El Salvador's President Naib Bukele. Credit: Presidencia de la República de El Salvador.
El Salvador's President Naib Bukele officially rejected the terms of a $1.4 billion loan put forward by the IMF in December.
In April it will stop, in June it will stop, in December it will stop. it will stop; in December it will stop. No, it's not going to stop, Bouchere wrote on the X website on Tuesday.
The new rules in the IMF's March 2025 Country Report, released this week by the IMF, aim to establish a permanent quantitative performance standard with a zero ceiling for government #bitcoin purchases. The IMF agreement requires the abolition of the Fidebitcoin Trust Fund by July 2025, the end of government participation in the Chivo wallet system and the publication of all government bitcoin wallet addresses.
the International Monetary Fund (IMF added new conditions to El Salvador's 40-month, US$1.4 billion Extended Fund Facility (EFF) program. When the program was first approved in December, it already included strict restrictions on the government's bitcoin activities, but allowed it to maintain existing holdings. Going forward, commitments under the program will limit government participation in bitcoin-related economic activities, as well as government transactions and purchases of bitcoins, said Deputy Managing Director Nigel Clarke,
other words, the region's smallest country will
other words, Mr. Bouquere's challenge came after the country's Bitcoin Secretariat added 1 #BTC to national reserves on Tuesday, bringing El Salvador's total to 6,101 BTC. A total of 6,101 BTC ($510 million), #Arkham Intelligence data showed.
Despite criticism of the way El Salvador is being governed, Bucherer's president, Strategy Chairman Michael Saylor, has received support among bitcoin stakeholders, including
Bitcoin adoption cannot be stopped,
Saylor wrote on X in response to Bucherer's tweets.
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