Key dealers
- Nayib Bukele and Michael Saylor discussed Bitcoin at the Presidential Palace on February 13.
- El Salvador’s latest legislative amendments make Bitcoin voluntarily legal tender and prohibits its use for tax payments, in line with the IMF loan requirements.
El Salvador President Nayib Bukele and the strategy founder Michael Saylor met at Casa Presidency, the President’s House of El Salvador, on Thursday to discuss Bitcoin, according to the country’s national Bitcoin office (ONBTC).
President Bukele met Michael Saylor this afternoon at Casa Presidency.
Bitcoin was discussed.
🇸🇻🚀 pic.twitter.com/q0ycdngg62
– Bitcoin office (@bitcoinofficsv) February 14, 2025
On February 13, Bukele shared a photo of X and showed that the two Bitcoin advocates had eaten dinner at the Presidential Palace.
– Nayib Bukele (@nayibbukele) February 13, 2025
El Salvador added a bitcoin to his holdings around the time, giving its total at 6,077 BTC, valued at about $ 590 million, according to Arkham Intelligence information. The purchase is part of its daily strategy for dollar cost average.
Sayor’s strategy just resumed its bitcoin -acquisition last week, acquire 7,633 bitcoin and increases its BTC reserves to 478,740 BTC, worth about $ 46 billion.
ONBTC shared more pictures of the meeting on Friday, but the details remain private.
Bitcoin Country Cooks pic.twitter.com/hiasrm89hw
– Bitcoin office (@bitcoinofficsv) February 14, 2025
The meeting comes in the middle of the latest legislative changes in El Salvador, which adopted Bitcoin as a legal tender in 2021. The Central American nation recently changed its Bitcoin law to follow an international choice of choice of $ 1.4 billion.
“The Bitcoin situation in El Salvador is complex, and there are many questions that still need to be answered,” said Samson Mow in a recent post about X. Mow described El Salvador’s bitcoin status as a “glass is half full” situation.
“The changes to the Bitcoin Act are very smart and enable compliance with the IMF agreement while El Salvador government allows saving the face,” added Mow. He noted, however, that the law no longer classifies Bitcoin as a currency while making it “voluntary legal tender.”
The changes prohibit tax payments and government fees with bitcoin and limit the government from “touching BTC”, according to Mow. Article 8 of the amendments removes the state’s obligation to facilitate bitcoin transactions, which potentially affects Chivo future, the government provided to crypto wallet.
The IMF has consistently opposed El Salvador’s adoption of Bitcoin, with reference to risks of financial stability. The latest loan agreement requires the country to take back its Bitcoin implementation.