El Salvador's Economy Minister Confirms Ongoing Bitcoin Accumulation

El Salvador isn't slowing down its Bitcoin accumulation, despite being under a major loan program from the International Monetary Fund (IMF) that had reportedly urged

El Salvador isn't planning to slow down its Bitcoin accumulation despite being in a major loan program from the International Monetary Fund (IMF), which had reportedly advised against it.

The country’s economy minister, María Luisa Hayem, confirmed to Bloomberg that Bitcoin is still a strategic asset for the nation and that the government is continuing to add it to its reserves.

Hayem highlighted that Bitcoin features largely not just in government planning, but also among private sector interests. "There’s a clear commitment from President Bukele to continue building our digital asset holdings," she stated, indicating that Bitcoin's role in El Salvador is more than just symbolic.

The continuation of Bitcoin purchases comes despite speculation that last year’s $1.4 billion IMF program would require the country to pause such activity. That funding deal included a range of fiscal reforms designed to stabilize El Salvador’s economy, leading to concerns that further Bitcoin acquisitions might contravene those conditions.

However, the IMF seems content—for the time being. When asked by international financial software firm Ion Group, an IMF official, Rodrigo Valdes, recently confirmed that El Salvador is still operating within the stipulations of the agreement.

He specified that the stated restriction pertains to the fiscal sector's accumulation, and the government has not engaged in any actions that would violate that particular clause.

Valdes went on to point out that the IMF's involvement with El Salvador goes beyond mere cryptocurrency concerns. "The reform package goes far more broadly than Bitcoin," he remarked, mentioning progress on governance, transparency, and structural overhauls. According to him, these advancements are where the true focus of the IMF program lies.