El Salvador buys 12 BTC despite the agreement with the IMF

El Salvador added 12 BTC to its reserves in the last day, increasing its Bitcoin buying as the leading crypto asset nears its all-time high.

This development comes despite a recent agreement with the International Monetary Fund (IMF) to reduce some of its crypto policies.

Bitcoin Momentum Continues

The National Bitcoin Office announced via X on January 19 that he had purchased 11 BTC for his Strategic Bitcoin Reserve, which is currently worth over $1 million. The next day an additional Bitcoin was purchased for $106,000.

The Office Portfolio Tracker revealed that the country’s total holdings now stand at 6,044 BTC, valued at approximately $620 million, with Bitcoin trading above $103,000.

Last month, President Nayib Bukele’s administration secured a $1.4 billion funding deal with the IMF, agreeing to scale back certain Bitcoin initiatives, including making BTC acceptance optional for businesses and reducing government involvement in the Chivo wallet.

However, the day after this agreement, the Central American country purchased Bitcoin worth $1 million. National Bitcoin Office Director Stacy Herbert stated on X that the country’s Bitcoin strategy remains unchanged. El Salvador became the first nation in the world to recognize Bitcoin as an official currency following its adoption by the Legislative Assembly in 2021.

Bitfinex and Tether offers in El Salvador

Last year, Bitfinex Securities launched tokenized US Treasury bills in El Salvador under the country’s new securities regime. The main objective behind the offering was to raise $30 million and offer investors exposure to short-term Treasury bonds through blockchain technology.

Most recently, USDT stablecoin issuer Tether announced the relocation of its business and headquarters to El Salvador after acquiring a Digital Asset Service Provider (DASP) license. The move aligns with El Salvador’s Bitcoin-friendly policies, with the goal of encouraging global Bitcoin adoption and innovation in emerging markets. The Tether CEO highlighted the country’s supportive environment for digital assets and its vision of financial freedom and decentralized technologies.