El Salvador: "Stablecoin Transition is Fake News"...Emphasizes Bitcoin (BTC)-Centric Strategy

▲ El Salvador, Bitcoin (BTC)

The government of El Salvador has refuted foreign media reports suggesting it plans to convert the national payment currency to stablecoins, calling them "fake news." At the same time, it affirmed its unwavering commitment to a Bitcoin (Bitcoin, BTC)-centric national strategy.

NewsBTC reported on September 30 (local time) that El Salvador's National Bitcoin Office (ONBTC) officially denied recent rumors of a stablecoin transition, classifying them as "fake news." The National Bitcoin Office unequivocally stated that the government has no plans whatsoever to launch or operate any cryptocurrency or stablecoin wallets. This directly refutes market speculation that the government, after selling its existing state-owned Chivo wallet to the private sector, was creating a new wallet to promote digital dollar payments.

The controversy was sparked by the recent launch of a new remittance app with a $2 fee, built on Coinbase (Coinbase Global, COIN)'s Layer 2 network, Base. While some foreign media reported that the Salvadoran government was shifting its policy focus to stablecoins to overcome sluggish Bitcoin payments, the government clarified that the introduction of private remittance services is separate from its national strategy.

The government's proactive stance on accumulating Bitcoin also remains unchanged. According to the latest data, the Salvadoran government recently purchased an additional 30 BTC over the past 30 days, increasing its national Bitcoin reserve holdings to 7,790 BTC. Valued at the $84,000 Bitcoin price level, this amounts to a massive sum exceeding $652 million.

President Nayib Bukele of El Salvador also previously strongly denied rumors of transferring control over the national Bitcoin reserves. He refuted claims that control over the strategic Bitcoin reserves would be handed over to a private operator, reaffirming the commitment to firmly uphold the state-led Bitcoin standard.

Despite skepticism from institutional circles and changes in private payment networks, El Salvador continues its national Bitcoin buying spree. Market attention is focused on whether El Salvador, having expanded its Bitcoin holdings to 7,790 BTC, can continue its sovereign financial experiment based on the rising value of its national reserves.

[Key Article Summary]

-The Salvadoran government dismissed stablecoin transition rumors as fake news, confirming no government-level wallet operation plans.

-The government recently purchased an additional 30 BTC over 30 days, expanding its national Bitcoin (BTC) reserves to 7,790 BTC (approximately $652 million).

-With President Nayib Bukele refuting claims of private transfer of reserve control, the national Bitcoin standard strategy is expected to be maintained.

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