El Salvador’s Bitcoin Holdings and IMF Agreement
Despite a December 2024 accord with the International Monetary Fund (IMF) aimed at ceasing further Bitcoin acquisitions, El Salvador has been steadily adding to its cryptocurrency reserves. As the world’s pioneer in designating Bitcoin as legal tender, the Central American nation has, since the announcement of its agreement with the IMF, purchased an extra 240 Bitcoins. This brings the total stored in the government’s treasury wallet to an impressive 6,209 Bitcoins, each valued at around $106,658 at the time of reporting.
IMF Loan Agreement and Its Implications
The loan arrangement reached with the IMF in December 2024, worth $1.4 billion, included stipulations that mandated El Salvador to discontinue Bitcoin’s legal tender status and halt any purchases made by the government. However, since President Nayib Bukele introduced the strategy of acquiring “one Bitcoin a day” in 2022, the country has persisted with this initiative despite the new guidelines.
IMF’s Response to Ongoing Acquisitions
During a press conference on April 26, 2025, Rodrigo Valdes, the director of the IMF’s Western Hemisphere Department, addressed these ongoing acquisitions. He articulated that El Salvador is technically upholding its commitment under the agreement, claiming:
“El Salvador still adheres to its commitment not to increase Bitcoin holdings within the entire public sector.”
Furthermore, blockchain advisor Anndy Lian suggested that the IMF’s lenient interpretation of its terms might imply that the country’s recent Bitcoin purchases could be associated with non-public sector entities or reclassified assets to remain within compliance.
Conclusion
As Bitcoin continues to be a topic of both fascination and controversy, this situation highlights the complexities of international financial agreements and the evolving landscape of cryptocurrency regulation.
