The Worldwide Financial Fund (IMF) printed a report on Tuesday about its ongoing mortgage settlement with El Salvador, claiming that the Central American nation has not purchased any new Bitcoin (BTC) since signing the settlement in December 2024.
El Salvador’s Chivo Bitcoin pockets “doesn’t regulate its Bitcoin reserves to mirror adjustments in purchasers’ Bitcoin deposits,” the report learn. Chivo doesn’t promote its BTC, resulting in “minor” discrepancies that made it seem as if El Salvador’s public sector was accumulating BTC.
A letter of intent signed by El Salvador’s central financial institution president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, contained throughout the IMF report, confirmed the main points:
“In keeping with commitments underneath this system, the inventory of Bitcoins held by the general public sector stays unchanged, and we’re taking steps to mitigate fiscal dangers by decreasing the general public sector’s position within the Chivo pockets and reframing the Bitcoin challenge.”
Cointelegraph reached out to El Salvador’s Bitcoin Workplace and the Nationwide Fee of Digital Belongings however hadn’t obtained a response by time of publication.
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El Salvador strikes mortgage cope with IMF
The federal government of El Salvador signed a $1.4 billion mortgage cope with the IMF in December 2024 and agreed to cut back its involvement in Bitcoin underneath the mortgage provide.
In January 2025, El Salvador’s legislature revised the Bitcoin legal guidelines, making acceptance of BTC as authorized tender voluntary, whereas additionally agreeing to cease accumulating BTC utilizing taxpayer cash.
Regardless of this, El Salvador’s Bitcoin Workplace continued to say the federal government was steadily accumulating BTC, flying within the face of the IMF deal.
This reached a crescendo in March when the IMF despatched one other discover to El Salvador asking it to cease accumulating BTC underneath the phrases of service for the mortgage settlement.
Salvadoran President Nayib Bukele responded with defiance, telling the IMF that the nation would proceed accumulating BTC every day.
“No, it’s not stopping. If it didn’t cease when the world ostracized us and most ‘bitcoiners’ deserted us, it received’t cease now, and it received’t cease sooner or later,” Bukele wrote in a March 4 X put up.
The IMF report despatched shockwaves via the Bitcoin neighborhood because of El Salvador’s place as one of many main international locations to embrace a nationwide strategic Bitcoin reserve and Bukele’s outspoken stance on stacking the supply-capped digital forex.
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