IMF Finds El Salvador's Bitcoin Buys Came From Donations, Not State Funds

No public funds have gone toward bitcoin accumulation in El Salvador since the IMF's latest review of its loan program, the fund stated on Thursday.

Citing government documents, the fund's Thursday report said the Central American country had instead received bitcoin from private donations. It added: “no further Bitcoin accumulation beyond the documented donations is expected.”

El Salvador captured global headlines in 2021 by becoming the first country to grant bitcoin legal-tender status. President Nayib Bukele said in 2022 that the country would buy one bitcoin per day, but it was never clear where the money came from — or whether he was buying at all.

Gradually, then suddenly… https://t.co/hmdMLRZioh

— Nayib Bukele (@nayibbukele) September 3, 2026

The IMF release said: “Documentation has been provided verifying that Bitcoin accumulation since the first review reflects private donations and that no public resources were used.”

The fund added: “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 further said that public participation in the state-backed bitcoin wallet had been largely wound down, with majority ownership and operational control transferred to a private operator.

In 2021, El Salvador introduced a government-sponsored wallet for its citizens, Chivo, as part of its drive to encourage bitcoin adoption.

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

El Salvador entered a $1.4 billion loan agreement with the IMF in late December, though the fund had asked the country to scale back certain elements of its bitcoin policy.

Institutions including the World Bank and the IMF have long criticized President Bukele's bitcoin law, which also requested that businesses accept the cryptocurrency if they had the technological means.

Bukele admitted in 2024 that Salvadorans were not using bitcoin for purchases as anticipated, but he continued to boast that the government was still accumulating sats.

Murder rates in El Salvador have plummeted since the launch of a crackdown on the country's notorious gangs. Once the most dangerous place in the Americas, the country is now being pitched by Bukele as a technology hub.

Crypto firms including Tether have since relocated to the capital, San Salvador.