El Salvadors president says the country wont stop buying Bitcoin
- Nayib Bukeles comments come days after the International Monetary Funds (IMF) new request as part of its $1.4 billion loan deal
- The new request asks that there is no voluntary accumulation of Bitcoin by the public sector
- It also asks that there is a ceiling of 0 on government Bitcoin purchases
El Salvadors president has dismissed the International Monetary Funds (IMF) new request, stating that the country wont stop buying Bitcoin.
In a post on X, Nayib Bukele said:
This all stops in April. This all stops in June. This all stops in December. No, its not stopping. If it didnt stop when the world ostracized us and most bitcoiners abandoned us, it wont stop now, and it wont stop in the future.
This all stops in April. This all stops in June. This all stops in December.
No, its not stopping.
If it didnt stop when the world ostracized us and most bitcoiners abandoned us, it wont stop now, and it wont stop in the future.
Proof of work > proof of whining https://t.co/9pC0PoY3YQ
Nayib Bukele (@nayibbukele) March 4, 2025
His remarks come days after the IMF issued a new request to El Salvador as part of its $1.4 billion loan deal with the IMF.
Michael Saylor, Strategys CEO, responded by saying: Bitcoin adoption is unstoppable.
El Salvador currently holds 6,101.18 Bitcoin at a value of over $527 million.
Additional requests
The new rules as set out in the IMFs Country Reports 2025, state that there will be no voluntary accumulation of Bitcoin by the public sector, adding:
Voluntary accumulation of bitcoins includes purchase and mining of Bitcoins and excludes the accumulation of Bitcoins resulting from forfeiture, seizure, apprehension, custody or other form of property or possession by the government arising from law enforcement measures adopted in accordance with Salvadoran law.
Additionally, there is a ceiling of 0 on government Bitcoin purchases.
Approved bill
The latest development follows the January approval by El Salvador of a bill to change its Bitcoin law to comply with the IMFs loan deal.
Under the plans, El Salvador changed a legal requirement that businesses accept Bitcoin as payment to make it optional instead. The government would also reduce the budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.
El Salvador became the first country to accept Bitcoin as legal tender in 2021. Then, it was reported that all businesses must accept Bitcoin. Consequently, the move attracted the attention of the IMF.
Following El Salvadors adoption of Bitcoin in 2021, the IMF sent a statement in November 2021 recommend[ing] narrowing the scope of the Bitcoin law while strengthening the regulation and supervision of the new payment system.
This was again called for in January 2022, when the IMF advised El Salvador to reconsider making Bitcoin the countrys legal tender. The IMF recently recommended that El Salvador limit the publics exposure to Bitcoin.
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