El Salvador thumbs nose at IMF by buying more BTC or did they?
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Homepage > News > Business > El Salvador thumbs nose at IMF by buying more BTC… or did they? El Salvador and the International Monetary Fund (IMF) are playing he-said/she-said over whether the country continues to purchase BTC tokens for its digital asset ‘treasury.’ On May 27, the IMF issued a statement detailing the global lender reaching a “Staff-Level Agreement on the First Review under El Salvador’s Extended Fund Facility Arrangement.” The arrangement includes a US$120 million loan the IMF is making the Central American country to shore up its wonky finances, part of a larger $1.4 billion deal the parties agreed to earlier this year. The statement includes the following text: “On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged, consistent with program commitments, while also securing the unwinding of the public sector’s participation in the Chivo wallet by end-July.” And yet, on the same day, the official X account of El Salvador’s National Bitcoin Office (ONBTC) tweeted, “EL SALVADOR JUST BOUGHT MORE BITCOIN.” The tweet indicated that El Salvador’s BTC treasury had grown by eight tokens over the previous seven days, boosting its total holdings to 6,190.18 tokens worth nearly $673 million. So who’s telling the truth here? This is by no means the first time the two parties’ narratives on the country’s BTC position have diverged since they agreed to that $1.4 billion bailout, which came with certain conditions. The IMF said that the deal would address “risks arising from the Bitcoin project, including … by confining public sector engagement in Bitcoin-related activities and transactions in and purchases of Bitcoins.” But just a week after that deal was reached, El Salvador’s President Nayib Bukele tweeted that the country was “not stopping” its BTC buys. Bukele added that the buying “won’t stop now,…
Filed under: News - @ May 29, 2025 11:22 am