IMF: "Will continue to work" to ensure El Salvador does not increase its holdings of Bitcoin.

The International Monetary Fund (IMF) said on Tuesday that it would "continue to work" to ensure that the total amount of bitcoin held by the Salvadoran government remains unchanged. In March, El Salvador reached a $3.5 billion loan agreement with the IMF, one of the conditions of which was to "prohibit the voluntary accumulation of bitcoin by the public sector." According to the agreement, Bitcoin was stripped of its legal tender status, and merchants were no longer forced to accept it. However, despite the agreement's explicit restrictions on holdings, Bitcoin holdings increased from 6,101.15 to 6,189.18, worth about $678 million. President Bukele has said: "It will not stop. If we didn't stop when the world rejected us and the majority of 'Bitcoin people' abandoned us, we don't and will not stop. "Although El Salvador appears to have violated the terms of the loan agreement with the IMF on the issue of increasing its bitcoin holdings, the IMF still believes in its report that the execution of the entire loan program is "performing well".