El Salvador has officially stopped using public sector funds to acquire Bitcoin, in line with its agreement with the International Monetary Fund (IMF), while still growing its cryptocurrency holdings through alternative means.
During the 2025 Spring Meetings of the IMF’s Western Hemisphere Department, Rodrigo Valdes, Director of the department, clarified El Salvador’s position.
Responding to concerns over Bitcoin transactions between government wallets, Valdes stated,
"I can confirm that they continue to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector."
This confirmation indicates that despite active Bitcoin activity on the blockchain, no new public funds are being used to buy additional Bitcoin — a key condition of the country’s $1.4 billion loan agreement with the IMF, signed in December 2024.
Blockchain records show that El Salvador's Bitcoin holdings have risen to slightly over 6,160 Bitcoin, up from around 6,055 Bitcoin in February 2025.
Source: bitcoin.gob.sv
However, recent transactions mostly involve shifting existing assets between internal wallets rather than fresh purchases.
Earlier movements in January indicated genuine acquisitions, but more recent daily transfers appear to be internal reallocations from a central treasury wallet.
When asked directly if the country was circumventing the agreement by moving Bitcoin between accounts, Valdes did not specifically address that part of the question.
Still, he reaffirmed that the public sector’s fiscal activities comply with IMF terms.
Valdes stressed that the country’s agreement with the IMF is not centred around Bitcoin but on broader national reforms.
He explained,
"The programme of El Salvador is not about Bitcoin. It’s much more, much deeper in structural reforms, in terms of governance, in terms of transparency."
The 40-month IMF programme aims to stabilise El Salvador’s economy by driving major fiscal adjustments and strengthening governance.
The broader objective is to attract private investment, create jobs, and support long-term economic growth.
If successful, the programme’s funding could rise to approximately $3.5 billion with the participation of other international lenders.
Although public sector Bitcoin buys have paused, El Salvador’s Bitcoin journey is far from over.
The government still appears committed to its strategy of buying around one Bitcoin daily.
Source: bitcoin.gob.sv
The National Bitcoin Office has not officially disclosed the funding sources for these daily purchases, leading to widespread speculation.
One theory suggests that the country could be using profits from its Strategic Bitcoin Reserve, which has reportedly achieved significant gains with Bitcoin prices approaching $100,000.
With an average acquisition price estimated around $44,000, the appreciation of assets has put the reserve’s value at over $583 million.
By tapping into non-governmental funding sources, El Salvador manages to continue Bitcoin accumulation without breaching its IMF obligations.
Supporters argue that this flexible approach positions the country to benefit from Bitcoin’s upside while keeping fiscal policy on a stable track.
President Nayib Bukele’s administration frames the continued focus on Bitcoin as essential to boosting financial inclusion, decreasing reliance on the US dollar, and setting the foundation for long-term economic development.
Improved public security, a priority of Bukele’s government, is also seen as a vital factor in driving economic reform.
Valdes noted that the enhanced security situation should contribute to a better environment for private investment, complementing the fiscal and governance reforms underway.
The IMF is currently preparing its first detailed review of El Salvador’s 40-month economic programme.
While officials credit the government for progress in structural reforms and transparency, they also caution that further fiscal tightening is essential to safeguard macroeconomic stability.
The country today stands on far stronger economic foundations compared to previous years, according to the IMF, though the path ahead will demand continued discipline.
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