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El Salvador buys more than 50 Bitcoin

El Salvador is continuing last year's trend in this new year: buying Bitcoin.

By Mike Hesp
• 2 min read
El Salvador buys more than 50 Bitcoin

El Salvador is continuing last year's trend in this new year: buying Bitcoin. Since the beginning of the year, this small Latin American country has continued to increase its Bitcoin holdings. This is according to data from the National Bitcoin Office, showing that more than 50 Bitcoins have been added to state wallets.

At the time of writing, the country owns just over 6,056 BTC. In 2021, El Salvador was the first country in the world to officially declare Bitcoin a currency. However, last Thursday the government reversed this development. Stores and institutions are no longer legally required to accept Bitcoin as currency; the principle of voluntariness now applies. Taxes will henceforth be paid only in U.S. dollars.

These measures followed an agreement with the International Monetary Fund (IMF), which set these conditions for a $1.4 billion loan. With additional support from the World Bank and other financial authorities, the total financing comes to $3.5 billion.

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