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International Business Times
International Business Times
Business
Marvie Basilan

Still $BTC Country: 'Headlines About The IMF Are Wrong,' Says El Salvador Bitcoin Office Director

International Monetary Fund Bitcoin Nayib Bukele El Salvador Crypto Economy
El Salvador's President Nayib Bukele may have conceded on the Chivo wallet, but he remains committed to growing the country's Bitcoin reserve. (Credit: AFP)

KEY POINTS

  • The Bitcoin Office's Stacy Herbert explained that $BTC will still be legal tender in El Salvador
  • President Bukele also posted an update regarding the country's Bitcoin reserves, which is nearing 6,000
  • As part of the IMF loan deal, El Salvador will wind down or sell the Chivo crypto wallet

El Salvador, which prides itself as the first country to recognize Bitcoin as legal tender, signaled it will keep stacking up on BTC despite securing a staff-level agreement with the International Monetary Fund (IMF) for a multi-billion-dollar loan with conditions related to the central American nation's Bitcoin strategy.

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