El Salvador added 1,540 Bitcoin, but the IMF says Bukele’s government didn’t pay for them

The International Monetary Fund (IMF) says El Salvador’s Bitcoin reserve growth over the past year came from private donations, not new government spending.

In its latest review of the country’s loan program, the global financial agency said documents supplied by El Salvador showed that Bitcoin accumulated since the previous review reflected private donations. It added that no public resources were used and said it expects no further accumulation beyond those documented contributions.

The Fund also reiterated that earlier changes in El Salvador’s BTC position had not necessarily represented new buying.

In previous reviews, it said increases in the Strategic Bitcoin Reserve reflected transfers among government-controlled wallets, while small fluctuations elsewhere were linked to Bitcoin-denominated deposits held through Chivo.

The IMF also noted that the Salvadoran government had “substantially unwound” its stakes in the Chivo e-wallet. It explained:

“Majority ownership and operational control have been transferred to a private operator, while a minority stake and custodial responsibilities for customer assets have been retained by the government.”

El Salvador’s Bitcoin push continues despite the IMF accounting