International financial institutions are persistently urging El Salvador to revoke its law regulating bitcoin, which went into effect last year.
According to Finance Minister Alejandro Celaya in an interview with Bloomberg, the nation would not forsake BTC despite requests from the IMF and the World Bank. He emphasized the expanding use of virtual currencies in El Salvador.
The government was able to attract investment to the economy and increase the allure of the nation to visitors as a result of the legalization of BTC. We'll watch how bitcoin integrates into El Salvador's banking system over the following years.
According to the head of the Ministry of Finance, as soon as it becomes possible, the government will issue BTC bonds for $1 billion. The decision to shift the timing of the issue of securities was made in the spring due to global uncertainty.
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Since last September, El Salvador has been buying cryptocurrencies periodically. In total, the country has accumulated 2,301 coins worth up to $103.9 million.
President Nayib Bukele frequently tweets about his team's bitcoin holdings.
Due to the fall of BTC in May and June, El Salvador suffered heavy losses but did not sell cryptocurrency. The government will continue to adhere to the accumulative course, summed up Alejandro Zelaya.