IMF

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In September 2025, El Salvador commemorates the fourth anniversary of its groundbreaking Bitcoin legal tender law, enacted in September 2021, with celebrations branded as “Bitcoin Day.” As the first nation to adopt Bitcoin as legal tender, El Salvador has charted an unprecedented path in global finance, amassing a strategic Bitcoin reserve of 6,313 BTC, valued at over $702 million. The country has also introduced a new banking law to enable Bitcoin investment banks to serve sophisticated investors and certified 80,000 public servants in Bitcoin education, alongside launching public programs blending Bitcoin and artificial intelligence training. However, the journey has been marked by mixed outcomes, with recent policy shifts driven by a $1.4 billion loan agreement with the International Monetary Fund (IMF) sparking debate within the Bitcoin community about the experiment’s legacy.
A Pioneering Leap into Bitcoin
El Salvador’s adoption of Bitcoin as legal tender in 2021, under the leadership of President Nayib Bukele, positioned the Central American nation as a trailblazer in cryptocurrency adoption. The Bitcoin Law mandated that businesses accept Bitcoin alongside the U.S. dollar, aiming to enhance financial inclusion, streamline remittances, and attract foreign investment. To facilitate adoption, the government launched the Chivo wallet, a state-backed digital wallet offering $30 in Bitcoin to incentivize usage. The initiative garnered global attention, drawing crypto enthusiasts and sparking optimism about Bitcoin’s potential to transform economies in developing nations.
The government’s Bitcoin Office has been a driving force behind these efforts, overseeing the accumulation of a national Bitcoin reserve now valued at over $702 million. In 2025, El Salvador introduced a banking law allowing specialized Bitcoin investment banks to cater to high-net-worth investors, signaling continued commitment to integrating cryptocurrency into its financial system. Additionally, the certification of 80,000 public servants in Bitcoin education and the rollout of public programs combining Bitcoin and AI training reflect efforts to build a tech-savvy workforce and position El Salvador as a hub for innovation.
IMF Loan Agreement and Policy Shifts
Despite these achievements, El Salvador’s Bitcoin experiment faced significant hurdles, culminating in a pivotal $1.4 billion loan agreement with the IMF in December 2024. The IMF, a long-standing critic of El Salvador’s Bitcoin policies due to concerns over financial stability and volatility, imposed conditions that led to substantial changes. In January 2025, El Salvador’s legislature repealed the Bitcoin legal tender law, removing the mandate for businesses to accept Bitcoin and making its use voluntary. The government also agreed to halt Bitcoin purchases with public funds and scale back support for the Chivo wallet, which had seen limited adoption among citizens.
A July 2025 IMF report confirmed that El Salvador has not acquired additional Bitcoin since the loan agreement, with a letter of intent signed by central bank president Douglas Pablo Rodríguez Fuentes and finance minister Jerson Rogelio Posada Molina affirming that the government’s Bitcoin balance remains unchanged. These concessions, designed to secure the loan and unlock potential additional funding from institutions like the World Bank, have stirred controversy within the Bitcoin community, with some viewing them as a retreat from the nation’s bold vision.
Mixed Outcomes and Community Debate
El Salvador’s Bitcoin journey has yielded mixed results, leaving the global Bitcoin community divided. On one hand, the government’s strategic reserve has benefited from Bitcoin’s price appreciation, with the 6,313 BTC holding substantial value. The nation has also gained international recognition as a crypto pioneer, attracting tourism and investment from Bitcoin enthusiasts. Initiatives like the Bitcoin certification program and AI-integrated education efforts demonstrate a forward-thinking approach to building digital infrastructure.
However, critics, including Bitcoin advocates and non-governmental organizations, argue that the benefits have largely accrued to the government rather than everyday Salvadorans. Surveys indicate that a significant portion of the population—up to 92% in 2024—does not use Bitcoin for transactions, preferring the U.S. dollar due to Bitcoin’s volatility and a lack of understanding. The Chivo wallet’s limited adoption, plagued by technical issues and low public trust, further underscores challenges in achieving widespread retail use. Critics emphasize the need for enhanced educational initiatives and user-friendly infrastructure to foster grassroots adoption and ensure Bitcoin’s benefits reach the broader population.
Balancing Innovation and Stability
El Salvador’s experience offers valuable lessons for nations exploring cryptocurrency adoption. The country’s ability to amass a significant Bitcoin reserve and integrate crypto into its financial system highlights the potential for nation-state-level adoption to drive economic innovation. However, the IMF agreement reflects the complexities of balancing bold experimentation with fiscal stability, particularly for a developing nation reliant on international financing.
The repeal of the Bitcoin legal tender law and the pause on public fund purchases mark a pragmatic shift, but El Salvador remains committed to its Bitcoin reserve and ecosystem development. The new banking law and educational programs signal that the government is adapting its strategy to focus on targeted, high-impact initiatives rather than mandatory adoption. As Bitcoin’s global relevance grows, El Salvador’s experiment continues to serve as a real-world case study in navigating the opportunities and challenges of cryptocurrency integration.
Looking Ahead
As El Salvador celebrates “Bitcoin Day” in 2025, its four-year journey reflects both ambition and adaptation. The nation’s Bitcoin reserve, valued at over $702 million, underscores the financial upside of its early adoption, while policy adjustments demonstrate responsiveness to external pressures. Moving forward, the success of El Salvador’s Bitcoin experiment will hinge on its ability to bridge the gap between governmental gains and public adoption through education, infrastructure, and inclusive policies.
The global Bitcoin community watches closely as El Salvador navigates this uncharted territory. Whether the nation can fully realize Bitcoin’s potential as a decentralized, peer-to-peer electronic cash system remains an open question, but its pioneering efforts have undeniably shaped the conversation around cryptocurrency’s role in the future of finance.
#BTC

Conform Cointelegraph, El Salvador continuă să își extindă rezervele de Bitcoin (BTC), în ciuda unui acord cu Fondul Monetar Internațional (FMI) care impune țării să înceteze utilizarea fondurilor publice pentru achiziții de Bitcoin. Datele recente de la Biroul Bitcoin din El Salvador arată că națiunea a achiziționat încă șapte BTC în ultima săptămână, crescându-și rezervele totale la 6,173 BTC, evaluate la peste 637 de milioane de dolari. Această strategie de achiziție continuă fără oprire la luni după finalizarea acordului cu FMI, indicând angajamentul El Salvador față de planul său de acumulare de Bitcoin.

El Salvador a crescut în continuare rezervele sale de Bitcoin, achiziționând 12 BTC suplimentare, aducând totalul deținerilor la 6.044 BTC. Această mișcare vine în ciuda unui acord de împrumut de 1,4 miliarde de dolari cu Fondul Monetar Internațional (FMI) care include condiții pentru reducerea rolului Bitcoin în sistemul financiar al țării.
Administrația președintelui Nayib Bukele a rămas fermă în angajamentul său față de Bitcoin, chiar dacă adoptarea criptomonedei de către sectorul privat rămâne în mare parte voluntară. Deținerile actuale de Bitcoin ale națiunii sunt evaluate la peste 617 milioane de dolari, reprezentând un profit semnificativ de 179 milioane de dolari de la adoptarea Bitcoin ca monedă legală în 2021.