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IMF approves $139 million for El Salvador, urges scaling back Bitcoin plan

The IMF approved a $139 million disbursement while praising economic progress, but it said El Salvador should reduce its Bitcoin role despite the country’s Bitcoin Office position that it continues to buy.

Reported · Written up by our desk · Regulation

The International Monetary Fund approved a $139 million disbursement to El Salvador after noting improvements in economic activity, along with progress on security and investor confidence, according to Bitcoin Magazine.

Even as it praised those developments, the IMF also criticized El Salvador’s ongoing Bitcoin experiment, which began when the country made Bitcoin legal tender in 2021 amid IMF and other institutional concerns, the outlet said.

Bitcoin Magazine also notes that the IMF said in September that El Salvador was not buying bitcoin, while El Salvador’s Bitcoin Office has repeatedly said the country does buy the cryptocurrency.

The report describes the IMF as approving the funding while still pushing the country to scale back its Bitcoin project as macroeconomic imbalances are addressed.

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