El Salvador showcased its Bitcoin achievements during a meeting between Vice President Félix Ulloa Jr. and Zhang Yanhui, the Ambassador of the People’s Republic of China.
On Dec. 23, Vice President Ulloa emphasized how Bitcoin has transformed El Salvador into a symbol of financial freedom. He noted that the country’s state reserves now include over 6,217 BTC, valued at over $500 million.
Stacy Herbert is the leader of the Bitcoin Office. This has been credited with this significant progress. El Salvador undertook several initiatives to promote the adoption of crypto technology.
Meanwhile, the meeting occurred against China’s historically restrictive stance on cryptocurrencies.
While China enforces strict regulations prohibiting institutional crypto activities, recent developments—such as Bitcoin payments accepted by Nano Labs and legal recognition of crypto as property—hint at a potential softening of its policies.
Bitcoin expands its ambitions
El Salvador has not stopped at the current Bitcoins it holds. The government wants to boost its crypto reserves by 20,000 BTC.
Max Keiser, the advisor senior to Nayib Bukele, announced plans on December 21 to achieve this ambitious goal. The statement was:
“The interim goal in [El Salvador] is to acquire another 20,000 BTC.”
El Salvador holds 5,996 BTC valued at $565,6 million. This includes a recent purchase of 29 BTC for over $2.7 million, aligning with the nation’s aggressive Bitcoin strategy despite concerns from the International Monetary Fund (IMF).
Financial regulators recently approved a $1.4billion financing deal tied to several Bitcoin concessions. Herbert insists that Bitcoin remains legal tender along with the US dollar, and that the Government continues to add strategic reserves.
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