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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”.

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Crypto a Good Way to Make Money for the Future? – Anndy Lian Explains on The Moneyverse Show

Crypto a Good Way to Make Money for the Future? – Anndy Lian Explains on The Moneyverse Show

In a recent episode of The Moneyverse Show, hosted by Andreas Vecchiet and co-hosted by global money expert Lionel Lee, the spotlight was on cryptocurrency as a potential avenue for future wealth. The guest of honor was Anndy Lian, a best-selling author, intergovernmental blockchain advisor, and early crypto advocate. With over a decade of experience in the crypto space, Lian shared his insights on the question: Is crypto a good way to make money for the future?

Here are the key highlights and takeaways from the conversation:

The Question: Is Crypto a Good Way to Make Money?
Lionel Lee, the show’s co-host, posed the viewer’s question to Lian, asking whether crypto is a viable way to generate wealth in the long term.

Lian’s response was nuanced, offering both optimism and caution. He began by explaining that the answer is both “yes and no,” depending on the individual’s approach, risk appetite, and understanding of the market.

Long-Term Investments in Crypto
Lian highlighted the importance of a long-term perspective when investing in cryptocurrency. He suggested that investors focus on the top 10, 20, or 30 cryptocurrencies listed on platforms like CoinMarketCap or CoinGecko. These coins, often referred to as “blue chips” in the crypto world, are more stable and less volatile compared to newer, lesser-known tokens.

“If you invest in the top cryptocurrencies for the long term, the returns can be stable and satisfactory,” Lian explained. He emphasized that while these investments are not without risk, they are comparable to traditional financial instruments in terms of stability.

He cited examples like XRP, which recently experienced a significant price surge. Investors who bought in at a low price could see returns as high as 5x. However, Lian cautioned that such opportunities require patience and a willingness to hold through market fluctuations.

The Appeal of Control in Crypto Investments
One of the key advantages of cryptocurrency, according to Lian, is the level of control it offers to investors. Unlike traditional investments managed by private bankers or financial institutions, crypto investments allow individuals to have full control over their assets.

“You control everything you’re trying to do,” Lian said, highlighting the decentralized nature of cryptocurrency. This autonomy is particularly appealing to investors who prefer to manage their own portfolios.

High-Risk, High-Reward Opportunities
For those with a higher risk appetite, Lian discussed the potential of investing in new and emerging cryptocurrencies. These tokens often experience rapid price increases shortly after their launch, offering the possibility of significant returns in a short period.

“If you’re willing to put in what you can afford to lose, say $1,000, and invest in new coins, you could potentially see a 10x return within a day or a week,” Lian explained. However, he cautioned that these investments are highly speculative and should only be pursued by those who understand the risks involved.

Balancing Risk and Reward
Lian stressed the importance of balancing risk and reward when investing in cryptocurrency. While blue-chip cryptocurrencies offer stability, newer tokens provide the allure of high returns. He advised investors to diversify their portfolios and only invest what they can afford to lose.

“It all comes down to the individual’s appetite for risk,” Lian said. He encouraged viewers to educate themselves about the market and make informed decisions.

The Future of Crypto as an Investment
When asked about the future of cryptocurrency as a way to make money, Lian expressed optimism. He believes that crypto will continue to be a viable investment option, especially as the market matures and more institutional players enter the space.

“The future for earning good money in crypto is definitely there,” Lian concluded. However, he reiterated the importance of a strategic approach and a long-term mindset.

Final Thoughts
The episode provided valuable insights into the world of cryptocurrency, with Anndy Lian offering a balanced perspective on its potential as an investment. While crypto can be a lucrative way to make money, it requires careful planning, risk management, and a willingness to learn.

For those new to the space, Lian’s advice is clear: start with blue-chip cryptocurrencies, focus on long-term gains, and only invest what you can afford to lose. For more adventurous investors, the high-risk, high-reward nature of new tokens can be enticing, but it’s crucial to proceed with caution.

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

Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

The development of Bitcoin and thousands of other cryptocurrencies these past few years have left India needing to create a framework for the creation of an official digital currency, which will be issued by the Reserve Bank of India (RBI). A bill in this regard is planned to be tabled in the upcoming winter session of the parliament.

The Indian government is worried about the volatility of cryptocurrency, how it can be misused, and cryptocurrencies’ impact on the country and its economic situation. The primary idea of the RBI behind this move is to protect consumers from the appalling level of volatility seen in digital currency. The governor of RBI went to the extent of saying that cryptocurrencies pose a serious concern to the macroeconomic and financial stability of India.

It has been reported that a huge amount of ₹$40,000 (rupees) have already been spent when it comes to cryptocurrency. Furthermore, the idea of cryptocurrency was, when it was formulated in 2008, to bypass the banking system. This brought rise to RBI’s worry that cryptocurrency will overtake the banking system when it comes to investments in India.

Back when cryptocurrencies were banned in China, the fallout was that a lot of people and a lot of that investment and interest were redirected to the USA. India does not want to make that same mistake. It is almost certain that there will be a lot of problems if there is a blanket ban on cryptocurrency in India.

India is all set to create a framework for the creation of an official digital currency that will be issued by RBI. NewsX invited a panel of experts to talk about the topic. The expert panel consists of Akash Jindal, Sr Economist; Siddhartha Sogani, CEO of Creabaco Global Inc., Bitcoin Expert; Hanif Shaikh, CEO of Upsocial Network, Crypto Expert and Anndy Lian, Chairman, BigONE Exchange and Founding Member of Influxo. News Anchor, Vineet Malhotra discussed the following topics:

• How will this impact the total economic atmosphere of the country?
• Are cryptocurrencies such a threat to the economic environment of any country?
• What is the next step for India?
• How important is the concept of decentralisation when it comes to cryptocurrency?

Here’s what BigONE Chairman Anndy Lian had to say in an interview with India’s NewsX:

The right direction is to embrace cryptocurrency in all manners – because cryptocurrency is here to stay. It is the future of currency. In whatever way that it is called – currency or digital asset – it must be embraced.

Mainstream media may always say that cryptocurrencies are illegal as it may involve money laundering, among other things. But the fact is that the top currency used to carry out such illegal things is the very common US dollar.

Every move made via a blockchain is recorded on the chain. If Bitcoin is sent to a dodgy account, it’s going to be recorded on the chain. How will these dodgy accounts cash it out? Will they be so daring to do that?

BigONE is on the Top 40 list globally. All good exchanges must go through the same regulatory steps to ensure Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes are carried out. Through these frameworks, illegal acts are minimised.

Decentralisation does not, in any way, mean the removal of governments of taxes. It must be emphasised that when it comes to decentralisation, there is no intention of moving away from countries’ legacy systems or financial systems. Nonetheless, people are living in the real world, and not in the metaverse. Actual, physical money is still required to live as we head into the future.

The term “decentralisation” must not be tweaked in such a way that it is portrayed to be a bad thing. There exists proper entities – proper companies – to back the system. In the cryptocurrency world, everything needs to be registered. When founders of a project are doxxed, documentation to prove that will be kept in a centralised depository. If anything were to happen, tracing back to the person or team in charge will not be an issue.

It is imperative to redefine the term “decentralised” such that governments, family offices, and traditional banking staff know what it means exactly. In comparison to the traditional space, what is experienced in the cryptocurrency world is actually no different. For exchanges such as BigONE, different kinds of available financial requirements are stringently addressed. In this way, proper regulation is assured. Let’s be open-minded and address it.

The Indian government and crypto practitioners are open-minded and progressive about cryptocurrency. As the bill gets drafted, it is good that they would have all the experts to provide their confounding, broad, and elaborate views on what the cryptocurrency market pertains to, as well as the volatility and risks.

This is the second time Anndy Lian is invited to the NewsX Live commentary segment. The first time was with Garrett Minks, Founder & CTO, Rair and Vishal Malhotra, Actor on NFT.

The full video can be found on NewsX official channel:

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