IMF points out El Salvador's halt in Bitcoin purchases, government insists on continuation.

## Report and Discrepancies from El Salvador

On the 15th, the International Monetary Fund (IMF) released an evaluation report regarding loans to El Salvador. According to this report, the country has not purchased Bitcoin (BTC) since at least February 2025.

On the other hand, El Salvador's President Nayib Bukele stated in March that he would not stop purchasing Bitcoin. Additionally, the country's Bitcoin office has announced on its homepage graph that it continues to accumulate 1 BTC per day, creating discrepancies with the IMF report.

The IMF has stated that the "stock of Bitcoin held by the public sector in El Salvador has not changed." The attached document noted that El Salvador has provided all addresses of hot wallets and cold wallets to the IMF, and that the authorities are conducting reviews and monitoring.

What is a cold wallet?

The term "wallet" refers to a storage solution for cryptocurrencies, specifically one that is completely disconnected from the internet.

Additionally, the IMF pointed out in a footnote that "the increase in Bitcoin holdings in El Salvador's Bitcoin Reserve Fund reflects the consolidation of Bitcoin across various government-owned wallets."

It has been suggested that the apparent increase is due to the merging of funds from existing wallets to a certain wallet, rather than the country actually making new purchases.

The IMF reported that it will continue its efforts to mitigate the risks of Bitcoin, including enhancing transparency and regulation. Specifically, it mentioned initiatives such as the following.

• Publicly disclose the quarterly financial statements of trust funds and state-owned enterprises involved in Bitcoin projects.
• Ensure that all Bitcoin transactions are included in macroeconomic and fiscal statistics to enhance transparency.
• Provide the latest information on Bitcoin owned and managed by the public sector (as of the end of June 2025 and the end of December 2025) to IMF staff with a signature.

Additionally, work is underway to establish a comprehensive framework for managing government-owned Bitcoin and other cryptocurrencies, aiming to strengthen governance, transparency, and accountability, and clarify the role of the country's Bitcoin Management Agency (AAB).

El Salvador had passed a bill in 2021 to recognize Bitcoin as legal tender alongside the US Dollar. However, the IMF opposed the Bitcoin policy, arguing that it would lead to financial instability, and currently, the status of Bitcoin as legal tender has been withdrawn.

The IMF has decided to provide approximately 120 million Dollar (about 18 billion yen) in additional financing to El Salvador. Additionally, it has set conditions that the current level of Bitcoin holdings be maintained and that the public sector fully withdraw from the government-operated digital wallet "Chivo Wallet" by the end of July.

According to the Drops Tab, El Salvador currently holds Bitcoin worth 740 million Dollar (approximately 110 billion yen). The unrealized gains have reached 440 million Dollar (approximately 65 billion yen). However, with the discrepancies revealed between the reports of the country and the IMF, there remains some doubt regarding the actual holdings.