El Salvador continues to increase its Bitcoin reserves by purchasing 12 BTC amid a recent agreement with the International Monetary Fund (IMF) aimed at scaling back crypto initiatives.
Bitcoin Reserve Expansion
The National Bitcoin Office announced via X the purchase of 11 BTC for its Strategic Bitcoin Reserve, worth over $1 million. An additional Bitcoin was acquired the following day for $106,000. The total Bitcoin holdings in the country's reserves have reached 6,044 BTC. According to National Bitcoin Office Director Stacy Herbert, El Salvador's Bitcoin strategy remains unchanged.
Bitfinex and Tether Offerings in El Salvador
Last year, Bitfinex Securities launched tokenized US Treasury bills in El Salvador under the country's new securities regime. This initiative aimed to raise $30 million and provide investors access to short-term Treasury bonds through blockchain. Recently, Tether announced relocating its business and headquarters to El Salvador after acquiring a Digital Asset Service Provider (DASP) license, in line with its strategy to promote global Bitcoin adoption.
Future of El Salvador's Crypto Initiatives
According to an agreement with the IMF, President Nayib Bukele's administration committed to reducing certain Bitcoin initiatives, including making BTC adoption optional for businesses. However, the country continues to pursue its strategy of expanding the use of digital assets.
Despite the agreement with the IMF, El Salvador remains proactive in boosting its Bitcoin reserves, reaffirming its commitment to cryptocurrency adoption.
