The International Monetary Fund’s mission chief for El Salvador issued a statement confirming that government authorities were proceeding with negotiations for the sale of the country’s Chivo Bitcoin wallet.
In a Monday statement, the IMF said El Salvador’s government was continuing to discuss its Bitcoin (BTC) project with the fund’s officials, and “negotiations for the sale of the government e-wallet Chivo are well advanced.” The announcement signaled that the government may be preparing to sell some or all of its crypto holdings in the Chivo wallet.
The statement followed a May deal with El Salvador in which the IMF would pay $120 million as part of a 2024 loan agreement for $1.4 billion. As part of the deal, the government would stop acquiring Bitcoin.
It’s unclear whether El Salvador is abiding by the terms of the deal. Though the IMF reported in July that the country’s government had not purchased any BTC since December 2024, El Salvador’s Bitcoin Office continues to announce crypto buys, including 1,090 Bitcoin worth about $100 million in November.
Related: CFTC changes guard as Selig takes reins, Pham departs
According to the terms of the IMF-El Salvador deal made public, the government would make public sector engagement of BTC-related economic activity “confined,” the private sector’s acceptance of Bitcoin would be voluntary, and it would wind down involvement in the Chivo wallet. Cointelegraph reached out to the IMF for comment but had not received a response at the time of publication.
El Salvador recognized Bitcoin as legal tender in 2021 and began acquiring the cryptocurrency as part of a strategy largely pushed by President Nayib Bukele. According to data provided by the country’s Bitcoin Office, the government held 7,509 Bitcoin as of Monday, worth about $659 million at the time of publication.
‘It’s not stopping,’ says Bukele on Bitcoin buys
Despite the reported deal between the IMF and El Salvador, Bukele said in March that the government would continue its Bitcoin investment strategy, purchasing at least one BTC daily. It’s unclear how the president’s statement could affect the IMF agreement.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
A silicon wafer with chips etched into is seen as U.S. Vice President Kamala Harris tours a site where Applied Materials plans to build a research facility, in Sunnyvale, California, U.S., May 22, 2023.
Pool | Reuters
The U.S. will increase tariffs on Chinese semiconductor imports in June 2027, at a rate to be determined at least a month in advance, the Trump administration said in a Federal Register filing on Tuesday.
But in the meantime, the initial tariff rate on semiconductor imports from China will be zero for 18 months, according to the filing from the Office of the U.S. Trade Representative.
As part of an investigation that kicked off a year ago, the agency found that China is engaging in unfair trade practices in the industry.
“For decades, China has targeted the semiconductor industry for dominance and has employed increasingly aggressive and sweeping non-market policies and practices in pursuing dominance of the sector,” the office said in the filing.
The decision to delay new tariffs for at least 18 months signals that the Trump administration is seeking to cool any trade hostilities between the U.S. and China.
Additional tariffs could also become a bargaining chip if future talks break down.
U.S. President Donald Trump and Chinese President Xi Jinping reached a truce in the so-called trade war in October, as part of a deal that included the U.S. slashing some tariffs and China allowing exports of rare earth metals.
The USTR’s Tuesday filing states that tariffs will increase on June 23, 2027.
The notice is the next step in a process focusing on older chips that started during the Biden administration under Section 301 of the Trade Act.
The new 2027 date gives clarity to American firms that have said they are closely watching how U.S. tariffs could affect their businesses or supply chains.
The tariffs are separate from other duties threatened by the Trump administration on Chinese chip imports under Section 232 of the law.
Environment
This solid-state EV battery maker is going public after a real-world test clears 745+ miles
Its solid-state batteries are already showing promise with real-world tests delivering over 745 miles of range on a single charge. Now, Factorial Energy is going public as it aims to bring the promising new battery tech to market as soon as 2027.
Factorial Energy to accelerate solid-state EV battery tech
A modified Mercedes EQS, fitted with solid-state EV batteries, drove over 745 miles (1,200 km) without stopping in September. And it still had some charge left.
The battery cells that Mercedes is already calling “a true gamechanger” were supplied by US-based solid-state specialist, Factorial Energy.
Factorial is working with Mercedes-Benz, Stellantis, Hyundai Motor, and other major OEMs to commercialize the promising new battery tech.
The batteries may be in vehicles sooner than expected. Factorial is planning to tap into the public markets to fund its next growth stage through a business merger with Cartesian Growth Corporation III.
Cartersian III is a special-purpose acquisition company, or SPAC, designed as a blank-check company to acquire a business for listing on a public stock exchange.
Factorial’s CEO, Dr Siyu Huang, called the agreement “a pivotal inflection point” as it transitions from the lab to real-world testing and commercialization. “We’ve proven our solid-state platform delivers what customers want – longer range, lighter weight, and greater cost efficiency,” Huang said.
The battery cells have been proven on public roads, as seen in the Mercedes EQS equipped with Factorial’s 106 Ah cells.
Jeep and Ram maker Stellantis verified 77 Ah cells in lab testing, “demonstrating high energy density, fast charging, and robust performance across temperature extremes.”
Outside of electric vehicles, Factorial plans to offer solid-state battery cells for other markets, including defense, aerospace, and robotics.
The proposed merger is expected to close in mid-2026. Once closed, the company will list on the Nasdaq exchange under the ticker symbol FAC. The merger values Factorial at about $1.1 billion, and provides the company with $100 million to fund growth.
During an interview with The New York Times, Huang said Factorial’s batteries could be powering EVs as soon as 2027. According to Huang, they will likely launch in high-performance or luxury models at first, such as the Dodge Charger Daytona, before becoming more widely available.
Factorial is not worried about US automakers, such as Ford, pulling back on EV plans, because it believes new battery technology will help boost adoption.
“The existing battery is not big enough and it’s not light enough, it’s not efficient enough,” Huang said during the interview, adding that “there needs to be a next generation to address the issues that our U.S. consumers are facing.”
Are Factorial’s solid-state EV batteries the answer? That’s what the battery specialist is banking on.
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