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According to information released by the International Monetary Fund (IMF), El Salvador has decided to halt its Bitcoin 
$109,704 purchases funded by public expenditures. This decision aligns with the country’s efforts to meet the conditions outlined in a $1.4 billion loan agreement, reflecting its commitment to adhere to financial obligations associated with the loan.
IMF Conditions and Cryptocurrency
As stated by the IMF’s Western Hemisphere Department, El Salvador has suspended Bitcoin procurement from public resources to comply with loan conditions. This change is part of a broader assessment involving the financial transparency and structural reform requirements specified in the loan agreement, primarily necessitating the cessation of Bitcoin purchases funded by public expenditures.
“El Salvador is fully committed to suspending Bitcoin purchases in the public sector.” – Rodrigo Valdes, Director of IMF Western Hemisphere Department
Is There No More Bitcoin Purchases?
In contrast, the nation’s leader, President Nayib Bukele, indicated that daily Bitcoin purchases continue using alternative funding sources. Official statements reveal that the national Bitcoin office has been consistently acquiring Bitcoin through funds sourced from outside public expenditures, although specific details about these financing sources have not been disclosed to the public.
El Salvador appears to prefer continuing daily purchases with profits generated from its strategic Bitcoin reserves. Reports suggest an average purchase price of approximately $44,000, aiming to strengthen the nation’s Bitcoin portfolio through this method. The country’s actions are expected to inspire similar practices on the international stage.
Moreover, evaluations from the markets indicate that Bitcoin prices are expected to rise significantly in the future. Expert opinions suggest that this increase could substantially enhance the value of El Salvador’s Bitcoin portfolio. This strategic move by the country is being closely monitored in terms of compliance with loan conditions and economic diversification.
