Despite the IMF agreement, El Salvador bought 12 BTC

El Salvador added 12 BTC to its reserves the other day, boosting its purchases of Bitcoin as the leading crypto asset hovered near all-time highs.

This development comes despite a recent agreement with the International Monetary Fund (IMF) to roll back some of its crypto policies.

Bitcoin continues to push

The National Bitcoin Office through X announced on January 19th that it had purchased 11 BTC for its strategic Bitcoin reserve, which is currently worth more than $1 million. More bitcoins were bought the next day for $106,000.

The office's portfolio tracker further revealed that the country's total holdings currently stand at 6,044 BTC, worth an estimated $620 million, with Bitcoin trading at over $103,000.

Last month, President Naib Bukele's administration reached a $1.4 billion financing agreement with the IMF, agreeing to scale back certain Bitcoin initiatives, including making BTC acceptance optional for businesses and reducing the government's involvement in the Chivo wallet.

However, the day after this deal, the Central American country bought $1 million worth of bitcoins. According to Stacey Herbert, director of the National Bitcoin Office, the country's bitcoin strategy remains unchanged. El Salvador It became the first country to recognize Bitcoin as an official currency in 2021 after it was approved by the Legislative Council.

Bitfinex and Tether supplies in El Salvador

Last year, Bitfinex Securities launched US Treasury accounts in El Salvador under the country's new securities management system. The main objective behind the offering is to raise $30 million and provide investors with short-term treasury bonds powered by blockchain technology.

Recently, USDT stablecoin issuer Tether announced that it has moved its business and headquarters to El Salvador after obtaining a Digital Asset Service Provider (DASP) license. The move is in line with El Salvador's Bitcoin-friendly policies, which aim to promote global Bitcoin adoption and create new markets. Tether's CEO highlighted the country's support for digital assets and its vision for financial freedom and decentralized technologies.