ISTANBUL

Central American country El Salvador will continue purchasing Bitcoin as its strategic reserve, President Nayib Bukele announced late Tuesday.

"'This all stops in April.' 'This all stops in June.' 'This all stops in December.' No, it’s not stopping," he said on X.

"If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won’t stop now, and it won’t stop in the future," he added.

El Salvador currently holds 6,101 Bitcoin, according to data from the official Bitcoin Office of El Salvador.

On the other hand, at the end of January, the Legislative Assembly of El Salvador amended the Bitcoin Law, removing the obligation for businesses to accept the cryptocurrency.

It also ended the state's role in its use and removed references to Bitcoin as a legal tender from the text of the law.

On Feb. 27, the IMF approved a new arrangement of funds equivalent to $1.4 billion for El Salvador, which also includes restrictions regarding Bitcoin.

"The potential risks of the Bitcoin project are being addressed in line with Fund policies and with Fund advice to the authorities," said Nigel Clarke, the IMF's acting chair, in a statement.

"Prior actions include legal reforms that have made acceptance of Bitcoin by the private sector voluntary and ensured that tax payments are made only in US dollars."