El Salvador’s Bitcoin buying spree has finally come to an end — at least on paper.
Under a $1.4 billion loan agreement with the International Monetary Fund, the country paused Bitcoin purchases using public funds.
In a press briefing this week, Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, confirmed that El Salvador is complying with key conditions of its programme, including the “non-accumulation of Bitcoin” by the public sector.
“The programme of El Salvador is not about Bitcoin,” Valdes said. “It’s much deeper — in governance, transparency, and fiscal reforms.”
While public sector purchases have halted, blockchain data shows El Salvador continues to grow its Bitcoin holdings through other means.
The country currently controls nearly 6,160 Bitcoin, up from about 6,055 Bitcoin in February.
The government has maintained its strategy of purchasing roughly one Bitcoin per day, though the IMF confirmed that these acquisitions no longer involve public fiscal resources tied to the IMF-supported programme.
The agreement, finalised in December, required El Salvador to make Bitcoin acceptance voluntary for businesses, ensure taxes are paid exclusively in US dollars, and reduce government management of Chivo Wallet, a state-backed crypto payments app.
Lawmakers passed several legal amendments earlier this year to align national policy with the IMF’s terms.
The IMF’s first review of El Salvador’s programme is progressing, with officials crediting structural reforms but warning that further fiscal tightening is needed to secure stability.
President Nayib Bukele has long promoted Bitcoin adoption as a path to financial inclusion, aiming to bring banking access to the roughly 70% of Salvadorans without traditional financial services.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected].
