El Salvador Increases Its Bitcoin Reserves to 6,111 BTC
Date: 2025-03-10 Author: Gabriel Deangelo Categories: IN WORLD
Over the past week, the reserves have been increased by 17 BTC, and over the past month - by 40 BTC.
Earlier, on February 26, the Salvadoran government signed an Extended Fund Facility (EFF) agreement with the International Monetary Fund for $1.4 billion over a period of 40 months.
Before approving the deal, the government amended the bitcoin law, removing the requirement for private companies to accept the cryptocurrency and revoking its status as a legitimate means of payment.
The IMF emphasized that bitcoin use in the country remains low due to its high volatility and limited trust among the population.
On March 3, the organization clarified that the EFF's terms include restrictions on the government's purchase of cryptocurrency.
Despite this, El Salvadoran President Nayib Bukele previously stated that the state would continue to purchase bitcoin both now and in the future.
El Salvador became the first country in the world to recognize bitcoin as legal tender in September 2021. Since then, businesses have been required to accept cryptocurrency as payment, and the state has actively encouraged the use of the Chivo wallet by providing residents with a $30 bonus in digital assets for registration. In addition, the authorities have regularly replenished reserves and developed cryptocurrency mining.
It is worth noting that on March 6, US President Donald Trump signed an executive order to form a bitcoin reserve, which will include assets confiscated by the Treasury Department in criminal and civil cases.
