El Salvador boosts national reserves by buying 11 new Bitcoins amidst IMF loan agreement. Bitcoin remains legal tender.
By purchasing 11 new Bitcoins (BTC) worth $1.1 million this week, El Salvador utilized price drops to increase its national reserves. This purchase came shortly after the country reached an agreement with the International Monetary Fund (IMF) for a $1.4 billion loan, which included restrictions on some pro-Bitcoin policies. Nevertheless, the government of El Salvador continues to uphold Bitcoin as a voluntary legal tender and remains committed to increasing its reserves. The total value of Bitcoin reserves in this country currently stands at approximately $600 million.
