The International Monetary Fund (IMF) claims that El Salvador has not bought any new Bitcoin since signing the loan agreement with the IMF in December 2024 . This revelation contradicts the regular posts from El Salvador's Bitcoin Office, which claims the country is purchasing one BTC per day .
According to the IMF report, El Salvador's Chivo Bitcoin wallet “does not adjust its Bitcoin reserves to reflect changes in clients' Bitcoin deposits,” . Chivo doesn't sell its BTC, leading to “minor” discrepancies that made it appear as if El Salvador's public sector was accumulating BTC .
A letter of intent signed by El Salvador's central bank president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, contained within the IMF report, confirmed the details: “In line with commitments under the program, the stock of Bitcoins held by the public sector remains unchanged, and we are taking steps to mitigate fiscal risks by reducing the public sector's role in the Chivo wallet and reframing the Bitcoin project,” .
In December 2024, the government of El Salvador signed a $1.4 billion loan deal with the IMF and agreed to scale back its involvement in Bitcoin under the loan offer . In January 2025, El Salvador's legislature revised the Bitcoin laws, making acceptance of BTC as legal tender voluntary, while also agreeing to stop accumulating BTC using taxpayer money . Despite this, El Salvador's Bitcoin Office continued to claim the government was steadily accumulating BTC, flying in the face of the IMF deal .
Salvadoran President Nayib Bukele responded with defiance, telling the IMF that the country would continue accumulating BTC daily .
The IMF report highlights that El Salvador's Bitcoin compliance goals with the IMF are facing significant hurdles, potentially risking vital financial support . If these challenges persist, it could undermine investor confidence and hinder the nation's crypto aspirations .
Furthermore, the latest report issued by the IMF on the compliance of El Salvador's actions with the guidelines established in the $1.4 billion credit facility deal approved in February revealed that Chivo Wallet led the nation to miss the bitcoin non-accumulation quotas .