El Salvador to stay committed to Bitcoin amid spot ETF approval

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Bitcoin will stay authorized tender in El Salvador throughout president Nayib Bukele’s second time period.

As Reuters writes, citing vp Felix Ulloa, Bukele has redoubled efforts to just accept cryptocurrency as authorized tender in El Salvador. This remark got here after the Worldwide Financial Fund (IMF) requested El Salvador to “rethink” the measure throughout negotiations for a billion-dollar mortgage.

Ulloa identified that El Salvador’s authorities won’t abandon Bitcoin (BTC). He stated the U.S. Securities and Alternate Fee’s (SEC) current replace to permit spot Bitcoin exchange-traded funds (ETFs) has solely strengthened his resolve.

“Not solely will it [the law] be maintained <…> at this second, it enjoys the best credibility in the whole world.”

Felix Ulloa, El Salvador’s vp 

Bukele resigned final December to give attention to his 2024 re-election marketing campaign. He reported his resolution to the nation’s legislature, and parliament has already accepted Bukele’s request. Saying his resolution to the nation’s govt department, he additionally known as on the prosecutor common to analyze every of these current.

Throughout his presidency, Bukele actively promoted Bitcoin. In September 2021, El Salvador declared Bitcoin as a method of cost and commenced buying cryptocurrency. Regardless of the numerous depreciation of BTC, the authorities of El Salvador continued to stick to their technique. In mid-November 2022, the president announced that the nation would start shopping for one Bitcoin day by day.

Because of this, by December 2023, El Salvador’s investments in BTC had fully paid off; in January, the nation’s BTC reserves were estimated at $12.6 million.

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