An official from the International Monetary Fund (IMF) has confirmed that El Salvador is complying with an agreement to back away from using Bitcoin (BTC) as a reserve asset.

vador Is Complying with an Agreement to Stop Buying Bitcoin (BTC) as a Reserve Asset

An official from the International Monetary Fund (IMF) has confirmed that El Salvador is complying with an agreement to back away from using Bitcoin (BTC) as a reserve asset.

During a press briefing, the IMF addressed a question from financial software company Ion Group asking how El Salvador is still accumulating BTC despite agreeing to stop making any more purchases as part of a loan agreement.

Earlier this year, El Salvador President Nayib Bukele pushed back against those conditions.

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.

Proof of work > proof of whining.

If you missed it, the IMF is pressuring Bukele’s administration to halt its BTC accumulation in order to receive a much-needed loan.

Bukele responded by saying that the country’s commitment to Bitcoin remains strong.

“They say that El Salvador’s program with the IMF is progressing well. They add that our commitment to Bitcoin continues.”

As part of its performance criteria, the IMF wants to prevent the government from making any more BTC purchases with public funds. However, the administration has continued to buy the flagship cryptocurrency almost daily.

Data from the blockchain “de-anonymizer” Arkham shows that the El Salvador government has been acquiring one BTC every single day for some time.

But despite these purchases, the country is still working within its performance criteria, says Rodrigo Valdes, the director of the IMF’s Western Hemisphere Department.

“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. But on top of that, I think this is very important for the discussion in El Salvador.

The program of El Salvador is not about bitcoin. It’s much more, much deeper in structural reforms, in terms of governance, in terms of transparency. There is a lot of progress there. And also, on fiscal. And authorities have been making a lot of progress implementing the reform.”