El Salvador formally ends Bitcoin experiment but continues buying the cryptocurrency
The International Monetary Fund (IMF) announced that El Salvador has officially stopped public Bitcoin accumulation, discontinued the use of the Chivo wallet, and attributed the growth in reserves to internal transfers within the EFF program. This marks a formal stance reflecting the IMF’s position on El Salvador’s cryptocurrency experiment.
Source IMF
However, representatives from the Bitcoin Office claim that in practice, the country continues purchasing one bitcoin daily, holding more than 7,500 BTC in reserve. Stacy Herbert, head of the office, confirms that these purchases are happening despite the IMF’s official position.
This situation highlights a divergence between the IMF’s official statement and El Salvador’s actual cryptocurrency actions, which may influence the future policy direction regarding state-level cryptocurrency use.
