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El Salvador Adds $1M in Bitcoin to Reserves Following $1.4B IMF Agreement
El Salvador has made a significant move by adding one million dollars’ worth of Bitcoin (BTC) to its strategic reserves, effectively increasing the country’s total holdings to 5,980.77 BTC. This development comes on the heels of a recent agreement with the International Monetary Fund (IMF), which involves a massive $1.4 billion loan.
According to reports from the National Bitcoin Office, this addition has significantly boosted El Salvador’s Bitcoin reserves. The purchase is seen as a strategic step towards diversifying the country’s foreign exchange reserves and potentially stabilizing its economy.
In an unexpected twist, however, the IMF agreement also imposes certain restrictions on El Salvador’s cryptocurrency policies. As part of the deal, the government will no longer be compelled to accept or promote Bitcoin transactions, but instead, businesses may choose to do so voluntarily. Additionally, the country is expected to refrain from issuing its own stablecoins.
The newly added Bitcoin reserves are likely to have a significant impact on the global crypto market, as it underscores El Salvador’s commitment to supporting the growth of digital currencies.
Source: cryptonewsland.com
