IMF Drops Bombshell: El Salvador Isn’t Buying Bitcoin—Just Shuffling Wallet Chips
El Salvador's Bitcoin strategy just got a reality check from the IMF—and it's not the bullish headline you expected.
The wallet shell game
Turns out those 'strategic Bitcoin acquisitions' might just be ledger gymnastics. The IMF claims Nayib Bukele's government isn't accumulating more BTC—just moving existing coins between digital pockets. A classic case of 'look busy while the IMF watches.'
Trustless, but verify anyway
When a nation-state treats its treasury like a crypto trader rotating bags, even Bitcoin maxis raise eyebrows. The IMF report reads like a blockchain forensic analysis—because apparently sovereign nations now need transaction audits like degenerate DeFi protocols.
Bonus jab: Nothing says 'sound monetary policy' like playing hot potato with volatile assets while your debt-to-GDP ratio winks at you from the corner.
El Salvador’s Bitcoin compliance efforts
The IMF also outlined El Salvador’s recent efforts to reduce risk and improve oversight in its Bitcoin strategy.
According to the report, the Central American country’s authorities have committed to limiting further exposure to Bitcoin and increasing transparency around their crypto operations.
This means that the Nayib Bukele-led government will publish quarterly financial statements for entities involved in its Bitcoin operations, including Chivo, CEL, LaGeo, and Fidebitcoin. Additionally, all Bitcoin activity is expected to be incorporated into national macroeconomic and fiscal data.
The authorities are also expected to provide the IMF with updated, signed statements detailing Bitcoin held by the public sector.
The IMF added:
“Work is underway in enacting a comprehensive framework for managing government-owned Bitcoins and other crypto assets, with the aim of strengthening governance, transparency, and accountability as well as defining the role of the Bitcoin Management Agency, AAB.”
IMF also stated that the Nayib Bukele-led government is moving forward with its plan to end public participation in the Chivo wallet project.
According to the financial regulator, a business plan for Chivo’s privatization has already been published, and talks with potential buyers are in progress. The goal is to finalize the sale by July 2025.
Finally, the report points to ongoing work in reforming the country’s legal framework for digital assets. The IMF is providing technical assistance to help align El Salvador’s regulations with international standards, particularly in areas like asset custody, segregation, and compliance with anti-money laundering and counter-terrorism financing rules.
The crypto community continues to report El Salvador’s Bitcoin commitment, stating it recently hit an all-time high of $760,075,734, with 30 BTC added over the past month.
