A recent International Monetary Fund (IMF) report discloses that El Salvador halted its government Bitcoin acquisition efforts starting December 2024. This suspension follows the nation securing a $1.4 billion loan facility that mandated scaling back state involvement with Bitcoin.
The IMF findings directly contradict public assertions by El Salvador’s government claiming ongoing Bitcoin accumulation. The report confirms a significant departure from the country’s initial aggressive policies promoting Bitcoin adoption and taxpayer-funded purchases.
In January 2025, El Salvador’s Legislative Assembly amended its Bitcoin laws, making acceptance by businesses voluntary and formally ceasing taxpayer expenditure on Bitcoin purchases. These legislative changes align with the IMF loan conditions.
The IMF’s disclosure of halted purchases starkly contrasts with President Nayib Bukele’s public insistence that Bitcoin-related financial obligations would persist despite international pressure. This contradiction has ignited substantial discussion and criticism within the global cryptocurrency community regarding policy transparency.
The situation highlights a clear shift in El Salvador’s national Bitcoin strategy from active state participation towards a policy where state-funded accumulation ceased and usage became optional for businesses.