On Tuesday, the International Monetary Fund announced that it would continue its efforts to ensure El Salvador's government does not expand its bitcoin reserves. The country has been buying more bitcoin, despite an agreement with the IMF in March that included a $3.5 billion loan package with conditions related to the cryptocurrency.
As part of the deal, bitcoin lost its status as legal tender, and the public sector was prohibited from voluntarily accumulating it. However, El Salvador has continued to purchase bitcoin, with its official wallet now holding 6,189.18 bitcoin, valued at around $678 million. The IMF stated that program performance has been strong, with key fiscal and reserve targets met, and expressed appreciation for the collaboration with Salvadoran authorities.