El Salvador continues Bitcoin purchases despite IMF deal curbing accumulations

El Salvador, the world’s first nation to adopt Bitcoin as legal tender, continues buying the cryptocurrency despite a year-long ban stipulated in its $1.4 billion loan agreement with the International Monetary Fund (IMF).

Government figures indicate six days of Bitcoin accumulation since the start of 2025, suggesting a continuation of the daily purchase strategy initiated by President Nayib Bukele in 2022. The country’s treasury wallet now holds over 6,200 BTC – or $350.5 million based on recent Binance data – following this activity.

The IMF deal in December 2024, however, mandated the government to phase out Bitcoin’s status as legal tender and cease its own accumulation of the cryptocurrency.

IMF Director Rodrigo Valdes confirmed continued compliance regarding fiscal sector accumulation, stating, “El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector.”

Analysts suggest the IMF’s “flexible interpretation” allows public accumulation via non-public entities, enabling El Salvador to maintain its crypto-friendly image while adhering technically to the financing agreement.

Crypto Remittances Decline

While accumulated holdings were the focus, global remittance data shows crypto transfers to El Salvador fell steeply in 2025. According to Central Reserve Bank data cited by local media Diario, cryptocurrency remittances decreased 44.5% year-on-year during Q1 2025.

Total crypto remittances were approximately $16 million in the first quarter, representing only 0.52% of overall remittances – a significant departure from the roughly 1% seen in Q1 2024.