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Bitcoin adoption won’t affect IMF talks, says El Salvador’s top central banker

October 19, 2021 Coin Telegraph

Bitcoin

The country’s central bank chief does not see the recent Bitcoin adoption move hampering plans to secure an IMF loan.

Douglas Rodriguez, president of the Central Reserve Bank of El Salvador, has dismissed fears that the country adopting Bitcoin (BTC) as legal tender will scupper plans for a $1.3-billion loan facility from the International Monetary Fund (IMF).

According to Bloomberg on Tuesday, Rodriguez stated that the central bank does not see any risks associated with the Bitcoin Law even as it prepares to secure an extended loan facility from the IMF.

Indeed, the central bank described El Salvador’s Bitcoin Law as only having “upside risks,” with Rodriguez stating that a BTC bull run could help the country’s economy expand by over 9% more than initial forecasts.

According to Rodriguez, the central bank has explained to the IMF that “Bitcoin is simply a payment method.”

As previously reported by Cointelegraph, El Salvador’s government says Bitcoin acceptance continues to grow with people selling more United States dollars to buy BTC.

Uncertainty over the fate of the IMF talks, as well as the recent BTC adoption as legal tender, has seemingly had a significant effect on the country’s credit rating.

El Salvador’s bonds declined sharply in September following “Bitcoin Day” in the country, putting even more significance on the outcome of the IMF loan deal.

According to central bank figures, with El Salvador’s external debt rising to $18.45 billion in Q2 2021, securing the IMF loan facility could be crucial to ensuring access to the global market in 2022.

IMF officials have criticized El Salvador’s Bitcoin adoption, calling the move “an inadvisable shortcut” that could have dire consequences for the country.

Critics of the move from the mainstream finance sector have pointed to volatility and money laundering as among the likely systemic risks posed by accepting BTC as legal tender.

Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital

September 10, 2021 Coin Telegraph

Argo Blockchain

The Bitcoin mining giant has entered into another BTC-backed loan agreement with Galaxy Digital as it pursues further operational expansions.

Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining firm’s Bitcoin (BTC) as collateral.

According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million).

As previously reported by Cointelegraph, Argo entered into a prior BTC-backed loan agreement with Galaxy Digital for $20 million back in June.

The United Kingdom-based Bitcoin miner will reportedly roll up both loans into one for a combined sum of $45 million.

As part of the agreement, Argo will utilize the fresh capital influx to support its expansion efforts in Texas.

In March, the company purchased a 320-acre land plot in Texas that will reportedly host a 200-megawatt Bitcoin mining facility.

By securing a Bitcoin-backed loan, Argo Blockchain is also able to increase its available capital without needing to liquidate mined BTC.

If bullish projections about the price of Bitcoin by end of the year also prove to be true, then the company could earn a significant yield by “HODLing” the BTC sum which will mean paying fewer U.S. dollars per Bitcoin during the repayment process.

The company also stated that it is delighted to continue its business relationship with Galaxy digital as a financing partner.

Earlier in September, UK Investor Magazine reported that Argo held 1,659 BTC on its balance sheet at the start of the month.

The Bitcoin mining giant reportedly mined 206 BTC in August to bring its year-to-date tally to 1,314 “coins.” At the current price of Bitcoin, Argo holds about $77 million worth of Bitcoin.

Argo’s U.S. expansion is also indicative of the East-West hash rate migration in the wake of China’s crypto mining crackdown in the summer. Several high-profile Bitcoin miners are now building greater capacity in North America.

Unique Bitcoin-backed home loan refinancing deal in California

July 29, 2021 Coin Telegraph

Bitcoin

Glen Oaks Escrow has made its first BTC-backed refinancing of a property in San Diego.

One of Southern California's largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan.

The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment.

Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and creditors. Company Chief Operating Officer Joe Curtis commented:

“Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it's used and who it's used by.”

He added that seeing the lender rather than the home buyer using BTC in a real estate transaction “tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”

In another crypto related real estate development, a Dogecoin aficionado from the U.S. state of Utah has offered a 10% discount on his property if the buyer pays in DOGE.

On July 27, a local TV station reported that the owner listed the $389,000 home for sale and will accept seven cryptocurrencies but prefers Dogecoin due to his belief the 10% discount would quickly be made up for by Dogecoin price appreciation. After applying the discount, the amount of DOGE required to make the purchase would be around 1.7 million tokens at current prices.

Way back in 2017, Cointelegraph reported on the first-ever BTC real estate transaction which occurred in Texas.

These two new stories are the latest positive developments in the real estate sector. On July 23, Cointelegraph reported that an increasing number of real estate firms are accepting payments in cryptocurrency.

CEO and founder of The Crypto Realty Group, Piper Moretti, told Cointelegraph that many buyers purchasing real estate with digital assets are taking loans out against their cryptocurrency, so they can still benefit from holding coins while putting the value to work.

In May, it was reported that buyers could even use Dogecoin to make a property purchase in Portugal. FNTX Capital Suisse partnered with Portugal-based property developer 355 Developments to offer condos for crypto in the capital, Lisbon.

Crypto Exchange Abra Launches Fiat Loan Feature

March 23, 2021 The Crypto Briefing

Loan

Abra Introducing Fiat Loans

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