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El Salvador Isn’t Buying Bitcoin With Public Money, Confirms IMF
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El Salvador apparently received bitcoin from private donors rather than using government funds, according to the International Monetary Fund.
Key facts
- The IMF El Salvador entered a $1.4 billion loan agreement at the end of December but the fund asked for the country to scale back certain aspects of its bitcoin strategy
- El Salvador made headlines in 2021 when it became the first country in the world to make bitcoin legal tender
- El Salvador in 2021 debuted a state-sponsored wallet called Chivo for its citizens as part of its plan to increase bitcoin adoption in the country
- El Salvador apparently received bitcoin from private donors rather than using government funds, according to the International Monetary Fund
Summary
El Salvador has not used public funds to accumulate bitcoin since the International Monetary Fund’s last review of its loan program, the fund said Thursday. In a report Thursday, the body said that the Central American country had instead received bitcoin from private donations, citing documentation from the government. El Salvador made headlines in 2021 when it became the first country in the world to make bitcoin legal tender. “Documentation has been provided verifying that Bitcoin accumulation since the first review reflects private donations and that no public resources were used,” the IMF release said.