IMF-El Salvador Deal Bitcoin Compliance Goals Broken: Chivo Wallet Involved
2025-07-18 04:43:04
Main Idea
The IMF reports that El Salvador has breached compliance goals related to its Bitcoin policies under a $1.4 billion credit facility, specifically citing issues with the Chivo Wallet and government Bitcoin holdings.
Key Points
1. El Salvador failed to meet Bitcoin non-accumulation compliance goals tied to its $1.4 billion IMF credit facility.
2. The IMF identified breaches linked to the Chivo Wallet, including Bitcoin liquidity sales affecting public sector holdings.
3. The Salvadoran government plans to unwind or sell Chivo Wallet assets and liquidate Fidebitcoin, a fund supporting BTC-USD exchanges.
4. El Salvador holds over 6,239 BTC, valued at approximately $740 million, according to the National Bitcoin Office (ONBTC).
5. The IMF's report highlights concerns over future compliance risks related to Bitcoin transactions and government-managed funds.
Description
The latest report issued by the IMF on the compliance of El Salvador’s actions with the guidelines established in the $1.4 billion credit facility deal approved in February revealed that Chivo Wallet led the nation to miss the bitcoin non-accumulation quotas. Bitcoin Non-Accumulation Compliance Goals Missed: IMF Fingers Chivo Wallet El Salvador is facing one
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