El Salvador's Bitcoin policy remains under close international scrutiny after the International Monetary Fund (IMF) confirmed that the country's most recent Bitcoin acquisitions were financed with private funds rather than public money. The IMF reached this conclusion based on documentation submitted by the El Salvador government.

According to the IMF, no further Bitcoin acquisitions are expected beyond those made through the private funds presented. The statement comes as El Salvador continues to operate under a $1.4 billion IMF funding program.

El Salvador Bitcoin Policy Faces IMF Restrictions

The latest development follows the joint second and third reviews of El Salvador's 40-month Extended Fund Facility (EFF). The IMF has reportedly reached a staff-level understanding with the government, which will translate into $140 million once the IMF board grants approval.

The financial package requires El Salvador to stop purchasing or mining Bitcoin using public funds, with a zero ceiling set on such transactions under the deal. The arrangement matters because it directly constrains how a sovereign state can accumulate Bitcoin, setting a precedent for how international lenders treat cryptocurrency holdings in fiscal programs.

The IMF's recent review draws an important distinction: while El Salvador's Bitcoin holdings have increased, the organization found that the most recent purchases were made through private donations rather than public financing.

El Salvador currently holds 7,764 BTC, worth approximately $627 million at current market prices, making its cryptocurrency policy one of the most prominent in the world.

IMF Reports Stronger Economic Performance

Beyond its assessment of Bitcoin policy, the IMF offered a positive overview of El Salvador's economy. The fund forecasts economic growth of 4.5% in 2026, driven by investment, private consumption, remittances, tourism, and capital flows.

El Salvador's economic performance has surpassed expectations, according to the IMF. The country received an initial $113 million disbursement after the IMF agreement was approved in February 2025, followed by a further $118 million released after the first review in June 2025.

El Salvador Bitcoin Policy Includes Chivo Changes

The country's Bitcoin policy also involves modifications to the Chivo digital wallet, the state-backed digital wallet launched alongside Bitcoin's adoption as legal tender. Under the agreement between El Salvador and the IMF, majority ownership and control of Chivo will now be managed by a private operator. The government retains a minority share in the firm while holding customer assets in custody.

These changes form part of the broader modifications agreed with the IMF.

El Salvador Maintains Bitcoin Holdings

El Salvador adopted Bitcoin as legal tender in 2021, becoming the first country to do so, and despite policy adjustments under the IMF program, the country has continued to hold the cryptocurrency. With 7,764 BTC in its possession, Bitcoin clearly remains a significant component of the nation's financial policy.

However, under the IMF's latest review, further accumulation of Bitcoin through government financing is no longer possible. For now, El Salvador's Bitcoin policy appears oriented toward maintaining its current holdings rather than acquiring additional Bitcoin, with the IMF's findings on privately funded purchases providing the relevant framework. The outcome of the pending IMF board approval, and whether El Salvador continues to receive Bitcoin through private donations, will shape how this balance evolves.