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IMF says El Salvador to make ‘efforts’ to stop Bitcoin buys with $120M payments deal

IMF says El Salvador to make ‘efforts’ to stop Bitcoin buys with $120M payments deal

The International Monetary Fund said it has reached an agreement with El Salvador to pay the country $120 million following an initial review of its $1.4 billion loan agreement struck last year.

The IMF said on May 27 that as part of the deal, El Salvador will need to fulfill its prior obligations around limiting further government involvement in Bitcoin, and it will have to cease its involvement in the Chivo wallet by the end of July.

“On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged,” the global lender said.

The planned payout, subject to IMF executive board approval, is part of a larger $1.4 billion, 40-month loan deal struck in December, which saw El Salvador agree to confine its Bitcoin ambitions.

On March 3, the IMF reiterated its stance that El Salvador should stop accumulating Bitcoin and not pursue other Bitcoin-related activities.

Despite the IMF’s request, El Salvador’s president, Nayib Bukele, has stated that his government will continue to acquire one BTC per day as part of the nation’s Bitcoin treasury strategy.

El Salvador again defies IMF

Shortly after the IMF’s May 27 announcement, El Salvador’s Bitcoin Office posted to X that the country had once again purchased more Bitcoin.

The country’s official Bitcoin tracker shows that El Salvador is continuing with Bitcoin-buying through the Bitcoin Office, which has accumulated 30 BTC in the past 30 days.

Currently, El Salvador’s Bitcoin reserve stands at 6,190.18 BTC.

Last week, Bukele took to the social media platform X to reveal that the nation’s Bitcoin treasury is sitting at an unrealized profit of $386 million, a 132% gain on its total Bitcoin investment.

In April, Rodrigo Valdes, director of the Western Hemisphere Department at the IMF, said that the country is complying with the IMF’s performance criteria.

Author and intergovernmental blockchain adviser Anndy Lian suggested that the country could maintain technical compliance by purchasing Bitcoin through non-government entities.

 

Source: https://cointelegraph.com/news/imf-el-salvador-efforts-stop-bitcoin-buys-120m-payments-deal

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Crypto firms spent $134M on 2024 US elections, raising influence concerns

Crypto firms spent $134M on 2024 US elections, raising influence concerns

Cryptocurrency companies spent more than $134 million on the 2024 US elections, fueling concerns about their growing political influence and potential risks to regulatory stability, according to a report by the Center for Political Accountability (CPA).

The growing connection of crypto firms with US politics is raising newfound concerns for regulators, investors and the wider financial system, according to a report released by the Center for Political Accountability (CPA).

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report stated.

“While the companies making these contributions may be seeking a favorable regulatory environment, these political donations further erode public trust and expose companies to legal, reputational, and business risks that cannot be ignored,” the report added.

Cryptocurrency regulation has taken center stage over the past week following a historic executive order from US President Donald Trump to create a Strategic Bitcoin Reserve ahead of the first White House Crypto Summit on March 7.

Fairshake, a political action committee (PAC) backed by major crypto firms including Coinbase, Ripple and Andreessen Horowitz, was one of the largest contributors, spending more than $40 million to support candidates aligned with pro-crypto policies.

Fairshake and affiliated PACs were active in key congressional races, attempting to shape legislation favorable to digital assets.

“As the industry continues to seek influence through vast contributions and opaque financial maneuvers, the risks of instability, regulatory backlash, and public distrust only grow,” the report said.

The influx of crypto money into politics did not go unnoticed by regulators. In August 2024, the consumer advocacy group Public Citizen filed a complaint with the Federal Election Commission (FEC), alleging that Coinbase’s corporate contributions to Fairshake and the Congressional Leadership Fund constituted a violation of federal election law due to their status as a federal contractor.

Coinbase has committed an additional $25 million to Fairshake for the 2026 midterm election cycle.

Coinbase commits $25 million to Fairshake. Source: Coinbase

“The stakes are too high for us to stand on the sidelines, and that’s why we at Coinbase are proud to help do our part,” the company wrote in an October 2024 blog post.

Crypto’s political donations may be necessary for regulatory clarity

Despite the risks highlighted by the report, some regulatory experts see the donations as necessary for advancing more innovation-friendly regulations.

“As someone deeply involved in crypto, I see this spending as necessary for regulatory clarity, crucial for stability and growth,” according to Anndy Lian, author and intergovernmental blockchain expert:

“It seems likely to boost investor confidence by reducing uncertainty, as seen in pro-crypto candidate wins boosting market sentiment, like bitcoin’s post-election high.”

Still, risks, including “regulatory capture,” where the interests of large firms take priority, may present challenges and erode crypto investor trust. Still, this is part of the organic growth of the emerging crypto industry, Lian said, adding:

“The crypto community’s transparency and decentralization might mitigate this, ensuring fair regulations. While controversial, I don’t find it problematic, viewing it as the industry’s maturation, though public backlash could destabilize politics if seen as buying favor.”

The debate over crypto’s role in politics follows the high-profile collapse of the Libra (LIBRA) token, a memecoin endorsed by Argentine President Javier Milei. The project’s insiders allegedly siphoned over $107 million worth of liquidity in a rug pull, triggering a 94% price collapse within hours and wiping out $4 billion.

Over 100 governmental fraud complaints have been opened in Argentina since the Libra memecoin’s scandal, illustrating the risks of a country’s executive branch promoting “any kind of unregulated security,” the CPA’s report states.

 

Source: https://cointelegraph.com/news/crypto-firms-134m-election-spending-regulatory-concerns

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Crypto ‘sniper’ makes $28M on CZ-inspired Broccoli memecoin

Crypto ‘sniper’ makes $28M on CZ-inspired Broccoli memecoin

A savvy cryptocurrency trader made almost $28 million in profit after buying the latest memecoins inspired by a Binance co-founder.

Changpeng “CZ” Zhao, co-founder and former CEO of Binance, revealed his dog’s name, “Broccoli,” on Feb. 13, sparking a wave of memecoins named after the Belgian Malinois.

Broccoli memecoins quickly took up residence on popular memecoin launch platforms, including Solana’s Pump.fun, where there are now at least 480 Broccoli-themed coins, and BNB Smart Chain’s Four.Meme, with at least 300 CZ-dog-themed coins.

An unknown crypto trader capitalized on the social media hype after Zhao’s announcement and bought almost every memecoin named Broccoli, wrote crypto intelligence firm Lookonchain, in a Feb. 14 X post, adding:

“A sniper made $27.8M by sniping the memecoin named after CZ’s dog (Broccoli)!”

“After CZ announced the name of his dog, this sniper sniped almost every meme coin named Broccoli. Then he distributed Broccoli to multiple wallets for selling using disperse […] In the end, this sniper earned a total of 27.8M $USDT,” added the post.

In industry slang, “sniping” refers to traders looking to capitalize on short-term or intraday opportunities, using technical indicators to find quick trading opportunities.

Despite their intrinsic lack of utility, memecoins have made millionaires among crypto traders.

In May 2024, another unknown trader capitalized on Pepe’s price gains, netting over $46 million worth of profit after generating an eye-watering 15,718-fold return on his initial $3,000 investment.

$28 million memecoin profit raises insider trading allegations

The $28 million profit raised some insider trading allegations among the crypto community.

Some of the traders’ wallet addresses are associated with the developers of some Broccoli memecoins, wrote pseudonymous crypto trader DoctorDeFi in a Feb. 13 X post, adding:

“For context, this is not a sniper but Broccoli dev. In total, he made >$50M.”

The thread showed three more crypto wallets potentially related to the Broccoli trader. The wallets had a combined value of over $34.2 million worth of stablecoins.

The Broccoli-themed memecoins saw widespread attention despite CZ stressing that he was not launching a memecoin of his own, adding that it’s “up to the community to do that (or not).”

Trump family memecoins spark investor hype, regulatory concerns

Investor excitement for memecoins has been increasing since President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network, ahead of his inauguration on Jan. 20.

However, industry watchers are concerned that the Trump family’s memecoins may invite more industry scrutiny from the Securities and Exchange Commission (SEC).

The presidential memecoin launch sets a “precedent that could blur the lines between celebrity, politics and finance,” according to Anndy Lian, author and intergovernmental blockchain expert.

This may challenge the SEC’s approach to crypto regulation in 2025, Lian told Cointelegraph:

“The question now is whether the SEC will tighten regulations to curb potential market manipulations or if they will adapt to this new reality by establishing clearer guidelines for such tokens.”

 

Source: https://cointelegraph.com/news/crypto-sniper-makes-28-m-cz-broccoli-memecoin

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j