IMF Report Reveals El Salvador’s Bitcoin Holdings Remain Unchanged
- El Salvador has not purchased any new Bitcoin since signing a $1.4 billion loan agreement with the IMF in December.
- The Chivo Bitcoin wallet does not adjust its reserves based on client deposits, leading to discrepancies in reported holdings.
- A letter from El Salvador’s central bank and finance ministry confirmed that public sector Bitcoin holdings remain unchanged.
- In January, legislation made acceptance of BTC as legal tender voluntary and halted taxpayer-funded BTC accumulation.
- President Nayib Bukele stated the country would continue accumulating BTC despite IMF requests to stop.
The IMF’s report highlights ongoing tensions between El Salvador’s government and international financial institutions regarding its Bitcoin strategy, especially after the nation agreed to reduce its involvement in cryptocurrency under the loan terms.
Despite claims from El Salvador’s Bitcoin Office about daily accumulation of BTC, the IMF confirms that public sector holdings have not changed since December, raising concerns over fiscal management.(Source)
