Yigit Taha OZTURK 
El Salvador, the world’s first country to adopt Bitcoin as legal tender, continues to accumulate Bitcoin despite its agreement with the International Monetary Fund (IMF).
The El Salvador Treasury acquired 7 Bitcoin (BTC) worth over 650,000$ in the seven days leading up to April 27, according to blockchain data shared by the country’s Bitcoin Office.
Rodrigo Valdes, Director of the IMF’s Western Hemisphere Department, confirmed during an April 26 press briefing that El Salvador is still complying with the agreement prohibiting Bitcoin accumulation by the government sector. “The El Salvador program is not just about Bitcoin, it involves deeper structural reforms, governance improvements, and enhanced transparency,” Valdes said.
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In December 2024, El Salvador signed a deal with the IMF for a 1.4 billion dollar loan, which required the government to drop Bitcoin’s legal tender status and halt additional BTC purchases.
Flexible Interpretation Leaves Room for Bitcoin Buys
Intergovernmental blockchain advisor and author Anndy Lian explained that the IMF deal might allow non-governmental entities to continue acquiring Bitcoin. “The flexible interpretation allows Bitcoin purchases through non-public sector assets or reclassified investments,” Lian said.
This strategy enables El Salvador to maintain its Bitcoin-friendly image while meeting IMF funding requirements. Lian also emphasized that El Salvador’s experience offers critical lessons for other nations considering crypto adoption.
El Salvador’s case highlights the tension between financial innovation and traditional economic frameworks, underlining the importance of strong regulatory frameworks and robust state capacity to withstand international financial pressures.
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