El Salvador’s National Bitcoin Office said the country added 7 BTC over the past seven days, bringing its total reserve to 7,798 BTC, valued at more than $643 million at the time of calculation. The government is still following its strategy of buying 1 BTC per day. The update comes as the International Monetary Fund recently said El Salvador had not met standards related to public-sector holdings of crypto assets, though it approved a waiver based on corrective actions and new commitments. The IMF had previously asked the country to gradually stop direct Bitcoin purchases as part of a $1.4 billion credit arrangement. IMF First Deputy Managing Director Dan Katz said El Salvador was not expected to keep increasing its Bitcoin holdings except for documented donations. According to Bitcoin.com News, the country’s recent additions were reportedly funded by an unidentified private donor.
El Salvador’s National Bitcoin Office said the country added 7 BTC over the past seven days, lifting its national reserve to 7,798 BTC. At the price used at the time, the holdings were worth more than $643 million.
The country is still carrying out its strategy of buying 1 BTC per day.
The update comes as the International Monetary Fund recently said El Salvador had not met standards related to public-sector holdings of crypto assets. The IMF still approved a waiver, citing corrective actions and new commitments.
The IMF had earlier asked El Salvador to gradually stop direct Bitcoin purchases in order to secure a $1.4 billion credit arrangement.
IMF First Deputy Managing Director Dan Katz said El Salvador was not expected to continue increasing its Bitcoin holdings except for documented donations. According to Bitcoin.com News, the country’s recent additions were reportedly funded by an unidentified private donor.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
