El Salvador Buys 240 Bitcoin Despite IMF Loan Agreement

El Salvador, the first nation to adopt Bitcoin as legal tender, has continued to acquire the cryptocurrency despite a $1.4 billion loan agreement with the International Monetary Fund (IMF) that discouraged further accumulation. The government’s treasury wallet now holds 6,209 Bitcoin (BTC) after purchasing a total of 240 BTC since December 19, 2024, following the announcement of the IMF deal, according to data from El Salvador’s Bitcoin Office.

In December, El Salvador secured a $1.4 billion loan from the IMF, which included provisions requiring the government to drop Bitcoin’s status as legal tender and cease public BTC accumulation. However, the country has persisted in buying one BTC per day, a strategy first announced by President Nayib Bukele in 2022.

When questioned about these purchases, Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, stated that El Salvador remains technically compliant with its commitments. “El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector,” Valdes said during an April 26 press briefing.

Some analysts suggest that the IMF deal’s “flexible” interpretation allows for continued acquisitions. “The IMF’s ‘flexible interpretation’ suggests purchases may involve non-public sector entities or reclassified assets, maintaining technical compliance,” said Anndy Lian, author and intergovernmental blockchain adviser. This approach enables El Salvador to retain its Bitcoin-friendly image while securing critical IMF funding.

El Salvador’s Bitcoin accumulation strategy appears unaffected by the IMF’s recommendations. However, cryptocurrency remittance payments to the country fell sharply in 2025. Cryptocurrency transfers to Salvadoran wallets declined by 44.5% during the first quarter of the year compared to the same period last year, according to data from the Central Reserve Bank. Crypto remittance payments dropped to $16 million in the first quarter of 2025, representing 0.52% of total remittances received in the country, a $12.8 million decline from the $28.3 million received in the first quarter of 2024, when crypto payments accounted for 1.08% of total remittances.

El Salvador’s decision to buy 240 Bitcoin, despite the IMF’s warnings, underscores the country’s commitment to its cryptocurrency strategy. The purchase demonstrates El Salvador’s confidence in Bitcoin as a viable currency. However, it also raises questions about the potential risks and challenges that the country may face as a result of its decision. The IMF’s non-accumulation agreement with El Salvador reflects the organization’s concerns about the risks associated with Bitcoin and its potential impact on El Salvador’s financial stability. This agreement highlights the challenges that the country may face as it seeks to balance its commitment to cryptocurrency with the need for financial stability.