#imfsayselsalvadorbtcnopublicfunds
El Salvador has just carried out an advanced lesson in financial management.
The President, through his proxy, had promised that the country would continue buying Bitcoin, but they also needed to keep the IMF satisfied in order to keep its $1.4 billion program running. The solution? Fully financing the purchase operations through "private donations".
The IMF has officially confirmed that not a single cent of public funds was used to increase El Salvador’s holdings to its current balance of 7,764 Bitcoins. This clever maneuver allows Bukele’s proxy to keep his promise to buy one Bitcoin per day, while paving the way successfully for about $140 million in new disbursements from the IMF.
Is this a strict legal limit, or just a brilliant paperwork loophole so that both parties can claim they achieved victory? In either case, the proxy gets his Bitcoins, and the IMF keeps its rules as they are.
Please continue
#Bitcoin #IMF #ElSalvador #CryptoNews
$BTC
El Salvador has just carried out an advanced lesson in financial management.
The President, through his proxy, had promised that the country would continue buying Bitcoin, but they also needed to keep the IMF satisfied in order to keep its $1.4 billion program running. The solution? Fully financing the purchase operations through "private donations".
The IMF has officially confirmed that not a single cent of public funds was used to increase El Salvador’s holdings to its current balance of 7,764 Bitcoins. This clever maneuver allows Bukele’s proxy to keep his promise to buy one Bitcoin per day, while paving the way successfully for about $140 million in new disbursements from the IMF.
Is this a strict legal limit, or just a brilliant paperwork loophole so that both parties can claim they achieved victory? In either case, the proxy gets his Bitcoins, and the IMF keeps its rules as they are.
Please continue
#Bitcoin #IMF #ElSalvador #CryptoNews
$BTC
