El Salvador buys new bitcoins during asset drop

The government of El Salvador took advantage of the situation during the decline in Bitcoin's price and purchased BTC, thereby increasing its cryptocurrency reserves.

According to information on the website of the country's National Bitcoin Office, 11 bitcoins worth just over $1 million at the current rate were added to the state crypto wallet early on December 20. El Salvador's crypto storage now holds 5,980 BTC valued at $580.7 million.

Prior to this, the authorities agreed with the International Monetary Fund regarding a change in policy toward Bitcoin in order to secure a loan of $1.4 billion from the organization. The agreement between the parties did not include a ban on purchasing BTC, so the government continued to invest in the cryptocurrency.

Earlier, the head of Morocco's Central Bank, Abdellatif Jouahri, expressed that the country's authorities wish to lift the ban on operations with digital assets.