El Salvador Buys More Bitcoin Despite IMF Restrictions After Loan Review
Highlights:
- El Salvador bought more Bitcoin even after the IMF asked them to stop.
- The IMF praised reforms but wants no more Bitcoin purchases by the government.
- El Salvador’s Bitcoin stash hits 6,190 BTC, now worth over $674 million in value.
El Salvador recently bought 8 more BTC for $869,640, averaging $108,705 per coin. This happened even though the International Monetary Fund (IMF) urged the country to stop government crypto purchases under a $1.4 billion loan agreement. El Salvador’s Bitcoin Office revealed this purchase soon after IMF staff and local authorities agreed on the first review of the 40-month Extended Fund Facility (EFF) on Tuesday.
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Last December, El Salvador reached an agreement with the IMF. The country agreed to limit Bitcoin activities. In return, it got a 40-month loan of $1.4 billion. Other groups like the World Bank may add more support. This could bring the total to about $3.5 billion.
The country acted fast to progress the deal by having its Congress approve changes to the Bitcoin Law. These changes made accepting Bitcoin payments optional for businesses. In February, the IMF Executive Board also approved the financing deal. El Salvador will get $120 million once the board gives final approval.
IMF Praises Progress but Wants to Limit Bitcoin Buying
The IMF praised El Salvador’s progress on fiscal reforms and macroeconomic stability but said it would work to keep the government’s total Bitcoin holdings unchanged. This announcement, after months of talks, shows a careful balance between backing El Salvador’s economic goals and limiting its high-profile Bitcoin policy. The IMF noted that risks from crypto adoption have lessened, but stability still needs stronger controls.
The review praised El Salvador for meeting most targets and improving economic stability. The IMF acknowledged progress in reforms and inflation control. Still, it warned it will ensure government Bitcoin holdings stay unchanged. President Nayib Bukele shared the IMF announcement on Tuesday. He did not talk about the plan to limit Bitcoin buys. This leaves the future of Bitcoin purchases unclear. After months of talks, this shows a careful balance between supporting El Salvador’s economy and managing its Bitcoin policy.
— Nayib Bukele (@nayibbukele) May 27, 2025
El Salvador Defies IMF Warnings as Bitcoin Profits Grow
The IMF has made this clear several times before but has seen little success. On March 3, the IMF repeated its call for El Salvador to halt Bitcoin purchases and avoid further Bitcoin-related actions. However, Bukele has said the government will keep buying one Bitcoin daily to grow the country’s Bitcoin reserves.
El Salvador now holds nearly 6,190.18 BTC, valued at over $674 million. The Bitcoin tracker reveals El Salvador acquired 30 BTC in the last 30 days, showing continued accumulation.
EL SALVADOR JUST BOUGHT MORE BITCOIN pic.twitter.com/HlEJMkFIOW
— The Bitcoin Office (@bitcoinofficesv) May 28, 2025
Last week, Bukele shared on X that El Salvador’s Bitcoin holdings have gained $386 million in unrealized profit, marking a 132% return on investment. In April, Rodrigo Valdes, head of the IMF’s Western Hemisphere Department, confirmed that the country is meeting the IMF’s performance targets.
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Syed Ali Haider
Ali Haider is a contributing crypto writer at Crypto2Community. He is a crypto and blockchain journalist with over six years of experience and has long advocated for digital freedom and cybersecurity. Haider has been featured in several high-profile crypto and finance outlets, including Coincult, AltcoinBeacon, BTCRead, and more.
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