario El Salvador (@elsalvador) <\/p>\n
The sustained policy of daily acquisitions \u2013 one Bitcoin per day \u2013 has been maintained even during periods of high volatility.<\/p>\n
In May, the IMF said that \u201cefforts will continue\u201d to ensure El Salvador doesn\u2019t accumulate more BTC. Nevertheless, El Salvador has kept purchasing more BTC in apparent contradiction with the terms of the IMF deal agreement.<\/p>\n
\u201cNo, it\u2019s not stopping,\u201d Salvadoran President Nayib Bukele on March 4. \u201cIf it didn\u2019t stop when the world ostracized us and most \u201cBitcoiners\u201d abandoned us, it won\u2019t stop now, and it won\u2019t stop in the future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The International Monetary Fund (IMF) that discussions regarding El Salvador\u2019s Bitcoin project continue \u201ccentered on enhancing transparency, safeguarding…\n","protected":false},"author":2,"featured_media":339977,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":{"0":"post-366551","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/366551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=366551"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/366551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/339977"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=366551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=366551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=366551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}