IMF Affirms Ongoing Efforts to Prevent El Salvador from Acquiring Additional BTC

The International Monetary Fund (IMF) announced on Tuesday that it would maintain efforts to ensure that the total bitcoin holdings of El Salvador’s government remain unchanged.

In March, El Salvador secured a $3.5 billion loan from the IMF, with stipulations related to bitcoin. Notably, the cryptocurrency was stripped of its legal tender status, meaning that businesses were no longer required to accept it.

One condition of the IMF agreement explicitly prohibited the public sector from engaging in the “voluntary accumulation of bitcoin.” This implies that the government led by Bukele is not allowed to continue adding to its bitcoin reserves if it wishes to adhere to the loan terms.

Contrary to the arrangement, El Salvador has persisted in increasing its bitcoin purchases. On March 4, when the agreement’s terms became public, the country’s official wallet contained 6,101.15 bitcoin. Currently, that figure has climbed to 6,189.18 bitcoin, valued at nearly $678 million.

President Nayib Bukele remarked on X, “No, it’s not stopping. If it didn’t cease when the world turned against us and most ‘bitcoiners’ deserted us, it won’t stop now, and it certainly won’t stop in the future.”

The IMF did not comment on any apparent contradictions within its statement. The organization noted satisfactory performance in the program, indicating that essential fiscal and reserve goals were achieved.

In its report, the IMF expressed gratitude to Salvadoran authorities for their exceptional collaboration and constructive dialogue.