Bitcoin News Today: El Salvador's Bitcoin Claims Disputed by IMF Report

El Salvador's Bitcoin claims have been disputed by a recent report from the International Monetary Fund (IMF). The IMF has stated that the government’s Chivo wallet has not recorded any new Bitcoin purchases, and the discrepancies in wallet reserves are due to how the platform accounts for user deposits, not from actual acquisitions. This contradicts the continued claims from El Salvador’s Bitcoin Office that the government is “buying BTC daily.”

The IMF's findings were confirmed in a formal letter from El Salvador’s central bank and finance ministry. The letter pledged to reduce government involvement in the Bitcoin project as part of its fiscal commitments under the loan agreement. This includes scaling back its role in the Chivo wallet and making BTC adoption voluntary, as reflected in legislative changes passed in January. The IMF's report raises questions about the transparency and compliance of El Salvador's Bitcoin project under the loan arrangement.

Tensions between El Salvador and the IMF escalated earlier this year after President Nayib Bukele rejected demands to halt Bitcoin purchases. In a defiant March post, he insisted the country would continue accumulating BTC regardless of international pressure. The IMF’s latest disclosure casts doubt on the country’s recent Bitcoin accumulation claims, further complicating the relationship between El Salvador and the IMF.