當國家向國際機構挑戰時，線路有時會發生變化。

面對薩爾瓦多及其總統納伊布·布克勒（Nayib Bukele），今天的國際貨幣基金組織（IMF）似乎正在撤退。

When a State challenges international institutions, the lines sometimes shift. Facing El Salvador and its president Nayib Bukele, the International Monetary Fund (IMF) today seems to be retreating. After demanding a halt to Bitcoin purchases, it must now deal with a country that, without renouncing its official commitment, continues to bet on the king of cryptocurrencies through indirect means. A lesson in financial strategy showing that even giants must sometimes adapt.

當國家向國際機構挑戰時，線路有時會發生變化。面對薩爾瓦多及其總統納伊布·布克勒（Nayib Bukele），今天的國際貨幣基金組織（IMF）似乎正在撤退。在要求停止購買比特幣之後，它必須與一個國家打交道，而這個國家在不放棄其官方承諾的情況下繼續通過間接手段押注加密貨幣之王。財務策略的一課表明，即使巨人有時也必須適應。

El Salvador still buys bitcoin despite the December 2024 agreement

儘管2024年12月協議

In April 2025, El Salvador’s Bitcoin Office confirmed the acquisition of 7 new bitcoins for more than $650,000. Yet, at the express request of the IMF, an agreement was signed in December 2024: it imposed the halt of all public BTC accumulation before December 2025 and the liquidation of funds held by the State.

2025年4月，埃爾·薩爾瓦多（El Salvador）的比特幣辦公室確認收購了7個新比特幣，價格超過65萬美元。然而，應國際貨幣基金組織的明確要求，在2024年12月簽署了一項協議：它在2025年12月之前施加了所有公共BTC積累的停頓，並清算了該州持有的資金。

But Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, stated that “El Salvador continues to respect its non-accumulation commitment“. A carefully chosen phrase: the current strategy allows buying bitcoin through non-governmental entities or subtly changing the legal nature of BTC holders.

但是，國際貨幣基金組織西半球部門主任羅德里戈·瓦爾德斯（Rodrigo Valdes）表示，“薩爾瓦多繼續尊重其非蓄能承諾”。精心選擇的短語：當前的策略允許通過非政府實體購買比特幣或巧妙地改變BTC持有人的法律性質。

Lina Seiche analyzes this rhetoric:

Lina Seiche分析了這種言論：

It was never said that they had to stop buying today; it is about a future obligation.

從來沒有說過他們今天不得不停止購買。這是關於未來的義務。

By playing on semantics, Bukele thus maintains his pro-Bitcoin image while avoiding violating his agreement with the international institution.

通過演奏語義，布克勒（Bukele）保持了他的親幣形象，同時避免違反與國際機構的同意。

The IMF tries to save face: between economic demands and calculated tolerance

國際貨幣基金組織試圖節省面部：在經濟需求和計算的容忍度之間

Officially, the IMF now focuses its discourse on broader reforms: governance, transparency, fight against corruption. Rodrigo Valdes highlights:

正式地，國際貨幣基金組織現在將其論述重點放在更廣泛的改革上：治理，透明度，打擊腐敗。 Rodrigo Valdes亮點：

El Salvador’s program is not centered on Bitcoin, it focuses on deep structural reforms.

El Salvador的計劃並非以比特幣為中心，而是著重於深層結構改革。

Yet, the initial terms were clear: to unlock the $1.4 billion loan, El Salvador had to cease all public involvement in bitcoin and disclose the status of its cryptocurrency holdings, including Chivo, the Bitcoin management agency, and even the hydroelectric plant on the Lempa river.

然而，最初的條款很明確：要釋放14億美元的貸款，薩爾瓦多不得不停止所有公眾參與比特幣，並披露其加密貨幣控股的狀態，包括Chivo，Bitcoin Management Agency，甚至是Lempa河上的水力發電工廠。

This IMF turnaround seems to reflect a type of forced pragmatism: in a crypto hub coins like pepe coin, bat coin, sol coin are surging fast but legal issues related to new coins are open. A flexible approach that could well be exported to other upcoming negotiations.

IMF周轉似乎反映了一種強制實用主義：在Pepe Coin，Bat Coin，Sol Coin等加密中心硬幣中，Sol Coin迅速飆升，但與新硬幣有關的法律問題已經開放。一種很可能導出到其他即將舉行的談判的靈活方法。

The Salvadoran trick: preserving Bitcoin enthusiasm while appeasing funders

薩爾瓦多人的技巧：保持比特幣的熱情，同時撫慰資助者

By promising technical compliance, El Salvador manages to combine its image as a Bitcoin pioneer with the demands of international funders. While the IMF is satisfied with meeting “fiscal” criteria, the Bukele government quietly multiplies pro-crypto initiatives. Anndy Lian, a blockchain expert, perfectly summarizes the situation:

通過承諾技術合規性，埃爾·薩爾瓦多設法將其作為比特幣先驅的形象與國際資助者的需求相結合。儘管國際貨幣基金組織對達到“財政”標準感到滿意，但布克利政府悄悄地乘以親克萊托普的計劃。區塊鏈專家Anndy Lian完美地總結了情況：

El Salvador maintains its Bitcoin-friendly image while securing vital funding.

埃爾·薩爾瓦多（El Salvador）在獲得重要資金的同時，保持了對比特幣友好的形象。

Internally, economic momentum is accelerating: increased tourism, foreign investments in Bitcoin infrastructure, and strengthening of the local crypto network.

在內部，經濟勢頭正在加速：旅遊業增加，外國對比特幣基礎設施的投資以及加強當地加密網絡的加強。

On the markets, although the bitcoin price has experienced a recent bearish phase, fundamentals in El Salvador remain solid. DeepSeek AI still sees an optimistic price scenario by the end of 2025, despite current volatility.

在市場上，儘管比特幣價格已經經歷了最近的看跌階段，但薩爾瓦多的基本面仍然堅固。儘管目前的波動性，但DeepSeek AI仍然看到到2025年底的樂觀價格情況。

Ultimately, Bukele moves like a chess player, securing the country’s economic future without betraying his ideological commitment.

最終，布克爾像國際象棋一樣移動，確保了該國的經濟未來，而無需背叛他的意識形態承諾。

However, one question remains unanswered: wouldn’t this change of stance by the IMF have been facilitated by the recent discussions between Nayib Bukele and Donald Trump, symbolizing a more lenient America towards alternative financial experiments?

但是，一個問題尚未得到答案：Nayib Bukele和Donald Trump之間的最新討論是否會促進IMF的這種立場的改變，這象徵著更寬容的美國對替代財務實驗的更寬容？

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

通過我們的“閱讀賺取”計劃最大化您的共同成員體驗！對於您閱讀的每篇文章，請賺取積分並獲得獨家獎勵。立即註冊並開始賺取福利。