A July 15 report by the International Monetary Fund (IMF) suggests that Salvador’s Bitcoin holdings growth is not a result of recent purchases, but a restructuring of existing assets.
According to the document footnote:
“The increase in Bitcoin Holdings (in El Salvador) in the Strategic Bitcoin Reserve Fund reflects the integration of Bitcoin in wallets owned by various governments.”
The claim directly challenges a statement from the National Bitcoin Office in El Salvador, which publicly states that the Central American government continues to buy Bitcoin every day.
Following the IMF’s previous demand, the country has stopped halting Bitcoin purchases, linked to $1.4 billion in funding, the report further stated that “the combined Bitcoin stocks held by the public sector have not changed since the program’s approval,” and that “the public sector holdings of Bitcoin should continue to maintain their constant holdings.”
In particular, on-chain data shows that the country has more than 6,200 BTC (over $738 million) in its financial resources. This makes El Salvador one of the top sobrinklipto holders around the world.
El Salvador’s Bitcoin Compliance Initiative
The IMF also outlined El Salvador’s recent efforts to mitigate risks and improve surveillance in its Bitcoin strategy.
According to the report, authorities in Central America have committed to limiting further exposure to Bitcoin and increasing transparency, focusing on cryptographic operations.
This means that the Nayib Bukele-led government will publish quarterly financial statements to entities involved in Bitcoin businesses such as Chivo, Cel, Lageo and Fidebitcoin. Furthermore, all Bitcoin activities are expected to be incorporated into national macroeconomic and fiscal data.
The authorities are also expected to provide the IMF with an updated signature statement detailing the Bitcoin held by the public sector.
IMF added:
“The work of instituting a comprehensive framework for managing government-owned Bitcoin and other crypto assets is aimed at strengthening governance, transparency, and accountability, and defining the role of the Bitcoin management agency AAB.”
The IMF also said the Nayib Bukele-led government is moving forward with plans to end public participation in the Chivo wallet project.
According to Financial Regulator, Chivo’s privatization business plan has already been published and discussions are underway with potential buyers. The goal is to complete sales by July 2025.
Finally, the report points to the ongoing work in reforming the national legal framework of digital assets. The IMF provides technical assistance to help El Salvador regulated in international standards, particularly in areas such as property custody, separation, anti-money laundering and compliance with counter-terrorism financing regulations.
The Crypto community continues to report on El Salvador’s Bitcoin commitment, saying it has been a hit recently 30 btc added at the highest ever $760,075,734 For the past month.
