The International Monetary Fund has verified that El Salvador did not use public funds to expand its Bitcoin holdings following an assessment of its financing arrangement in June 2025. Official records submitted by the government showed that cryptocurrency additions came from private philanthropic contributions.
This verification followed El Salvador's November 2025 announcement that it had obtained 1,090 Bitcoin valued at $100 million, which raised questions about potential violations of its IMF financing conditions.
Compliance Framework
In December 2024, El Salvador agreed to restrict government involvement in Bitcoin operations as a condition of its IMF arrangement. The agreement made cryptocurrency acceptance optional for private businesses, mandated tax payments exclusively in US dollars, and required reduced governmental participation in the Chivo cryptocurrency platform.
By March 2025, IMF documentation explicitly prohibited discretionary Bitcoin acquisition by governmental entities. The IMF stated in July 2025 that no new Bitcoin purchases had occurred since December, with balance increases resulting from internal governmental wallet consolidation processes.
Private Management of Chivo Wallet
The IMF additionally verified that controlling interest and day-to-day management of the Chivo digital wallet has transitioned to private sector ownership. The government retained a minority position while maintaining accountability for safeguarding customer digital assets. The IMF declined to disclose the private operator's identity.
El Salvador adopted Bitcoin as official currency in 2021, becoming the first nation to implement such legislation. Chivo was introduced as the state-supported digital wallet concurrent with that decision.
Current Holdings and Next Steps
El Salvador's current Bitcoin holdings total approximately 7,764 coins, valued at roughly $628 million at prevailing market rates.
Subject to IMF executive board authorization, the merged assessment of El Salvador's extended funding program would unlock approximately $140 million in financial support for the nation.
