El Salvador announces more bitcoin purchases, gives IMF assurances

Nelson Renteria and Rodrigo Campos

Wed, Mar 5, 2025, 2:49 PM 1 min read

By Nelson Renteria and Rodrigo Campos

SAN SALVADOR (Reuters) - El Salvador announced connected Wednesday the acquisition of a bitcoin, which takes the full successful the country's strategical reserve to supra 6,102 coins, the National Bitcoin Office posted connected societal media.

The bitcoin acquisition announcement comes days aft the International Monetary Fund committee approved a 40-month programme with El Salvador for $1.4 cardinal that implied a downgrade of the cryptocurrency's presumption successful the Central American country. Bitcoin cannot beryllium utilized to wage taxes and its acceptance by the nationalist is voluntary, which is not what was expected erstwhile it was fixed a ineligible tender presumption backmost successful 2021.

Importantly, the authorities has committed to the IMF not to accumulate further bitcoins "at the level of the wide nationalist sector" according to the IMF.

"We consulted with the (Salvadoran) authorities, and they person assured america that the caller summation successful Bitcoin holdings successful the Strategic Bitcoin Reserve Fund is accordant with agreed programme conditionality," a money spokesperson said.

The IMF did not respond to further questions connected however purchases by the nationalist bureau bash not adhd to the government's vulnerability to the cryptocurrency.

The Salvadoran Presidential House did not instantly respond to a petition for comment.

Salvadoran authorities dollar bonds were mostly down successful terms connected Wednesday, with the 2050 and 2041 maturities down 0.75 cents connected the dollar.

El Salvador has bought 12 bitcoins since the IMF announced past week the committee support of the statement reached successful December. It presently holds adjacent $550 cardinal successful bitcoin, according to the government.

(Reporting by Nelson Renteria successful San Salvador and Rodrigo Campos successful New York; Editing by Sandra Maler)