IMF, El Salvador Talks Continue Over Bitcoin Project, Chivo e-Wallet Sales
The International Monetary Fund (IMF) said Tuesday that discussions relating to El Salvador’s Bitcoin mission proceed “centered on enhancing transparency, safeguarding public sources, and mitigating dangers.”
The worldwide company can also be in superior talks, negotiating for the sale of the government-run Chivo crypto wallet. The first Bitcoin-focused authorities pockets reportedly noticed widespread accusations of identification theft, fraud and bugs, resulting in accounts being frozen.
Last 12 months, one of many architects of the Chivo pockets mentioned that the federal government ought to shut down the wallet application “as a result of controversy it has generated since its launch.”
In 2024, El Salvador secured a $1.4 billion IMF loan after the nation’s Bitcoin adoption strained IMF relations.
At the time, Stacy Herbert, director of Salvador’s National Bitcoin Office, mentioned Chivo pockets “will be sold or wound down.” However, a number of non-public sector Bitcoin wallets will proceed serving El Salvador, she famous.
IMF Continues Bitcoin Discussions With El Salvador
In the Tuesday replace, the IMF emphasised that additional Bitcoin discussions with El Salvador might be centered on components like transparency and mitigating dangers.
Further, the IMF praised the Central American nation for its financial progress, which it says is “increasing at a quicker than anticipated.”
“Real GDP progress is projected to succeed in round 4% this 12 months and with superb prospects for subsequent 12 months,” it added.
The latest replace particulars the progress of the second evaluation of El Salvador’s 40-month Extended Fund Facility (EFF).
Is Salvador Still Stacking BTC?
Last month, El Salvador added 1,098 BTC to its national Bitcoin treasury, price almost $100 million, doubling down on its accumulation technique, regardless of a major market selloff.
Per Salvador’s Bitcoin Office transaction data, the nation remains to be stacking the crypto asset, with the newest buy reported on December 22. The nation reported rising its reserves to 7,509 BTC.
The sustained coverage of every day acquisitions – one Bitcoin per day – has been maintained even in periods of high volatility.
In May, the IMF mentioned that “efforts will proceed” to make sure El Salvador doesn’t accumulate extra BTC. Nevertheless, El Salvador has stored buying extra BTC in obvious contradiction with the phrases of the IMF deal settlement.
“No, it’s not stopping,” Salvadoran President Nayib Bukele posted on X on March 4. “If it didn’t cease when the world ostracized us and most “Bitcoiners” deserted us, it gained’t cease now, and it gained’t cease sooner or later.”
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