El Salvador adds Bitcoin, but is complying with IMF deal — Director 🇸🇻
El Salvador, which was the first country to adopt Bitcoin as legal tender, is continuing to acquire Bitcoin even though the International Monetary Fund (IMF) has suggested otherwise. The country's treasury has added 7 BTC, worth over $650,000, in recent days according to blockchain data.
The IMF's director for the Western Hemisphere, Rodrigo Valdes, confirmed that El Salvador complies with its agreement to halt government Bitcoin accumulation. However, there's room for flexible interpretation that could allow non-governmental entities to engage in Bitcoin purchases.
El Salvador's $1.4 billion loan agreement with the IMF obligates the government to drop Bitcoin as legal tender. According to Anndy Lian, this 'flexible interpretation' allows the country to maintain its Bitcoin-friendly image while securing IMF funding.
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