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El Salvador has continued its bitcoin acquisition strategy with the purchase of eight more BTC this week, marking another point of divergence between the country’s pro-Bitcoin administration and the International Monetary Fund (IMF).
The transaction, disclosed by the country’s Bitcoin Office, came shortly after the IMF concluded a staff-level review of El Salvador’s $1.4 billion Extended Fund Facility (EFF) agreement, which includes recommendations to limit government exposure to cryptocurrencies.
The IMF’s recent review acknowledged El Salvador’s progress in areas such as fiscal policy, inflation control, and economic reform. However, it also reiterated concerns about the state’s involvement in digital assets, particularly the government’s continued accumulation of Bitcoin.
Although official purchases were reportedly paused to adhere to IMF expectations, the Bitcoin Office, a unit outside the traditional fiscal sector, continues to grow the national BTC reserves. According to Arkham Intelligence, the country now holds close to 6,200 BTC, valued at over $674million
Legal Loopholes and Diverging Strategies
The new BTC acquisition underscores an ongoing disconnect between El Salvador’s Bitcoin policies and IMF guidelines. The IMF has repeatedly urged the country to suspend all state-related Bitcoin purchases and wind down public-sector crypto initiatives such as the Chivo Wallet.
While the government technically paused direct purchases to comply with terms of the EFF, the Bitcoin Office operates independently and uses this separation to continue acquiring small amounts of BTC on a daily basis without breaching the agreement’s performance targets.
This approach highlights a nuanced balancing act between meeting external financial conditions and maintaining a national crypto strategy. President Nayib Bukele has positioned Bitcoin as a core part of El Salvador’s financial modernization, despite global scrutiny.
The government first adopted Bitcoin as legal tender in September 2021, becoming the first country to do so. Since then, it has continued building a portfolio and promoting Bitcoin-based financial infrastructure, even as critics, including international financial institutions, call for restraint due to concerns over volatility and transparency.
