The International Monetary Fund (IMF) said on May 27 that it has reached an agreement with El Salvador to pay the country $120 million after an initial review of its $1.4 – billion loan agreement signed last year. As part of the deal, El Salvador is required to fulfill its previous obligations to limit further government involvement in Bitcoin, and it must end its involvement in the Chivo wallet by the end of July.
Regarding Bitcoin, the IMF stated that efforts will be made to ensure that the total amount of Bitcoin held in all government – owned wallets remains unchanged. The planned payout, subject to the approval of the IMF executive board, is part of a larger $1.4 – billion, 40 – month loan deal struck in December last year, which requires El Salvador to limit its Bitcoin – related activities.
However, El Salvador’s President Nayib Bukele has stated that his government will continue to acquire one BTC per day as part of the nation’s Bitcoin treasury strategy. Shortly after the IMF’s announcement on May 27, El Salvador’s Bitcoin office posted on social media that the country had purchased more Bitcoin. The country’s official Bitcoin tracker shows that El Salvador has accumulated 30 BTC in the past 30 days through the Bitcoin office, and currently, its Bitcoin reserve stands at 6,190.18 BTC.
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