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El Salvador is expected to reach an agreement with the International Monetary Fund  (IMF) in the next two to three weeks on a $1.3 billion loan program, contingent on changes being made to the country’s use of Bitcoin as legal tender and reductions in government deficits.

Nasdaq-listed MicroStrategy has acquired approximately 21,550 BTC for $2.1 billion in cash between December 2 and December 8, at an average price of $98,783 per Bitcoin.

A senior Russian lawmaker has suggested the establishment of a strategic Bitcoin reserve, according to a document reported by the state-owned news agency RIA Novosti.

Top stories in the Crypto Roundup today:

  • El Salvador Nears $1.3 Billion IMF Deal Contingent on Bitcoin Policy Changes
  • MicroStrategy Acquires Additional 21,550 BTC for $2.1 Billion
  • Russian Lawmaker Proposes Strategic Bitcoin Reserve 
  • Help Shape the Future of CoinDesk & CryptoCompare

 
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El Salvador Nears $1.3 Billion IMF Deal Contingent on Bitcoin Policy Changes

 

El Salvador is expected to reach an agreement with the International Monetary Fund  (IMF) in the next two to three weeks on a $1.3 billion loan program, contingent on changes being made to the country’s use of Bitcoin as legal tender and reductions in government deficits.

According to the Financial Times, an IMF mission is currently in San Salvador finalizing details of the agreement with the country’s President, Nayib Bukele. The deal could bring in an additional $2 billion in lending, half from the World Bank and half from the Inter-American Development Bank.

The proposed agreement, which requires approval from the IMF board, would mark El Salvador's return to the international financial community after years of relative isolation. 

After El Salvador passed a law in 2021 making Bitcoin legal tender in the country, the IMF urged the country to drop the cryptocurrency citing risks to financial stability and integrity. The new agreement would see El Salvador drop legal requirements for businesses to accept BTC as payment, making it entirely voluntary instead.

The government would also commit to reducing the budget deficit by 3.5% of GDP over three years, passing an anti-corruption law, and increasing reserves from $11 billion to $15 billion.

Despite the government's efforts to promote Bitcoin as legal tender, most Salvadoreans have opted to continue using the US dollar, the country's other legal currency. The government has nevertheless accumulated significant Bitcoin reserves, now worth around $600 million, and keeps on buying 1 BTC per day.

 
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MicroStrategy Acquires Additional 21,550 BTC for $2.1 Billion

 

Nasdaq-listed business intelligence firm MicroStrategy has acquired around 21,550 BTC for around $2.1 billion in cash between December 2 and December 8 at an average price of $98,783 per coin.

This latest purchase increases the company’s total Bitcoin holdings to approximately 423,650 BTC, purchased at a cumulative cost of $25.6 billion. The funding for this purchase came from the sale of 5.4 million shares, which raised about $2.13 billion in net proceeds, as detailed in a filing with the U.S. Securities and Exchange Commission.

MicroStrategy has now made major Bitcoin purchases for five consecutive weeks, coinciding with a steady rise in both the cryptocurrency’s price and the company’s shares. Many investors now view MicroStrategy’s stock as a proxy for gaining exposure to Bitcoin.

The firm’s BTC holdings are now worth an estimated $41.3 billion and account for roughly 2% of the cryptocurrency’s total supply.

 
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Russian Lawmaker Proposes Strategic Bitcoin Reserve

 

A senior Russian lawmaker has proposed that the country establish a strategic reserve of Bitcoin, according to a document obtained by the state-owned news agency RIA Novosti.

Anton Tkachev, a member of the State Duma, the lower house of Russia's parliament, sent a letter to Finance Minister Anton Siluanov suggesting that Russia create a Bitcoin reserve similar to its traditional currency reserves, per the report. The document reads:

“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade. The Central Bank of Russia is already preparing to launch an experiment in cross-border settlements in cryptocurrency.”

The document adds that creating a strategic Bitcoin reserve could support Russia’s financial stability as an alternative to traditional currencies such as the dollar, euro, and yuan that are subject to inflation and sanctions.

The proposal comes as Russia has sought to navigate a complex web of Western sanctions imposed over its invasion of Ukraine. As its access to the global financial system remains restricted, Moscow has been exploring alternative payment methods, including cryptocurrencies.

Various countries have brought forth the idea of building a strategic Bitcoin reserve, including the United States, El Salvador, Brazil, and Poland.

 
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