YEREVAN (CoinChapter.com) — El Salvador President Nayib Bukele said the country will continue buying Bitcoin daily, despite pressure from the International Monetary Fund (IMF).
On March 3, the IMF issued a new request as part of its $1.4 billion loan agreement, urging El Salvador’s public sector to stop accumulating Bitcoin (BTC).
Bukele responded the next day on March 4, stating that the Bitcoin purchases will continue.
“No, it’s not stopping,”
Bukele wrote on X.
“If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”
El Salvador’s Bitcoin Strategy Continues Amid IMF Pressure
El Salvador proceeded with its Bitcoin buying strategy on March 4, purchasing one BTC per day as part of its treasury reserves plan. The country started this daily purchase policy in November 2022, maintaining it despite external pressure.
According to the National Bitcoin Office of El Salvador, the country now holds 6,101 BTC, worth approximately $534.5 million. This makes El Salvador the sixth-largest Bitcoin-holding nation, behind the United States, China, the United Kingdom, Ukraine, and Bhutan, based on BitBo’s Bitcoin Treasuries data.
The IMF’s March 3 memorandum also asked El Salvador to stop Bitcoin mining activities and restrict public sector issuance of debt or tokenized financial instruments denominated in Bitcoin.
IMF’s $1.4 Billion Loan Linked to Bitcoin Restrictions
El Salvador secured a $1.4 billion funding agreement from the IMF in December 2024, with conditions to scale back Bitcoin-related policies. These included making Bitcoin payments optional and requiring tax payments in U.S. dollars instead of BTC.
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, integrating it into its financial system. However, in January 2024, the government changed its policy, making Bitcoin acceptance voluntary for private businesses rather than mandatory.
El Salvador’s Response to IMF’s Other Requests Unclear
While Bukele confirmed that Bitcoin accumulation will continue, the government has not clarified its stance on the IMF’s other demands, including restrictions on Bitcoin mining and public sector debt linked to Bitcoin.
The National Bitcoin Office of El Salvador has not issued an official statement regarding these additional IMF requests.
El Salvador’s Bitcoin policy remains under scrutiny, with financial organizations monitoring its approach to cryptocurrency adoption alongside traditional financial obligations.
