New Bitcoin purchases: Is El Salvador violating IMF terms?
According to a report from the International Monetary Fund (IMF), Bitcoin purchases by the Salvadoran government during the ongoing program would be prohibited.
According to a report from the International Monetary Fund (IMF), Bitcoin purchases by the Salvadoran government during the ongoing program would be prohibited. Everything pointed to President Nayib Bukele backing off his Bitcoin strategy in exchange for an IMF credit of $1.4 billion.
Still, El Salvador remains actively investing in the crypto asset, according to the national Bitcoin Office. The government reportedly owns 6,161 Bitcoin, worth roughly $585 million in total. In the past 28 days, another 28 Bitcoin have been added to state reserves. Does this amount to a breach of IMF conditions?
Rodrigo Valdés, director of the IMF's Western Hemisphere department, does not see a problem for now. At a press conference he said: "I can confirm that El Salvador is committed to the obligation not to accumulate Bitcoin through the broader financial sector." Valdés also stressed that the program focuses primarily on structural reforms, including governance improvements and increased transparency, not on Bitcoin.
El Salvador is viewed by many Bitcoin enthusiasts as a pioneer among nations: in September 2021 the country bought its first 200 Bitcoin and, until early 2025, the cryptocurrency was legal tender.
View post on X blockchain-expert and government adviser Anndy Lian may see more room to maneuver than it appears at first glance. "The IMF agreement may allow for purchases by non-governmental institutions," Lian says. That could let El Salvador preserve its pro-Bitcoin image while gaining access to the IMF funds it needs to tackle high debt and limited reserves.
President Bukele himself recently reassured the Bitcoin community. Responding to rumors about ending the Bitcoin policy, he said: "That stops in April. That stops in June. That stops in December. No, it does not stop."
