Bukele’s IMF Deal Controversy: Fine Print on Bitcoin Raises Questions

Controversy has arisen over the implications of El Salvador’s $1.4 billion credit facility deal with the International Monetary Fund (IMF), following the disclosure of fine print outlining the nation’s responsibilities for mitigating bitcoin-related risks to its economy.

The “Request for Extended Arrangement Under the Extended Fund Facility” report, released on March 3, presents a letter of intent detailing the extent of this compromise.

Signed by central bank president Douglas Pablo Rodríguez Fuentes and finance minister Jerson Rogelio Posada Molina, the letter specifies that besides winding down Chivo Wallet, the Bukele administration will neither accumulate more bitcoin nor issue nor guarantee any type of Bitcoin-indexed or denominated debt or tokenized instruments, at least at the public sector level.

The document also clarifies that these commitments will be reviewed by the IMF periodically, checking the compliance of the government in these areas.

Nonetheless, President Nayib Bukele has rebuked these allegations on social media, stating that the accumulation of bitcoin for the nation’s strategic reserve will continue.

Answering to the controversy that arose in social media, Bukele stated:

No, it’s not stopping. If it didn’t stop when the world ostracized us and most “bitcoiners” abandoned us, it won’t stop now, and it won’t stop in the future.

El Salvador has continued to purchase bitcoin regardless and has added 35 BTC to its vaults during the last 30 days.

When recently consulted by Forbes, the IMF stated that the current movements might not be in defiance of what was agreed by the two parties. “We consulted with the authorities, and they have assured us that the recent increase in Bitcoin holdings in the Strategic Bitcoin Reserve Fund is consistent with agreed program conditionality,” the fund replied.

Nonetheless, this raises even more questions about the possible loopholes that El Salvador might be exploiting to complete two activities that are in an apparent direct contradiction.

Read more: Bitcoin Purchases Confined: IMF Approves $1.4 Billion Credit Facility for El Salvador

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