El Salvador President Nayib Bukele Rejects IMF's Request to Limit Bitcoin Purchases

El Salvador's President Nayib Bukele has firmly rejected the International Monetary Fund's (IMF) request to limit the country's Bitcoin purchases.

El Salvador's President Nayib Bukele has shot down rumors that the International Monetary Fund (IMF) has requested limits on the country's Bitcoin purchases as part of a new loan agreement.

In a recent post on X, Bukele stated that the government will continue to purchase Bitcoin even if the IMF imposes restrictions.

"This all stops in April." "This all stops in June." "This all stops in December."

No, it won't stop.

If it didn't stop when the whole world was against us and most "bitcoiners" abandoned us, it won't stop now, and it won't stop in the future.

Proof of work > proof of whining

The post was a response to an article by Blockworks about the terms of the IMF's $3.5 billion loan to El Salvador. According to the report, the lender has set several conditions regarding the country's Bitcoin strategy.

These include a ban on the public sector voluntarily acquiring more of the cryptocurrency. The IMF specified that the Salvadoran government should limit its involvement with Bitcoin-related activities and avoid new acquisitions.

However, President Bukele has remained defiant despite these conditions, shutting down predictions that the government would soon limit its Bitcoin purchases.

Bukele's Response to Bitcoin Critics

Reacting to a report by Bitcoin Magazine, which claimed that the Central American president would be forced to stop buying Bitcoin, Bukele responded bluntly on X, stating, "What?

They’ve been saying that since April.

Then they said June.

Now, they’ll say December.

But, no, it’s not stopping."

Bukele further pointed out that the Bitcoin community abandoned them when they faced criticism and faced difficulties. He added, "If it didn't stop when they were ostracizing us and most bitcoiner.s betrayed us, it won't stop now, and it won't stop in the future.

Proof of work > proof of whining."

Earlier this week, Bitcoin Magazine reported that El Salvador has scaled back its adoption of Bitcoin in accordance with the terms set by the International Monetary Fund (IMF) for a new loan.

As part of a broader economic reform program, El Salvador is subject to several conditions imposed by the IMF regarding its bitcoin holdings and activity.

The lender has expressed concerns about the potential risks associated with the Central American nation's investment in the cryptocurrency.

Despite rumors to the contrary, the government of El Salvador has no plans to stop its bitcoin purchases, Thomas Angel, an economist at Goldman Sachs, stated in a recent note to clients, as reported by Bloomberg.

According to Angel, the IMF is not dictating that El Salvador cease bitcoin purchases. Instead, the lender is recommending that the country scales back its activity in cryptocurrencies and focuses on other pressing economic priorities.

Earlier this year, the IMF reached an agreement with El Salvador on a 36-month Stand-By Arrangement. This installment is part of a total $3.5 billion package that the lender aims to provide to the country to support its economic recovery from the COVID-19 pandemic and help in reducing poverty.

As part of the lending agreement, the IMF will be closely monitoring El Salvador's bitcoin strategy.

Earlier this year, El Salvador’s President Buys 19 More Bitcoin

El Salvador has purchased an additional 19 bitcoin (BTC) in the past week, according to a recent report by Bitcoin Magazine. The latest purchase brings the total bitcoin holdings of the Central American nation to 190.

The report, which cites a new analysis of the Salvadoran government’s wallet by blockchain analytics firm Glassnode, adds that the latest purchase was made on March 2.

According to the report, the Salvadoran government made another, smaller purchase of one bitcoin on March 8.

Earlier this year, reports indicated that the International Monetary Fund (IMF) had set several conditions on the Salvadoran government regarding its bitcoin strategy as part of a $3.5 billion loan agreement.

These conditions included a ban on the public sector voluntarily acquiring more of the cryptocurrency. The IMF specified that the Salvadoran government should limit its involvement with bitcoin-related activities and avoid new acquisitions.

However, President Nayib Bukele has remained defiant despite these conditions.

Earlier this week, reports indicated that the IMF is getting stricter with its stance on El Salvador’s bitcoin holdings.

According to a legal memorandum from the lender, which was seen by Bloomberg, the institution is now prohibiting the public sector in the Central American nation from accumulating bitcoin voluntarily.

The memorandum, dated March 3, also stated that the Salvadoran government should not issue any bitcoin-denominated debt or tokenized instruments. The report adds that this could result in liabilities for the country.

The IMF is also said to be placing restrictions on the public sector’s participation in any capital commitments, subscriptions to capital variables, or other