Summary
- Regardless of the market trajectory, El Salvador continues to buy Bitcoin.
- Its current reserves hold 5.834.76 BTC worth over $333 million.
- IMF reports progress in El Salvador talks, Bitcoin included.
El Salvador continues to boost its Bitcoin reserves, regardless of the market. They are buying BTC on a daily basis, and, according to the latest information from their official Bitcoin reserve and transaction website, the nation now holds 5,834.76 BTC worth over $333 million.
According to the official data from the website, 15 hours ago, the nation’s Treasury bought 1 BTC.
Salvadorean President Nayib Bukele made Bitcoin a legal tender in the country, and even touted plans for a Bitcoin city, a tax-free crypto haven powered by geothermal energy from a volcano, as Reuters reports.
IMF Reports Progress in El Salvador Talks
In other recent reports revealed by the press agency, the International Monetary Fund (IMF) said on August 6 that progress has been made in negotiations with El Salvador toward a fund-supported program with the Central American nation.
According to reports, issues such as the nation’s use of Bitcoin remained. Reuters revealed that discussions focused on policies that could be supported by an IMF program such as the ones that could strengthen public finances, boost bank reserve buffers, and improve governance and transparency.
They also reportedly talked about “mitigating risks” from the country’s investment in Bitcoin.
The IMF and El Salvador reached preliminary understandings on improving the country’s primary balance to around 3.5% of GDP over three years.
Also, the country plans to gradually strengthen its reserve buffers by reducing reliance on domestic financing and receiving support from the IMF and other development banks, according to the fund.
Regarding the nation’s Bitcoin reserves, the IMF said that many potential risks “have not yet materialized.” They also noted that there’s a joint recognition that the country needs to enhance transparency and mitigate risks from the project.
At the moment, the nation’s website revealing its Bitcoin reserves also shows the daily transaction data, along with block mining info, and more.