- Nayib Bukele’s feedback come days after the International Monetary Fund’s (IMF) new request as a part of its $1.4 billion mortgage deal
- The new request asks that there’s “no voluntary accumulation of Bitcoin by the public sector”
- It additionally asks that there’s a “ceiling of 0” on authorities Bitcoin purchases
El Salvador’s president has dismissed the International Monetary Fund’s (IMF) new request, stating that the country “won’t stop” buying Bitcoin.
In a submit on X, Nayib Bukele stated:
““This all stops in April.” “This all stops in June.” “This all stops in December.” No, it’s not stopping. If it didn’t cease when the world ostracized us and most “bitcoiners” deserted us, it received’t cease now, and it received’t cease in the future.”
“This all stops in April.” “This all stops in June.” “This all stops in December.”
No, it’s not stopping.
If it didn’t cease when the world ostracized us and most “bitcoiners” deserted us, it received’t cease now, and it received’t cease in the future.
Proof of labor > proof of whining https://t.co/9pC0PoY3YQ
— Nayib Bukele (@nayibbukele) March 4, 2025
His remarks come days after the IMF issued a brand new request to El Salvador as a part of its $1.4 billion mortgage take care of the IMF.
Michael Saylor, Strategy’s CEO, responded by saying: “Bitcoin adoption is unstoppable.”
El Salvador at present holds 6,101.18 Bitcoin at a price of over $527 million.
Additional requests
The new guidelines as set out in the IMF’s Country Reports 2025, state that there can be “no voluntary accumulation of Bitcoin by the public sector,” including:
“Voluntary accumulation of bitcoins includes purchase and mining of Bitcoins and excludes the accumulation of Bitcoins resulting from forfeiture, seizure, apprehension, custody or other form of property or possession by the government arising from law enforcement measures adopted in accordance with Salvadoran law.”
Additionally, there’s a “ceiling of 0” on authorities Bitcoin purchases.
Approved invoice
The newest improvement follows the January approval by El Salvador of a bill to change its Bitcoin law to adjust to the IMF’s mortgage deal.
Under the plans, El Salvador modified a authorized requirement that companies settle for Bitcoin as cost to make it non-obligatory as a substitute. The authorities would additionally cut back the price range deficit by 3.5% of GDP over three years by means of spending cuts and tax rises whereas boosting reserves from $11 billion to $15 billion.
El Salvador turned the first country to accept Bitcoin as legal tender in 2021. Then, it was reported that each one companies should settle for Bitcoin. Consequently, the transfer attracted the consideration of the IMF.
Following El Salvador’s adoption of Bitcoin in 2021, the IMF despatched a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” whereas “strengthening the regulation and supervision of the new payment system.”
This was once more known as for in January 2022, when the IMF suggested El Salvador to reconsider making Bitcoin the country’s legal tender. The IMF just lately advisable that El Salvador limit the public’s exposure to Bitcoin.
