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El Salvador Halts Bitcoin Accumulation Under IMF Agreement

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by Giorgi Kostiuk

10 hours ago


An International Monetary Fund (IMF) review revealed that El Salvador ceased accumulating Bitcoin in February 2023 following an agreement made in exchange for a $1.4 billion loan.

Overview of IMF Report

According to the IMF review released in July, El Salvador stopped Bitcoin accumulation after signing the deal with the fund. This contradicts statements by local officials regarding ongoing purchases. The letter attached in the appendix states that "the stock of Bitcoins held by the public sector remains unchanged."

Continued Bitcoin Purchases in El Salvador

Despite IMF requirements, El Salvador continued making Bitcoin purchases. The country’s economy minister confirmed this in an interview, stating that Bitcoin remains an important project for the government. However, the IMF reports that actual purchases refer more to the transfer of Bitcoins between government-controlled wallets rather than accumulation.

Discussion and Doubts from the Crypto Community

The cryptocurrency community has raised concerns about the accuracy of El Salvador's Bitcoin reserve claims. Some analysts pointed to discrepancies in the reported accumulation numbers, with the creator of a tracking website used by the president describing the data as "wrong."

Thus, the IMF’s findings confirm that El Salvador has indeed ceased its Bitcoin accumulation, raising serious questions regarding the transparency and authenticity of the government's claims.

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