El Salvador continues to buy out Bitcoin, but says it complies with the IMF — How?

El Salvador, the first country to adopt Bitcoin as legal tender, has just acquired 7 BTC ( more than $650,000 ) in the last week, according to data from its Bitcoin Office. But here comes the interesting part: the IMF claims that the country is fulfilling its commitment not to accumulate Bitcoin.

The wordplay of the IMF

Rodrigo Valdes, director of the Western Hemisphere Department of the IMF, confirmed at a press conference on April 26 that El Salvador “continues to meet its commitment to not accumulate Bitcoin by the general fiscal sector.”

Wait, are you buying or not? Yes, you are buying. But Valdes clarified that the IMF program “is not about Bitcoin. It is much deeper: structural reforms, governance, transparency.”

The smart loophole

Here’s the trick: El Salvador closed a $1.4 billion agreement with the IMF in December 2024, which technically requires removing Bitcoin as legal tender and stopping government accumulation.

But, according to Anndy Lian, intergovernmental blockchain advisor, the “flexible” interpretation of the IMF leaves room for non-governmental entities to continue buying Bitcoin.

“El Salvador's strategy shows the growing tension between financial innovation and traditional economic policies,” Lian noted. “This way, they maintain their pro-crypto image while securing critical funding from the IMF to address unsustainable debt.”

The real dilemma

What is happening is a delicate balance: El Salvador needs money from the IMF to stabilize its finances, but does not want to let go of its bet on Bitcoin. And it seems that it has found a way to do both things at the same time.

Brilliant diplomatic strategy or agreement with fine print? It depends on how you look at it.