El government of El Salvador is making waves in the crypto world by continuing to stack Bitcoin (BTC) for its national crypto reserve, despite pressure from the International Monetary Fund (IMF) to halt such actions. The Central American country has been actively acquiring Bitcoin, with its total holdings reaching 6,173 BTC, valued at over $637 million.

El Salvador's Bitcoin Office has reported acquiring an additional seven BTC in the past week, demonstrating a steadfast commitment to accumulating the digital asset. This approach stands in defiance of an IMF agreement that called for the country to cease using public funds for Bitcoin purchases as a condition for a loan agreement worth $1.4 billion, signed in December 2024.

The IMF agreement also required El Salvador to rescind its Bitcoin legal tender law and make Bitcoin payments voluntary. Additionally, the government was supposed to scale back its Bitcoin accumulation and privatize the Chivo Wallet, a publicly funded initiative that saw limited adoption among residents.

Despite these obligations, El Salvador has not slowed down its Bitcoin acquisitions. Lawmakers repealed the Bitcoin legal tender law in January 2025, but this did not impact the country's Bitcoin purchases. The IMF reiterated its request for El Salvador to halt Bitcoin acquisitions in March 2025, but President Nayib Bukele remained resolute in the face of this pressure.

Bukele has been vocal about the country's commitment to Bitcoin, stating that they will not stop acquiring the digital asset despite external pressures. In a post on X on March 4, Bukele emphasized that El Salvador's Bitcoin purchases would not be deterred, even in the face of criticism and opposition.

El Salvador's proactive approach to acquiring Bitcoin has garnered attention from industry executives, who see the country's national Bitcoin treasury strategy as a potential blueprint for other nations looking to diversify their reserves. The Central American country's willingness to embrace cryptocurrencies despite international scrutiny showcases its determination to chart its own course in the digital financial landscape.

As El Salvador continues to build its Bitcoin holdings, the world is watching to see how this bold experiment in cryptocurrency adoption will unfold. The country's defiance against IMF pressure and steadfast commitment to Bitcoin accumulation signal a new chapter in the evolution of digital assets on the global stage.

Source: https://cointelegraph.com/news/el-salvador-stacks-7-bitcoin-week-despite-imf-deal?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound