当国家向国际机构挑战时，线路有时会发生变化。

面对萨尔瓦多及其总统纳伊布·布克勒（Nayib Bukele），今天的国际货币基金组织（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.

当国家向国际机构挑战时，线路有时会发生变化。面对萨尔瓦多及其总统纳伊布·布克勒（Nayib Bukele），今天的国际货币基金组织（IMF）似乎正在撤退。在要求停止购买比特币之后，它必须与一个国家打交道，而这个国家在不放弃其官方承诺的情况下继续通过间接手段押注加密货币之王。财务策略的一课表明，即使巨人有时也必须适应。

El Salvador still buys bitcoin despite the December 2024 agreement

尽管2024年12月协议

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，埃尔·萨尔瓦多（El Salvador）的比特币办公室确认收购了7个新比特币，价格超过65万美元。然而，应国际货币基金组织的明确要求，在2024年12月签署了一项协议：它在2025年12月之前施加了所有公共BTC积累的停顿，并清算了该州持有的资金。

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，国际货币基金组织西半球部门主任罗德里戈·瓦尔德斯（Rodrigo Valdes）表示，“萨尔瓦多继续尊重其非蓄能承诺”。精心选择的短语：当前的策略允许通过非政府实体购买比特币或巧妙地改变BTC持有人的法律性质。

Lina Seiche analyzes this rhetoric:

Lina Seiche分析了这种言论：

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

从来没有说过他们今天不得不停止购买。这是关于未来的义务。

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

通过演奏语义，布克勒（Bukele）保持了他的亲币形象，同时避免违反与国际机构的同意。

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

国际货币基金组织试图节省面部：在经济需求和计算的容忍度之间

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

正式地，国际货币基金组织现在将其论述重点放在更广泛的改革上：治理，透明度，打击腐败。 Rodrigo Valdes亮点：

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

El Salvador的计划并非以比特币为中心，而是着重于深层结构改革。

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，最初的条款很明确：要释放14亿美元的贷款，萨尔瓦多不得不停止所有公众参与比特币，并披露其加密货币控股的状态，包括Chivo，Bitcoin Management Agency，甚至是Lempa河上的水力发电工厂。

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周转似乎反映了一种强制实用主义：在Pepe Coin，Bat Coin，Sol Coin等加密中心硬币中，Sol Coin迅速飙升，但与新硬币有关的法律问题已经开放。一种很可能导出到其他即将举行的谈判的灵活方法。

The Salvadoran trick: preserving Bitcoin enthusiasm while appeasing funders

萨尔瓦多人的技巧：保持比特币的热情，同时抚慰资助者

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:

通过承诺技术合规性，埃尔·萨尔瓦多设法将其作为比特币先驱的形象与国际资助者的需求相结合。尽管国际货币基金组织对达到“财政”标准感到满意，但布克利政府悄悄地乘以亲克莱托普的计划。区块链专家Anndy Lian完美地总结了情况：

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

埃尔·萨尔瓦多（El Salvador）在获得重要资金的同时，保持了对比特币友好的形象。

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

在内部，经济势头正在加速：旅游业增加，外国对比特币基础设施的投资以及加强当地加密网络的加强。

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.

在市场上，尽管比特币价格已经经历了最近的看跌阶段，但萨尔瓦多的基本面仍然坚固。尽管目前的波动性，但DeepSeek AI仍然看到到2025年底的乐观价格情况。

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

最终，布克尔像国际象棋一样移动，确保了该国的经济未来，而无需背叛他的意识形态承诺。

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，一个问题尚未得到答案：Nayib Bukele和Donald Trump之间的最新讨论是否会促进IMF的这种立场的改变，这象征着更宽容的美国对替代财务实验的更宽容？

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