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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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The International Monetary Fund will ensure that El Salvador no longer purchases Bitcoin.
Gate News bot news, the International Monetary Fund (IMF) announced on Tuesday that it will strive to "ensure" that the number of Bitcoins held by the Salvadoran government remains unchanged - a position that contradicts President Nayib Bukele's ongoing advocacy for increasing the country's Bitcoin holdings.
The latest statement from the IMF stems from its announcement that an agreement has been reached at the staff level regarding the first review of the mid-term loan agreement with El Salvador.
In December last year, El Salvador reached its first agreement with the IMF, in which El Salvador will restrict activities related to Bitcoin in exchange for a 40-month financing plan that includes a loan of $1.4 billion. Other institutions, including the World Bank, may also provide additional financial support, bringing the total amount to about $3.5 billion.
Bukele retweeted a statement from the International Monetary Fund on Tuesday, but did not mention the part of the article regarding the organization’s plans to limit further purchases of Bitcoin, which brings uncertainty to El Salvador's future Bitcoin accumulation strategy.
Source: The Block