El Salvador Continues to Buy Bitcoin Despite IMF Deal

El Salvador is continuing to buy Bitcoin (BTC) despite signing a $1.4 billion loan agreement with the International Monetary Fund that required it to scale back crypto purchases

El Salvador continues to buy Bitcoin even after agreeing to scale back purchases as part of a $1.4 billion deal with the International Monetary Fund, the nation’s economy minister said in an interview on Thursday, May 25.

“There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective.”

The Central American country signed a $1.4 billion loan agreement with the IMF in December, which included conditions for scaling back Bitcoin purchases and disclosing any direct or contingent liabilities related to cryptocurrency.

As of press time, El Salvador’s Bitcoin Office holds 6,162 BTC — valued at over $580 million — according to Bitcoin Treasuries data. Despite its pro-Bitcoin stance, the country isn’t the largest government holder as even Bhutan, the small Himalayan kingdom, holds 7,486 BTC, though it’s been gradually selling BTC since Q4 2024.

The statement comes as the country faces scrutiny over how it’s implementing its Bitcoin Law. A report by El Mundo earlier this week found that nearly 90% of the crypto firms registered in El Salvador are not operating.

The Central Reserve Bank had listed only 20 out of 181 registered providers as active, while the rest are marked “non-operating.” At least 22 of the inactive companies may have failed to meet regulatory requirements under Article 4 of the Bitcoin Law Regulation.

This includes operating with “high standards of integrity and honesty,” maintaining AML programs, asset records, and cybersecurity systems.