El Salvador continues to accumulate bitcoin despite IMF requirements

Key points:

• The IMF continues negotiations with El Salvador on bitcoin, insisting on transparency, budget protection, and risk reduction.
• Despite this, El Salvador is actively increasing its bitcoin reserves and sticking to its strategy of daily BTC purchases.
• President Nayib Bukele has made it clear that the country will not abandon bitcoin under any circumstances

The International Monetary Fund (IMF) has announced that it is continuing discussions with El Salvador on the bitcoin project. The main focus is on transparency, budget protection, and reducing financial risks.

Source: X.com

At the same time, the IMF is negotiating the possible sale of the state-owned Chivo crypto wallet. This service has been repeatedly criticized for personal data leaks, fraud, and technical failures that have resulted in users’ accounts being blocked. Earlier, one of Chivo’s developers said that the app should be shut down due to constant conflicts and problems after its launch.

In 2024, El Salvador received a $1,4 billion loan from the IMF. Relations with the fund deteriorated after the country incorporated bitcoin into its financial policy. At that time, the director of the National Bitcoin Office, Stacy Herbert, said that Chivo would either be sold or closed, and the service would be maintained.

In its latest report, the IMF noted that El Salvador’s economy is growing faster than expected. The Fund forecasts GDP growth of around 4% this year and a positive outlook for next year.

El Salvador continues to buy bitcoin

Despite pressure from the IMF, El Salvador is not abandoning its strategy of accumulating BTC. Over the past month, the country has purchased 1098 bitcoins worth nearly $100 million. Total reserves have reached 7509 BTC. The latest purchase was recorded on December 22.

The government continues to adhere to a policy of daily purchases — one bitcoin per day, even during periods of high market volatility.

Earlier, the IMF announced its intention to seek an end to further accumulation of BTC. However, the Salvadoran authorities continue to act on their own. President Nayib Bukele has stated outright that the country will not abandon bitcoin now or in the future.