Despite being closely monitored by the International Monetary Fund (IMF), El Salvador continues its strategy of accumulating Bitcoin quietly, asserting its determination to pursue the crypto path even amidst increasing international financial pressure.


El Salvador's Bitcoin continues to rise.

In the past month, #ElSalvador purchased an additional 32 Bitcoin, bringing the total holdings to 6,161.18 BTC, with an estimated value of approximately 584 million USD. This move comes as the IMF begins its first review related to the country's fiscal reform and economic stabilization program.


Notably, while El Salvador committed to the IMF that it would not allow public organizations to continue accumulating Bitcoin, the country's Bitcoin Office – an agency operating outside the official public finance framework – continues to make daily purchases, in accordance with the government's 'buy one Bitcoin a day' policy.


How El Salvador complies while still 'bending the rules.'

According to a representative of #IMF , Mr. Rodrigo Valdes, El Salvador is still adhering to the commitment criteria, as Bitcoin purchases take place outside the public financial sector – a sector directly regulated under the terms of the 1.4 billion USD loan signed last December.


The El Salvador government has implemented several major reforms to satisfy the IMF, including:




Eliminate the mandatory regulation of using Bitcoin as a payment method in private transactions.




End the allowance for tax payments in Bitcoin.




Reduce the role of Bitcoin-related programs such as the Chivo wallet and the Fidebitcoin fund.




These changes will officially take effect from May 1, 2025, allowing El Salvador to unlock an additional approximately 2 billion USD in funding from development banks while strengthening fiscal efforts as the country's public debt reached 85% of GDP last year.


Bukele remains steadfast with the Bitcoin strategy.

Although in need of international financial support, President Nayib Bukele has maintained a strong stance on pursuing Bitcoin. In March, he mocked the claims that El Salvador would have to abandon Bitcoin under IMF pressure, emphasizing that 'that will never happen.'


Shortly thereafter, the Bitcoin Office announced plans to continue purchasing more Bitcoin, indicating that this strategy remains in place, although the form has been adjusted to better meet international requirements.


El Salvador – A rising Bitcoin power.

With over 6,161 BTC in hand, El Salvador has now become the sixth largest Bitcoin holder in the world, behind the United States, China, the United Kingdom, Ukraine, and Bhutan, according to data from Bitcoin Treasuries.


In addition to maintaining confidence in Bitcoin, El Salvador hopes that the cooperation program with the IMF will help:




Increase private investment.




Promote economic growth.




Enhance the credibility of the financial market.




Improve macroeconomic security.




The IMF also emphasized that the focus of the program with El Salvador is not only on Bitcoin but also on extensive structural reforms, improving governance and enhancing financial transparency.