Despite international pressure, El Salvador has maintained its commitment to Bitcoin as part of its broader economic strategy.
In recent weeks, the country has added 50 BTC to its reserves, continuing to expand its holdings even while adapting its policies to meet the conditions of its $1.4 billion loan agreement with the International Monetary Fund (IMF).
With the latest purchase 11 BTC today, El Salvador's total Bitcoin holdings now stand at 6,067.18 BTC, worth nearly $600 million.
To comply with the IMF’s requirements, El Salvador has made significant adjustments to its Bitcoin policies.
Notably, Bitcoin acceptance is now optional for businesses, and the government has phased out its state-backed Chivo wallet.
Tax payments in BTC have also been removed, reflecting a shift in approach towards the cryptocurrency.
Despite these changes, the country remains firm in its long-term Bitcoin acquisition plan, which continues to draw attention from the global crypto community.
Stacy Herbert, director of the National Bitcoin Office, has reiterated the government’s commitment to its Bitcoin strategy.
Earlier this year, she signalled the country’s intention to keep increasing its holdings, even amidst regulatory adjustments, by stating,
“El Salvador will continue buying bitcoin (at possibly an accelerated pace AND at a discounted price) for its Strategic Bitcoin Reserve.”
El Salvador’s Bitcoin journey began in September 2021 when it became the first country to adopt Bitcoin as legal tender.
President Nayib Bukele’s vision was ambitious.
He aimed to encourage 70% of the unbanked population to use Bitcoin, positioning the country as a major global Bitcoin advocate.
Bukele has further pushed for increased Bitcoin acquisitions, even endorsing the policy of purchasing “one Bitcoin a day” for the country’s reserve in 2024.
The country’s Bitcoin investments have earned praise, including from high-profile figures like Tesla CEO Elon Musk, who described the country’s strategy as impressive.
Bukele has been vocal about the potential missed opportunities for individuals who failed to invest in Bitcoin when prices were lower, blaming opposition leaders for hindering broader adoption/
The IMF has expressed concerns about the risks associated with El Salvador’s Bitcoin adoption, particularly in relation to financial stability.
Although the risks have not fully materialised, the IMF has emphasised the need for greater transparency and stronger efforts to mitigate potential fiscal and financial stability issues arising from the Bitcoin project.
As part of its agreement with the IMF, El Salvador has reduced its Bitcoin-related transactions and activities, making private-sector Bitcoin adoption voluntary.
These steps are part of the broader effort to secure the financial support necessary to implement economic reforms as the country navigates the complexities of its Bitcoin strategy.
El Salvador’s Bitcoin-friendly policies have attracted significant interest from the cryptocurrency sector.
Stablecoin issuer Tether recently moved its headquarters to the country, highlighting the crypto-friendly regulatory environment under Bukele’s leadership.
This shift signals confidence in El Salvador's evolving stance on digital assets.
In a similar vein, President Bukele has encouraged other major players in the crypto industry, such as Rumble CEO Chris Pavlovski, to consider relocating their businesses to El Salvador.
These moves reflect the country’s appeal as a growing hub for cryptocurrency-related businesses.
While El Salvador remains a leader in Bitcoin adoption, it now faces competition in the field of cryptocurrency infrastructure.
Poland recently surpassed El Salvador in terms of Bitcoin ATM installations.
On 27 January, Poland added 10 new Bitcoin ATMs, bringing its total to 219 active machines, making it the fifth-largest cryptocurrency ATM network globally, just behind the United States, Canada, Australia, and Spain.
El Salvador, once a standout in crypto ATM deployments, has been overtaken in recent months as Poland continues to expand its crypto ATM network.
Nevertheless, El Salvador’s regulatory stance continues to attract significant attention from the global crypto community, particularly from industry leaders seeking a stable and supportive environment for digital asset development.
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