IMFEconomy

El Salvador is still sticking to its Bitcoin freeze, the International Monetary Fund (IMF) said during the Spring Meetings 2025 for the Western Hemisphere Department, according to the official press briefing transcript.
At the event, Julie Ziegler, Senior Communications Officer at the IMF, kicked off the discussion by reading a question submitted online by Ion Group.
The question asked why El Salvador had been moving Bitcoin between accounts instead of buying more directly to grow its reserves. Ziegler said they would address that first before taking any other questions and promised Argentina would have its own section later in the session.
Rodrigo Valdes, Director of the Western Hemisphere Department at the IMF, answered bluntly that El Salvador continues to follow its commitment not to add Bitcoin holdings through the public sector.
“I can confirm that they continue to comply with their commitment of non-accumulation of bitcoin by the overall fiscal sector,” Rodrigo said. He made it clear there were no secret transactions happening to boost reserves through sneaky moves.
IMF points to broader reforms in El Salvador
Before diving further into El Salvador, the briefing changed to Honduras. A reporter asked about the IMF’s contributions to Honduras and other countries in the region facing confusion and trade tensions.
Rodrigo said, “Honduras just had a staff-level agreement with the Fund. That means that we are ready to go to the Board for the review of the program, the second review.”
Rodrigo explained that Honduras made strong moves when global conditions were calm, fixing structural and macroeconomic issues early. “You repair your roof when it’s sunny outside,” he added, calling Honduras a case of good preparation.
Rodrigo also said that Honduras improved its reserves, secured more funds from international financial institutions (IFIs), lowered inflation, grew its economy, and made fiscal reforms, which left the country stronger against future shocks compared to before.
Coming back to El Salvador, Rodrigo made it very clear that Bitcoin is not the centerpiece of their economic program. “The program of El Salvador is not about bitcoin. It’s much more, much deeper in structural reforms, in terms of governance, in terms of transparency,” he said.
Rodrigo explained that the country is pushing through big changes to make government operations cleaner and more open. Fiscal reforms are also a big part of the agenda, and he confirmed that authorities are pushing forward in getting them done.
The country’s program with the IMF is a 40-month deal worth $1.4 billion, but if you count what they can pull in from other IFIs, it goes up to about $3.5 billion. Rodrigo said an “important fiscal adjustment” is happening right now under this plan. The idea is to make El Salvador a better place for private businesses to invest and help the economy grow faster.
Rodrigo also said that the IMF is preparing the first full review of the program. If everything continues to move the way it has, El Salvador could see even bigger gains. He stressed that the country is standing on a much stronger macroeconomic foundation now.
Plus, Rodrigo said that the huge improvements in security in El Salvador over the last few years will bring extra benefits that stack on top of the better economy.
After covering El Salvador and Honduras, Ziegler told the press they would finally move on to questions about Argentina, which has yet to adopt crypto yet but has its president involved in an ongoing international crypto fraud investigation.
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April 2025 — The International Monetary Fund (IMF) projects global inflation to climb to 4.3% in 2025, before easing to 3.6% in 2026, according to its latest World Economic Outlook.

Developed economies are expected to face upward revisions in inflation forecasts, reflecting mounting price pressures beyond earlier estimates.

In the United States, inflation is predicted to increase by one percentage point, driven by domestic demand and labor market dynamics—not just tariffs. Meanwhile, the U.S. dollar is depreciating in a controlled and orderly fashion, avoiding disruptions in global currency markets.

The Federal Reserve is urged to remain vigilant, as the IMF warns that unanchored inflation expectations could push wages higher and challenge economic stability.

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IMF Revises Global Statistical Standards to Incorporate Crypto Assets in Balance of Payments Framework
The International Monetary Fund (IMF) has updated its Balance of Payments and International Investment Position Manual (BPM7) to include comprehensive guidelines for digital assets, reflecting their increasing macroeconomic significance. The latest edition, released on March 20, introduces a structured classification system for cryptocurrencies, stablecoins, and other tokenized assets within macroeconomic accounting frameworks.
Classification of Crypto Assets in BPM7
The BPM7 categorizes digital assets based on their economic nature and liability structure:
1. Non-Produced Nonfinancial Assets (Capital Account)
Cryptocurrencies without counterparty liabilities (e.g., Bitcoin [BTC]) are classified as non-produced nonfinancial assets, recorded in the capital account as acquisitions/disposals.
IMF Definition:
"Crypto assets without a counterpart liability designed to act as a medium of exchange (e.g., Bitcoin) are treated as non-produced nonfinancial assets and recorded separately in the capital account."
2. Financial Assets (Financial Account)
Tokens with underlying liabilities (e.g., stablecoins) are treated as financial instruments, akin to traditional monetary claims.
Protocol-based tokens (e.g., Ethereum [ETH], Solana [SOL]) may be classified as equity-like holdings if held by non-residents relative to the issuing jurisdiction.
Example: A UK-based investor holding SOL tokens issued in the US would record the position as "equity crypto assets," analogous to foreign equity investments.
Treatment of Staking Rewards and Validation Services
Staking Rewards:
Earnings from proof-of-stake (PoS) validation may be classified as investment income (similar to dividends) under the current account, contingent on the holder’s intent and stake size.
Validation Services (Mining/Staking):
Transaction validation activities (e.g., mining, block production) are categorized as service exports/imports, contributing to the computer services sub-account.
Implementation and Macroeconomic Implications
The BPM7 framework was developed through consultations with over 160 countries, ensuring global alignment in macroeconomic reporting.
The update enhances cross-border visibility of crypto-related economic flows, enabling standardized tracking of digital asset transactions.
Jurisdictions may adopt varying implementation timelines, but the IMF’s revisions mark a pivotal step toward formalizing crypto’s role in international financial statistics.
This revision underscores the IMF’s recognition of digital assets as a measurable and increasingly integral component of global macroeconomic activity. The BPM7 is expected to serve as a foundational reference for national statistical agencies, policymakers, and financial institutions in the coming years.
Key Takeaways:
Bitcoin & similar assets → Non-produced nonfinancial assets (capital account)
Stablecoins & equity-like tokens → Financial instruments (financial account)
Staking rewards → Potential current account income
Mining/validation → Service exports/imports
The IMF’s updated standards aim to harmonize crypto asset reporting, ensuring consistency in global economic assessments.