El Salvador showcased its Bitcoin achievements in a meeting with Vice President Felix Ulloa Jr. and Ambassador of the People's Republic of China Zhang Yanhui.
On December 23, Vice President Ulloa highlighted how Bitcoin has transformed El Salvador into a symbol of economic freedom. He pointed out that the country's national reserves currently contain more than 6,217 BTC, worth more than $500 million.
This progress is largely due to the efforts of the Bitcoin Office, led by Stacey Herbert. Under her, El Salvador launched several pro-crypto initiatives and policies to encourage further adoption of emerging technologies.
Meanwhile, the meeting took place in opposition to China's historically restrictive stance towards cryptocurrencies.
China has enforced strict regulations banning crypto activities by institutions, but recent developments such as Nanolab's acceptance of Bitcoin payments and legal recognition of cryptocurrencies as property raise the possibility that policies may soften. Suggests.
Bitcoin’s growing ambitions
According to available information, El Salvador does not stop at its current Bitcoin holdings. The government has set a goal to increase its reserves by 20,000 BTC, demonstrating its unwavering commitment to the adoption of cryptocurrencies.
On December 21, Nayib Boukre's senior advisor, Max Kaiser, unveiled plans to achieve this ambitious goal. He said:
“(El Salvador’s) interim goal is to acquire an additional 20,000 BTC.”
According to on-chain data, El Salvador currently holds nearly 5,996 BTC, worth approximately $565.6 million. This includes the recent purchase of over $29 million in BTC, in line with the country's aggressive Bitcoin strategy, despite concerns from the International Monetary Fund (IMF).
Financial regulators recently agreed to a $1.4 billion loan deal tied to several Bitcoin-related concessions. However, Herbert insisted that Bitcoin will remain a legal tender alongside the US dollar and that the government will continue to build up its strategic reserves.
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