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BTC The International Monetary Fund confirms that El Salvador's Bitcoin reserves originated from private donations
In June 2025, after the International Monetary Fund (IMF) evaluated El Salvador's US$1.4 billion financing agreement, the agency officially confirmed that El Salvador did not use public funds to increase its Bitcoin holdings. Official documents show that all Bitcoin acquisitions in the country come entirely from private donations.
IMF Assessment and Donation Details
IMF officials verified that since June 27, 2025, all cryptocurrencies included in El Salvador's reserves have come from private charitable donations rather than the government budget. According to IMF staff familiar with the arrangements, no additional bitcoin accumulation is expected beyond these donations.
IMF staff pointed out that since June 2025, El Salvador's official Bitcoin holdings have only increased through private donations, and they do not expect to see further government accumulation beyond these contributions.
Against this background, El Salvador disclosed in November 2025 that it had obtained 1,090 bitcoins worth US$100 million. The news sparked scrutiny of whether it violated IMF funding conditions and led to calls for more transparent disclosure of the source of the money.
Regulatory changes and continued Bitcoin strategy
As part of the IMF program, El Salvador committed in December 2024 to reduce the government's direct involvement in Bitcoin operations. Under the arrangement, private companies 'use of Bitcoin became voluntary, tax payments were limited to U.S. dollars, and the government agreed to limit its participation in digital currency infrastructure.
Although a new IMF document will officially ban bitcoin acquisitions at the national level by March 2025, President Naib Bukele still insists that the government will continue to implement the strategy of "purchasing one bitcoin a day", demonstrating its determination to expand the country's holdings.
El Salvador's National Bitcoin Office frequently releases updates that demonstrate this continued accumulation of progress. In July 2025, the IMF stated that the increase in the country's Bitcoin treasury was entirely due to the consolidation of government wallet balances, rather than new purchases.
In November 2025, with the release of a large-scale Bitcoin increase announcement, public concerns intensified, once again raising questions about whether they complied with IMR requirements, especially government spending compliance.
Chivo Wallet Transition to Private Management
The IMF also confirmed that Chivo, El Salvador's national digital wallet platform that supports Bitcoin transactions, has shifted to private sector management. Currently, the government only holds a minority stake, but is still responsible for the security of customers 'digital assets. The identity of the private operator has not been disclosed.
In 2021, El Salvador became the first country to recognize Bitcoin as legal tender, marking an important milestone in the adoption of cryptocurrencies by sovereign governments. Chivo was launched at that time as the country's official Bitcoin payment instrument. [TAG
The government and IMF also agreed to strengthen cryptocurrency regulation and improve monitoring of bitcoin held by the public sector.
Currently, El Salvador's treasury holds 7,764 bitcoins, valued at approximately $628 million, and bitcoins are trading at close to $80,900 each.
The IMF's new staff-level agreement covers the second and third reviews of El Salvador's 40-month expansion of fund facilities. Executive board approval could unlock approximately $140 million in additional financing for the country.
The IMF did not mention the identity of private donors or provide detailed information on the size of individual donations.
Noun explanation
Chivo: is a government-backed digital wallet created in El Salvador in 2021 to promote residents 'payment and experience after using Bitcoin as legal tender.
