El Salvador Buys 240 More Bitcoins Despite IMF Agreement

El Salvador, a Central American nation, has continued its Bitcoin accumulation strategy despite signing an agreement with the International Monetary Fund (IMF) in December 2024 to cease further purchases. According to the El Salvador Bitcoin Office, since December 19, 2024, the country has acquired an additional 240 Bitcoins, bringing the government's treasury wallet holdings to a total of 6,209 Bitcoins. This move comes after El Salvador became the first country in the world to adopt Bitcoin as legal tender in 2021.

In December 2024, El Salvador reached a $1.4 billion loan agreement with the IMF, which included a provision requiring the country to relinquish Bitcoin’s status as legal tender and halt government-led Bitcoin purchases. However, since the introduction of the "one Bitcoin a day" strategy by President Nayib Bukele in 2022, the nation has continued to implement the daily purchase plan. When questioned about this matter, Rodrigo Valdes, Director of the IMF’s Western Hemisphere Department, stated during a press briefing on April 26, 2025, that the country technically remains in compliance with the agreement: "El Salvador still adheres to its commitment not to increase Bitcoin holdings within the entire public sector."

Blockchain advisor Anndy Lian remarked, "The IMF's 'flexible interpretation' of the agreement suggests these purchases might involve non-public sector entities or reclassified assets, thereby maintaining technical compliance." This interpretation highlights the complex nature of the agreement and the potential for creative compliance strategies. The continued accumulation of Bitcoin by El Salvador underscores the country's commitment to its digital currency strategy, despite the IMF's stipulations. The situation raises questions about the effectiveness of international financial agreements in regulating the actions of sovereign nations, particularly in the context of emerging technologies and financial innovations.