The International Monetary Fund (IMF) confirms that El Salvador has not bought new Bitcoin since the end of last year, only conducting internal wallet conversions.
Although this government claims to purchase Bitcoin regularly, the IMF 2025 report clearly states that the publicly held Bitcoin amount remains unchanged, with fluctuations due to internal transfers between state wallets.
MAIN CONTENT
IMF rejects El Salvador's claims about daily Bitcoin purchases.
Many of El Salvador's Bitcoin projects like Bitcoin City and Volcano Bonds are delayed or stalled.
The geothermal Bitcoin mining project is currently temporarily suspended, and decentralized technology initiatives have not been successful.
When did the IMF confirm that El Salvador has not bought new Bitcoin?
In its first report, the IMF evaluated the 40-month support program worth $1.4 billion, stating that El Salvador has not increased Bitcoin holdings by the government since last December.
The report emphasizes that the actual amount of Bitcoin owned remains unchanged, denying information about buying 1 BTC per day as the government announced. The transfer of Bitcoin occurs only between state wallets for reorganization.
IMF report 2025: “The amount of Bitcoin in the Strategic Reserve reflects the consolidation of balances from various state-owned wallets.”
International Monetary Fund (IMF), El Salvador Assessment Report, July 2025
What does the government of El Salvador say about the request to stop buying Bitcoin?
Despite the IMF's request to stop buying new Bitcoin under the support plan, President Nayib Bukele insists on continuing this strategy despite international pressure.
On platform X, he declared, “Do not stop, even if the world turns its back.” However, the actual actions comply with requirements by only recording internal BTC transfers, without additional purchases.
What is the status of major Bitcoin projects in El Salvador?
The plan to build Bitcoin City with tax incentives and a clean air environment is still stagnant after nearly 4 years without any groundbreaking actions.
The $1 billion Bitcoin bond issuance project (Volcano Bonds) is indefinitely postponed due to global market volatility and geopolitical tensions.
Alejandro Zelaya, Minister of Finance of El Salvador stated: “The war in Ukraine is an unexpected factor that delays the bond issuance plan.”
Alejandro Zelaya, Minister of Finance of El Salvador, responds to local television in 2022
How is the geothermal energy Bitcoin mining project temporarily?
LaGeo, a Bitcoin mining project using 100% geothermal energy from volcanoes, introduced in 2021, is currently inactive with no clear recovery plan.
The government once promoted a video model of mining using clean energy, but by 2025, the project still cannot operate stably, disappointing investors and the cryptocurrency community.
What are the failures in other technology initiatives of El Salvador?
In addition to Bitcoin City and Volcano Bonds, many DeFi projects like Chivo Pets Hospital, NFT Casino, and Chivo Wallet have been halted or not implemented.
The continuous announcement of Bitcoin purchases but no actual increase in holdings further erodes trust, marking a stall in El Salvador's government cryptocurrency development efforts.
Frequently Asked Questions
Does El Salvador really buy Bitcoin regularly?
IMF confirms that El Salvador has not bought new Bitcoin but only moved internally between government wallets since the end of 2024.
What is the current status of El Salvador's Bitcoin City?
Bitcoin City remains an unstarted proposal after nearly 4 years since its announcement, with no specific progress.
Why has the Volcano Bonds project been postponed?
Due to global market instability and the Ukraine war, confirmed by the Minister of Finance of El Salvador in 2022.
How is the advanced geothermal energy Bitcoin mining project?
LaGeo is currently inactive, not achieving operational efficiency despite the potential for clean energy use.
Is El Salvador's Bitcoin policy being implemented as stated?
Actual actions according to the IMF report show that this country complies with new restrictions in the international support program.
Source: https://tintucbitcoin.com/bitcoin-el-salvador-va-chieu-tro-lua/
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