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The government of El Salvador has made it clear that it will continue to promote bitcoin as part of its economic strategy, even though the country has signed an agreement with international monetary funds to phase out its bitcoin operations. Stacey Herbert, director of El Salvador's bitcoin office, clarified that the country will continue to buy bitcoins at an "accelerated" rate even after an agreement is reached, as part of its strategic bitcoin reserve strategy. Herbert also explained on socia...
On December 9th, the government of El Salvador is expected to reach an agreement with the international monetary fund (IMF) to lend 1.30 billion dollars in the next 2-3 weeks. As a condition, the country will remove the mandatory requirement that companies must accept bitcoin payments. In addition, the government promised to cut the budget deficit by 3.5 percentage points and raise foreign exchange reserves to 15 billion dollars.
According to Arkham monitoring, the government of El Salvador is still investing 1 bitcoin per day, and currently holds 5,955 bitcoin (about $614 million).
The data shows that the government of El Salvador has received a net inflow of 7 BTC in the past week, worth approximately $439,643.19.
According to Spot On Chain, the government of El Salvador has bought 1 bitcoin per day for 665 consecutive days, unaffected by market fluctuations. Currently, the government of El Salvador holds 5,871 bitcoins, worth about $342 million. Of these, the average purchase price of 3,046 bitcoins that have been disclosed is only $43,888.
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