El Salvador defies IMF agreement, adds 8 Bitcoins to its reserves

El Salvador has added eight Bitcoins to its national reserves this past week, bringing its total cache to over 6,000. The government has continued its Bitcoin accumulation despite strict conditions attached to the loan deal signed with the International Monetary Fund (IMF) in late 2024.The country presently holds about $641 million worth of Bitcoin, a figure that was made available to the public through the El Salvador Bitcoin Office. The government is determined to continue accumulating Bitcoin, with its president betting bigger on the assets. “No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” he said.El Salvador expands Bitcoin reserves despite IMF dealThe Bukele government has been buying at least one Bitcoin a day. This has been going on since late 2023 and has continued in abundance into 2025. There are days when the government purchases more than a single BTC, depending on market prices and how much money is available.The buys are carried out via the Bitcoin Office, a special unit created to deal with crypto stuff for the government. This office is also in the habit of making routine media announcements and posting information regarding the government of El Salvador’s Bitcoin holdings through its website and social media.In December 2024, the country signed a $1.4 billion loan deal with the IMF, whose public policy includes the stabilization of the economy, encouraging foreign investments, and reorganizing national debt. However, the offer came with strings. The country agreed to halt any voluntary public sector accumulation of Bitcoin as part of a technical memorandum of understanding.This included activities such as purchasing and mining BTC. However, the agreement clarified that Bitcoin obtained through forfeiture, seizure, custody, or similar legal actions against individuals or companies would be exempt from this restriction. El Salvador’s lawmakers responded in January 2025 with a 55 to 2 vote to repeal the Bitcoin legal tender law. The law was later reversed; Bitcoin was still legal in the country, but it was no longer compulsory to use it in transactions.El Salvador’s Bitcoin buying spree is not slowing down soon with the country remaining one of the few countries obtaining the asset through open market operations. Crypto industry leaders believe that its national Bitcoin treasury approach could become a model for other countries looking into the idea of creating their Bitcoin reserves.Some analysts think Bukele’s plan may encourage other small or emerging nations to consider Bitcoin a national reserve asset. El Salvador is the only country in the world taking public money in real-time and daily to generate purchases in Bitcoin. Critics call the move risky, while its supporters say it is visionary.The post El Salvador defies IMF agreement, adds 8 Bitcoins to its reserves first appeared on Coinfea.