El Salvador Halts Bitcoin Accumulation To Comply With The IMF

According to details of a press briefing by the IMF's Western Hemisphere Department, El Salvador has paused its Bitcoin purchases with public sector funds.

Fresh reports from the International Monetary Fund (IMF) indicate that El Salvador is complying with loan conditions. One key aspect of the loan conditions revolves around the halting of Bitcoin purchases with public funds, but President Nayib Bukele is keen on sidestepping hurdles.

El Salvador Halts Bitcoin Accumulation To Comply With The IMF

According to details of a press briefing by the IMF’s Western Hemisphere Department, El Salvador has paused its Bitcoin purchases with public sector funds. Rodrigo Valdes, the IMF’s Director of the Western Hemisphere Department, confirmed the changing government stance to achieve compliance with loan conditions.

As part of a $1.4 billion loan deal, the IMF required El Salvador to halt public sector accumulation of Bitcoin. Despite initial pushback from President Nayib Bukele, Valdes confirms that the government is holding its end of the bargain.

Valdes disclosed that El Salvador is in full compliance with its loan obligations, squashing speculation that the country violates its terms.

“In terms of El Salvador, let me say that I can confirm that they continue to comply with their commitment of non-accumulation of bitcoin by the overall fiscal sector, which is the performance criteria that we have,” said Valdes.

Apart from shuttering its public sector BTC accumulation, the IMF notes that the country is also ticking the boxes in fiscal transparency and structural reforms. With the current Bitcoin price close to $100K, the value of El Salvador’s 6,158 BTC stands at $583 million.