Faced with the IMF, El Salvador is a troublemaker. While this international institution hands him a rescue buoy of $ 1.4 billion, the country is continuingly pursued its crypto strategy. President Nayib Bukele continues to feed the Bitcoin nation's chests, in apparent contempt for the agreement. The last addition? 240 BTC additional since December 2024. An assumed, almost insolent strategy.
In short
- El Salvador added 240 bitcoins to his reserves despite the agreement with the signed IMF.
- The IMF tolerates the purchase via private entities to circumvent the terms of the agreement.
- Tether and Bitfinex settle in a salvador transformed into a highly strategic crypto refuge.
- Remesas in crypto fall sharply despite the promises of boom in the local digital economy.
A persistent accumulation despite the agreement: 240 new bitcoins in the boxes
Despite theagreement Signed with the IMF at the end of 2024which officially imposed a Bitcoin accumulation gelEl Salvador continued to buy. Since that date, 240 additional units have been added, bearing The total at 6,209 BTC. An estimated jackpot $ 550 millionor almost 15 % of the country's exchange reserves.
The tip? Purchases would not go directly through public channels. Rodrigo Valdes, regional director of the IMF, confirmed ::
El Salvador always respects its commitment to non-accumulation of Bitcoin by the tax sector as a whole.
In other words, the acquisitions would continue, but Via entities or classifications escaping the strict definition of the agreement.
Anndy Lian, blockchain advisor, underlines:
The flexible interpretation of the IMF suggests that purchases can involve non -public entities or reclassified assets.
A skillful strategy that allows Bukele to Maintain the image of a crypto-friendly country While hosting the help of the IMF.
A discreet IMF in front of Bukele: bypass strategy or confession of helplessness?
Did the IMF lose control? Officially, The agreement provided for the abandonment of bitcoin as a legal currency and the end of any government involvement in cryptoactives. However, from the signing, Bukele proudly tweeted a screenshot: ” It's not over », Accompanied by a new buyout of Bitcoin.
This lack of firmness arouses criticism. Risk? Discredit the authority of the IMF to other debtoring countries. For some analysts, this “flexibility” would actually be a diplomatic strategy so as not to hit Bukele, supported by major geopolitical allies.
Added to that the rise of controversial crypto actors Like Tether and Bitfinex, who moved their sits in Salvador. Tether displays $ 143 billion in assets, more than 25 times the country's reserves. This transfer is not trivial: it is accompanied byA risk of regulatory interference and capture.
The companies in question are far from impeccable. Tether has already paid $ 41 million For having misleaded consumers. Bitfinex, on the other hand, was prohibited to operate in New York after an agreement with the Attorney General. The IMF, by tolerating this influences, contributes to installing a parallel financial ecosystem, out of all democratic control.
Reality at half mast: crypto disillusion
While the president puts everything on bitcoin, Citizens are winning. There Dynamics of Remesas (money transfers sent from abroad) to crypto illustrates this growing disenchantment.
- Remesas Crypto dropped 44.5 % in the first quarter of 2025;
- This represents only 0.52 % of the total money transfers;
- In value: $ 16 million against 28.83 million last year at the same period;
- The month of March 2024 displayed $ 8 million; In 2025, it capped at 6.92 million;
- Over the 2024, the Remesas Crypto only increased by 3.1 %.
The use remains marginal despite education efforts. Lightning portfolio training were launched. But in the field, the effect remains limited. Joe Nakamoto recently quipped on X:
Paying Bitcoin in Salvador… Does that mean that things are free?
The daily life is less funny. Several residents have been expropriated for crypto-infrastructural projects. None of the big announcements – airport, train, Bitcoin City – has yet emerged. The dream of Salvador Crypto begins to crumble.
However, Bukele keeps the course. He continues to project El Salvador as a digital pioneer. This is evidenced by his emblematic campaign: “One day, a Bitcoin (BTC)”. Beyond the symbol, this policy displays a long-term will, even if it means navigating classic economic dogmas. A risky strategy, but consistent with its vision of monetary independence.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
