On March 3, the IMF issued a request as part of its $1.4 billion funding program, urging El Salvador’s public sector to stop accumulating Bitcoin. However, Bukele firmly rejected the demand, stating on March 4:

“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”

IMF’s Demands and El Salvador’s Response

In addition to stopping Bitcoin purchases, the IMF memorandum also called for El Salvador to halt Bitcoin mining operations and refrain from issuing debt or tokenized instruments linked to Bitcoin.

While Bukele made it clear that Bitcoin accumulation will continue, it remains uncertain whether the country will comply with other IMF demands.

El Salvador’s National Bitcoin Office has not yet commented on the IMF’s latest request.

El Salvador’s Bitcoin Strategy and Holdings

Since becoming the first country to adopt Bitcoin as legal tender in 2021, El Salvador has consistently purchased Bitcoin as part of its national treasury strategy.

• The country currently holds 6,101 BTC, valued at approximately $534.5 million.
• El Salvador ranks as the sixth-largest Bitcoin-holding nation, behind the U.S., China, the U.K., Ukraine, and Bhutan.

However, in January 2024, Bitcoin’s legal tender status was narrowed, allowing private sector businesses to accept BTC payments voluntarily rather than mandatorily.

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