El Salvador’s Bukele Confirms Continued Bitcoin Purchases Despite IMF Pressure

El Salvador’s President Nayib Bukele has declared that the country will persist in its Bitcoin purchases despite IMF requests to stop. Bukele emphasized the government’s commitment to Bitcoin on social media, affirming that such efforts will not cease. The IMF also suggested restrictions on Bitcoin mining and public debt related to Bitcoin, but Bukele’s response indicated a defiance to these requests.

President Nayib Bukele of El Salvador has confirmed that the country will continue to purchase Bitcoin, despite the International Monetary Fund’s (IMF) recent request to halt such activities. On March 3, the IMF urged El Salvador to cease accumulating Bitcoin as part of an extended arrangement under its $1.4 billion fund. Bukele asserted via an X post on March 4, “No, it’s not stopping,” indicating the government’s position on the matter.

El Salvador’s steadfast commitment to Bitcoin purchases reflects the administration’s defiance against external pressures from the IMF. While the nation will continue its Bitcoin acquisition strategy, it remains uncertain whether it will comply with other IMF requests regarding Bitcoin mining and public sector debt. The situation highlights ongoing tensions between national cryptocurrency initiatives and international financial institutions.

Original Source: cointelegraph.com