El Salvador, the first country in the world to make Bitcoin legal tender, has continued to accumulate the cryptocurrency despite being bound by a $1.4 billion loan agreement with the International Monetary Fund (IMF) that stipulates that it will not encourage any further accumulation of the digital asset.
According to the El Salvador Bitcoin Office, the government's treasury wallet now holds 6,209 units of Bitcoin (BTC), including an additional 240 BTC purchased since December 19, 2024, the date after the agreement with the IMF was signed.
Last December, El Salvador agreed to the IMF's conditions to drop Bitcoin's legal status as an official currency and stop public purchases of BTC.
However, the government is still continuing its strategy of buying one Bitcoin per day.
The IMF's Western Hemisphere Department Director, Rodrigo Valdes, said El Salvador is still complying with the technical requirements of the agreement.
However, market observers believe that the loose interpretation of the IMF agreement may be the main factor allowing Bitcoin purchases to continue.
Anndy Lian, an author and intergovernmental blockchain advisor, told Cointelegraph that the IMF’s flexible interpretation suggests that the purchase could be made by non-public sector entities or through reclassified assets.
She added that this alternative approach would allow El Salvador to maintain its Bitcoin-friendly image, while still securing significant financing from the IMF.
