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El Salvador Expands BTC Reserve with Another 11 BTC After IMF Financing Agreement
In a surprising move, El Salvador has bolstered its Bitcoin reserves by purchasing another 11 Bitcoins (BTC), worth $1.06 million, following the recent IMF financing agreement. This significant purchase brings the country’s total holdings to 5,991.78 BTC.
The unexpected development comes as El Salvador has agreed to modify its Bitcoin adoption policies in line with the International Monetary Fund’s (IMF) demands for financial stability and prudence. Notably, the country’s commitment to maintaining Bitcoin as a legal tender remains unaltered, affirms IMF officials.
This expansion of the country’s BTC reserve highlights El Salvador’s unwavering stance on cryptocurrency adoption, despite global concerns over market volatility. The move is seen by many as a clear indication that authorities are committed to embracing innovation and fostering economic growth through this medium.
It is essential to note that El Salvador’s Bitcoin reserve currently stands at 5,991.78 BTC, worth approximately $221 million based on today’s market price. This development is likely to generate significant interest in the global cryptocurrency community and may have far-reaching implications for the sector as a whole.
El Salvador has been a pioneer in adopting digital assets in its financial systems, and this decision further solidifies its position at the forefront of innovation in the field.
Source: cryptonewsland.com
