The International Monetary Fund (IMF) has once again called on El Salvador to not change its Bitcoin holdings.
In a statement released on May 27, the IMF said government-owned wallets should not increase BTC reserves, urging the country to withdraw from its role in Chivo wallets entirely by the end of July.
According to global financial institutions:
“We will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains consistent with the program’s commitment, while ensuring that public sector Chivo wallet participation is rewinded by the end of July.”
The directive follows a staff-level contract that unlocks El Salvador’s $120 million dollars as part of a $1.4 billion loan deal.
However, final approval depends on the IMF Executive Committee and whether the country meets its policy commitments.
El Salvador first signed a funding arrangement in December 2024. One important condition was to reduce direct state involvement in Bitcoin-related activities.
El Salvador Bitcoin Embrace
Nevertheless, the Central American country has aggressively acquired more Bitcoin over the past few months.
For context, the government has added at least eight BTC to its funding in the past week alone, showing no signs of slowing down.
The National Bitcoin Office in El Salvador has confirmed that the country currently owns nearly 6,190 BTC. At current prices, the stash is worth more than $674 million and generates unrealized profits of over $200 million.
President Naive Bukere, the leading architect in the adoption of Bitcoin in El Salvador, continues to stick to this policy.
He dismissed external pressure and consistently highlighted the economic benefits achieved under his administration’s BTC-first approach.
Stacey Herbert, who leads the Bitcoin office, has stepped up this stance. She said the government is actively shaping the legal and financial infrastructure needed to attract capital by adopting the best crypto.
She said:
“We are working to build the robust capital markets needed for economic miracles to occur, both in the work of establishing the world’s first strategic Bitcoin reserve and encouraging government policies for aggressive Bitcoin accumulation.”