When a state challenges international institutions, lines sometimes move. Faced with El Salvador and its President Nayib Bukele, the International Monetary Fund (IMF) now gives the impression of retreating. After demanding the end of Bitcoin's purchases, he must deal with a country which, without denying his official commitment, continues to bet on the king of cryptocurrencies by diverted tracks. A lesson in financial strategy that shows that even giants must sometimes adapt.
In short
- El Salvador bought 7 BTC despite the December 2024 agreement.
- The IMF admits a technical “conformity”, not a real end of purchases.
- The country uses non-governmental structures to continue its crypto accumulation.
El Salvador still buy Bitcoin despite the December 2024 agreement
In April 2025, the Bitcoin Office du Salvador confirmed theAcquisition of 7 new bitcoins for more than $ 650,000. However, at the express request of the IMF, an agreement had been signed in December 2024: it imposed theStop any public accumulation of BTC before December 2025 and the liquidation of the funds held by the State.
But Rodrigo Valdes, director of the western hemisphere department of the IMF, said that ” Salvador continues to respect its non-accumulation commitment ». A carefully chosen formula: The current strategy allows you to buy bitcoin via non -governmental entities or by subtly modifying the legal nature of BTC holders.
Lina CAPTS Analysis this rhetoric:
It was never said that they had to stop buying today; There is talk of a future obligation.
By playing on semantics, Bukele therefore retains its pro-bitcoin image While avoiding violating its agreement with the international institution.
The IMF is trying to save face: between economic requirements and calculated tolerance
Officially, the IMF now concentrates its speech on Larger reforms: governance, transparency, fight against corruption. Rodrigo Valdes underlines ::
The Salvador program is not centered on Bitcoin, it relates to deep structural reforms.
However, the initial terms were clear: for Unlock the $ 1.4 billion loanEl Salvador had to stop any public involvement in Bitcoin and reveal the state of its assets in cryptocurrencies, including Chivo, the Bitcoin management agency and even the hydroelectric power station of the Lempa River.
This IMF seems to translate a form of forced pragmatism: in a context where Bukele does not back up an inch on crypto display, it is better to save the essential – macroeconomic reforms – than risk a political showdown. A flexible approach that could well export in other upcoming negotiations.
The Salvadorian ruse: preserving Bitcoin enthusiasm while sparing donors
By promising technical compliance, El Salvador manages to Conjugate his image of Bitcoin pioneer with the requirements of international donors. While the IMF is satisfied with compliance with “tax” criteria, the Bukele government discreetly multiplies Pro-Crypto initiatives. Anndy Lian, an expert in blockchain, perfectly sums up the situation:
The Salvador maintains its image Bitcoin-Friendly while securing vital funding.
Inside, Economic dynamics accelerate : increase in tourism, foreign investments in Bitcoin infrastructure and strengthening the local Crypto network.
In the markets, if the price of Bitcoin has experienced a recent lower phase, the fundamentals in Salvador remain solid. Deepseek Ai always sees un optimistic prize scenario by the end of 2025despite current volatility.
Ultimately, Bukele advances as a chess player, ensuring the country's economic future without betraying his ideological commitment.
However, a question remains unanswered: would this IMF posture change have not been facilitated by recent discussions between Nayib Bukele and Donald Trump, symbol of a more indulgent America towards alternative financial experiences?
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