The International Monetary Fund (IMF) has refuted claims from the government of El Salvador regarding the purchase of new Bitcoin reserves, stating that the country is merely reallocating its assets between wallets.
IMF Comment on El Salvador's Reserves
During a briefing on July 24, IMF Communications Director Julie Kozack addressed inquiries about the government's ongoing Bitcoin purchases, noting that there had been no changes in the country's official Bitcoin holdings since the $1.4 billion loan agreement, and what the government refers to as 'new buys' are actually internal wallet transfers.
Discrepancies with President Nayib Bukele's Statement
Kozack's remarks appear to contradict assertions from President Nayib Bukele and the National Bitcoin Office (ONBTC), who recently claimed that the government's Bitcoin reserves currently stand at 6,250.18 BTC. Bukele and ONBTC have positioned the reserve increase as part of a long-term accumulation strategy.
Impact on Financial Policy and Transparency
The IMF emphasized that El Salvador remains under strict oversight as part of its ongoing loan deal, which does not permit further Bitcoin purchases without review. Concerns regarding Bitcoin's volatility and its impact on financial stability have been raised, leading to a renewed debate on whether El Salvador is fully compliant with the IMF's loan conditions and the transparency of Bitcoin reporting.
The situation between El Salvador and the IMF continues to spark debate, reflecting tensions between the country's pro-Bitcoin policies and traditional financial institutions.
