El Salvador keeps buying Bitcoin under the IMF radar
Despite loan conditions, El Salvador added 32 more BTC last month, maintaining its daily Bitcoin acquisition strategy.
El Salvador continues quietly accumulating Bitcoin, even as it complies with conditions set by the International Monetary Fund (IMF). Although the government paused Bitcoin activity to secure a $1.4 billion loan, the Bitcoin Office kept buying. It added 32 BTC last month, now holding over 6,160 BTC worth $584 million.
The small daily purchases adhere to the country’s ‘one Bitcoin a day’ policy.
The IMF confirmed El Salvador’s fiscal sector is meeting its non-accumulation pledge, but the Bitcoin Office operates outside those fiscal definitions. The technical loophole has allowed the country to continue acquiring Bitcoin without breaching the agreement.
The reforms agreed with the IMF include scaling back the Chivo wallet initiative and removing Bitcoin’s mandatory status as legal tender.
Despite the pressure, President Nayib Bukele remains committed to the Bitcoin strategy. In January, El Salvador’s Legislative Assembly passed amendments removing Bitcoin as a compulsory payment method and tax payment option.
These changes, effective from 1 May, were necessary to unlock IMF funding. They also opened access to an additional $2 billion in development financing aimed at stabilising the economy and reducing debt, which recently reached 85% of GDP.
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