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 its report, the IMF said the Central American country had instead received bitcoin through private donations, citing documentation provided by the government. The fund added that "no further Bitcoin accumulation beyond the documented donations is expected."

"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 stated. "Understandings were also reached on steps to modernize the legal, regulatory, and supervisory framework for digital assets and to further strengthen the governance and risk-management arrangements for public-sector crypto-asset holdings. Going forward, no further bitcoin accumulation beyond the documented donations is expected."

The report also noted that public participation in the government-sponsored bitcoin wallet has been largely wound down, with majority ownership and operational control handed over to a private operator. El Salvador debuted the state-sponsored wallet, called Chivo, in 2021 as part of its plan to increase bitcoin adoption among its citizens.

"IMF staff thank the Salvadoran authorities for the constructive discussions and excellent collaboration," the report added.

El Salvador made headlines in 2021 when it became the first country in the world to make bitcoin legal tender. Salvadoran President Nayib Bukele said in 2022 that the country would buy one bitcoin per day, but it was never clear where the money was coming from — or whether purchases were actually being made at all.

Gradually, then suddenly… — Nayib Bukele (@nayibbukele) September 3, 2026

El Salvador entered a $1.4 billion loan agreement with the IMF at the end of December, but the fund asked the country to scale back certain aspects of its bitcoin strategy. Under the arrangement, El Salvador agreed to make acceptance of bitcoin voluntary for businesses and to limit public-sector exposure to crypto assets — conditions that formed the backdrop for the fund's continued scrutiny of how the government acquires bitcoin.

Institutions such as the World Bank and the IMF have long criticized President Bukele's Bitcoin law, which also required businesses to accept the cryptocurrency if they had the technological means to do so.

In 2024, President Bukele acknowledged that Salvadorans were not using the cryptocurrency for purchases as much as expected, though he continued to assert that the government was still stacking sats.

Since launching a crackdown on the country's notorious crime gangs, murder rates in El Salvador have plunged. The country, once considered the most dangerous place in the Americas, is now being positioned by President Bukele as a tech hub, and crypto companies such as Tether have relocated to its capital, San Salvador.

The IMF's latest findings narrow the gap between the government's bitcoin rhetoric and its formal commitments to the fund, and future program reviews are expected to keep monitoring whether any further accumulation occurs.

Source: Bitcoin Magazine, by Mathew Di Salvo. IMF statement: IMF press release.