El Salvador Denies Stablecoin Shift Amid Bitcoin Reserve Growth
- El Salvador’s National Bitcoin Office (ONBTC) stated the government has no plans to operate any crypto wallet, following the sale of Chivo Wallet to private owners.
- The government dismissed reports of a shift towards stablecoins, maintaining its focus on Bitcoin as legal tender.
- El Salvador increased its national bitcoin reserves by purchasing an additional 30 BTC, bringing total holdings to approximately $652 million.
- A new remittance app using Coinbase’s Layer-2 Base network offers $2 flat fee transfers from the U.S., settling in stablecoins.
Despite speculation, El Salvador reaffirms its commitment to Bitcoin, dismissing claims of pivoting towards stablecoins after selling Chivo Wallet management to private entities. The government continues to bolster its bitcoin reserves while launching new financial infrastructure like a low-cost remittance app on a Layer-2 network.
El Salvador’s recent acquisition of additional bitcoin highlights its ongoing strategy to strengthen national reserves, countering skepticism about its cryptocurrency policies. (Source)
