On Tuesday, the International Monetary Fund published a document about its loan agreement with El Salvador. The report claimed that El Salvador had not purchased any new Bitcoin.BTCSince signing the agreement on December 20, 2024.
El Salvador’s Chivo Bitcoin wallet “does not adjust its Bitcoin reserves to reflect changes in clients’ Bitcoin deposits,” The following are some of the ways to get in touch with us. report read. Chivo’s BTC is not sold, resulting in “minor” El Salvador public sector appeared to be accumulating BTC due to discrepancies.
A letter of intent signed by El Salvador’s central bank president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, contained within the IMF report, confirmed the details:
“In line with commitments under the program, the stock of Bitcoins held by the public sector remains unchanged, and we are taking steps to mitigate fiscal risks by reducing the public sector’s role in the Chivo wallet and reframing the Bitcoin project.”
Cointelegraph contacted El Salvador’s Bitcoin Office as well as the National Commission of Digital Assets, but had not received a reply by publication.
Related: Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy
El Salvador signss loan agreement with IMF
El Salvador has signed an agreement to a $1.4 billion loan deal With the IMF by December 2024, the company agreed to limit its Bitcoin usage under the terms of the loan.
In January 2025, El Salvador’s legislature revised the Bitcoin lawsThe government should accept BTC only on a voluntary basis, and stop using tax payer money to accumulate BTC.
El Salvador’s Bitcoin Office, however, continued to assert that the government had been steadily amassing BTC in defiance of the IMF agreement.
In March, the IMF issued a second notice to El Salvador. asking it to stop accumulating BTC The loan contract will specify the conditions of the service.
Salvadoran President Nayib Bukele responded with defianceTelling the IMF the country will continue to accumulate BTC every day.
“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” Bukele had written in an X post.
El Salvador is one of the first countries to adopt a strategic national Bitcoin reserve. Bukele has also been outspoken about the need to stack the digital currency.
Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina
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Source: cointelegraph.com
