El Salvador, the first country to recognize Bitcoin as legal tender, continues to purchase BTC despite the conditions of its agreement with the International Monetary Fund (IMF).
IMF Agreement and Its Conditions
In December 2024, El Salvador signed a $1.4 billion loan agreement with the IMF, which stipulated that Bitcoin would lose its status as official currency and that the government would cease its purchases.
Continuation of Bitcoin Purchases
Despite the agreement, President Nayib Bukele continues to adhere to his strategy of 'buying one Bitcoin a day,' launched in 2022. Since December 2024, a total of 240 more Bitcoins have been acquired at approximately $106,658 each, totaling over $25 million.
Experts' Opinions on the Situation
Rodrigo Valdes, Director of the IMF's Western Hemisphere Department, stated at a press conference on April 26, 2025, that the country was still technically in compliance with the agreement: 'El Salvador remains committed to not increasing its Bitcoin holdings within the financial sector.' Blockchain consultant Anndy Lian noted that the IMF's flexible interpretation may allow these purchases to be made through non-governmental entities or reclassified assets, thus technically achieving compliance.
Thus, El Salvador continues its Bitcoin purchases despite official commitments, raising questions about compliance with the IMF agreement and the possibility of a flexible interpretation of these terms.
