CandleFocus El Salvador plans to ramp up Bitcoin purchases next year for its strategic reserve
2024-12-19
Author: Content Editor
The government of El Salvador has announced plans to increase its Bitcoin purchases for its national reserve next year, despite securing a $1.4 billion loan agreement with the International Monetary Fund (IMF). As part of the IMF deal, El Salvador will scale back its Bitcoin policies, including potentially selling or retiring its official Bitcoin wallet, the Chivo wallet. The government's involvement in crypto-related activities will also be restricted. However, President Nayib Bukele remains committed to Bitcoin and celebrated its recent price rally. The IMF deal is pending approval from the executive board.
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