The government’s digital wallet now holds 6,209 BTC, reflecting purchases made under a policy initiated in 2022 to acquire one Bitcoin daily. The IMF deal included measures to limit the use of Bitcoin as legal tender and a directive for halting public acquisitions. However, El Salvador has continued its daily purchase strategy since the agreement’s public confirmation.
Regarding the loan terms, an official from the IMF stated that El Salvador is technically in compliance with the conditions set out in the agreement, which are specifically related to the fiscal sector. Therefore, purchases could be seen as compliant if conducted outside of this defined scope. Independent blockchain experts note that structural elements such as purchasing through non-governmental channels or reclassifying assets might allow for continued compliance while expanding Bitcoin holdings.
Additionally, cryptocurrency-based remittances into El Salvador have experienced a notable decline. Figures from the Central Reserve Bank indicate that crypto transfers to Salvadoran wallets dropped by 44.5% in Q1 2025 compared to the same period in 2024. Crypto remittances decreased to USD 16 million, down from USD 28.3 million. This shift has reduced their share of total remittances from 1.08% to 0.52%.
Conclusion
The discrepancy between El Salvador’s adherence to the IMF agreement and its continued Bitcoin purchases highlights the flexibility in interpreting cryptocurrency-related policies. As such, while the country has complied with fiscal sector conditions, it has found ways to sustain or even increase its crypto holdings.
