El Salvador has achieved a significant milestone by increasing its national Bitcoin reserves, highlighting the country's commitment to cryptocurrency.
El Salvador's Bitcoin Reserves
By the end of December 2021, El Salvador's total Bitcoin reserves reached 6,000.77 BTC, valued at approximately $569.3 million. The country's reserves increased by 108.02% since President Nayib Bukele declared Bitcoin as legal tender.
Role of Bitcoin in El Salvador's Economy
Bitcoin's introduction as legal tender in El Salvador started in September 2021. By making their first purchase of 200 BTC, the country has been actively growing its digital assets despite criticism from the International Monetary Fund.
Future Plans and IMF Talks
El Salvador is replacing the official Chivo wallet with private-sector wallets to ease transactions for its citizens. Meanwhile, negotiations with the IMF regarding a $1.4 billion loan are complicated by the country's cryptocurrency policies.
El Salvador continues to support Bitcoin actively, enhancing its reserves and implementing new strategies to improve the country's economic situation.
