- El Salvador bought 8 Bitcoins following a staff-level agreement announcement with the IMF
- The International Monetary Fund issued an official statement of staff-level agreement with El Salvador and reported progress in the economic conditions
- IMF clarified that it would stop El Salvador from buying more Bitcoins
El Salvador refused to obey the IMF for the second time by purchasing more Bitcoins following the IMF’s announcement of its agreement with the country. The Bitcoin Office of the country announced that it purchased 8 more Bitcoins after the IMF said it will ensure the country’s BTC holdings remain unchanged.
The total Bitcoin holdings reached 6,190.18, including El Salvador’s latest purchase. Despite attracting criticism from several global officials and organizations, the country is adamant about leaving Bitcoin purchases behind. The latest Bitcoin purchase received appreciation from the pro-Bitcoin community on X.
IMF Plans to Ensure El Salvador Doesn’t Buy More Bitcoin
The International Monetary Fund announced a staff-level agreement with El Salvador earlier today and reflected on the progress they have made so far. It completed the First Review and announced the 40-month extended arrangement under the Extended Fund Facility. El Salvador is going to receive $120 million based on this arrangement.
The global organization has detailed several things concerning how the economic conditions improved in the country. In one of its conditions, the IMF clarified that it will ensure El Salvador does not buy Bitcoins moving forward. It is also planning to remove the Chivo crypto wallet from the country’s usage. Hours after the announcement, the country announced the purchase of eight more Bitcoins.
This is not the first time the country has bought Bitcoin under prohibited conditions. The country reached an agreement with the IMF last year in March to receive a $3.5 billion loan package. The IMF prohibited the country from buying Bitcoin last year as well.
President Nayib Bukele posted on X, saying,
“No, it’s not happening. 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. Proof of work > proof of whining.”
Bukele has not yet made any official statements on the recent matter. The repercussions of the latest Bitcoin purchase are yet to be seen. Meanwhile, Bitcoin is trading close to $110,000 as of May 2025.
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