El Salvador quietly added Bitcoin to the State Treasury despite recent claims from the International Monetary Fund (IMF) and suggesting other reasons.
The country’s latest movement signal continued to support the ProBitcoin policy, even as external pressures increase.
El Salvador’s Bitcoin Reserves Faces IMF’s Suspicion
On July 24, the Bitcoin office in El Salvador confirmed a new purchase of 8 BTC, worth around $948,392. The announcement shows that the coins were acquired at an average price of $118,549 each.
This brings the country’s total reported Bitcoin Holdings to approximately 6,248 BTC. This is worth around $740 million.
However, this disclosure is inconsistent with a recent statement from the IMF. The organization claimed that El Salvador had not purchased new Bitcoin.
Rather than making new acquisitions, the country is shuffling coins between wallets, according to the IMF. These internal transfers in fact claim that if the total amount of BTC held has not been altered, they create an illusion of accumulation.
The IMF also said that Bitcoin wallet systems across the country do not update their spare numbers accurately in real time, leading to further confusion.
John Dennehy, founder of the Bitcoin education project My First Bitcoin, supported this view. He described recent wallet activities as “misleading,” saying that transfers between internal accounts are framed as fresh purchases without increasing total holdings.
The Salvadora government has not officially responded to the IMF statement. However, it continues to emphasize a broader Bitcoin strategy, particularly in education.
Stacey Herbert, director of the Bitcoin office in El Salvador, noted that there is an increasing list of national programs aimed at increasing Bitcoin literacy.
These include initiatives such as Node Nation for High School students, the Bitcoin Diploma Program, and Cubo+. More than 80,000 civil servants are also trained under a program known as ESIAP.
This means that El Salvador continues to occupy a pioneer in Bitcoin adoption. However, questions continue regarding transparency and compliance with international financial agreements.
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