A recently disclosed set of deadlines from the International Monetary Fund (IMF) is poised to enhance oversight of El Salvador’s Bitcoin undertakings in the coming year and beyond. According to journalist Ricardo Valp of El Faro, the administration of President Nayib Bukele has allegedly consented to provide comprehensive data on its BTC holdings and transactions in exchange for a $1.4 billion bailout package.
In a post on X, Valp stated: “NEW: ‘The IMF reveals Bukele agreed provide IMF with internal information about Bitcoin transactions, including cold & hot wallet addresses owned by the Government of El Salvador, the names of people involved, and to regulate Bitcoin holdings in exchange for a $1.4B bailout.’”
IMF Takes Aim At El Salvador’s Bitcoin Holdings
Alongside this statement, Valp shared images of the official IMF proposals or conditions, each accompanied by specific deadlines and review dates. The primary objective of these conditions is to “reduce risks related to Bitcoin,” emphasizing enhanced transparency and accountability in the government’s BTC activities.
As outlined in the documents, the government is required to submit a signed statement to IMF staff affirming all hot and cold wallet public addresses—as well as corresponding BTC amounts—owned or controlled by the Salvadoran public sector. This mandate extends not only to central government accounts but also includes any state-controlled entities or legal persons under majority ownership or influence, as defined by international accounting standards.
The first requirement to report these Bitcoin addresses and amounts is due by the end of March 2025, coinciding with the IMF’s first program review. A second disclosure is slated for the end of June 2025, capturing updated balances. The final disclosure, due by December 2025, must include a signed statement listing and identifying all state-linked addresses and amounts at that time.
In addition to these recurring disclosures, the plan imposes stringent deadlines for restructuring or ceasing several high-profile aspects of El Salvador’s Bitcoin infrastructure. The government is required to adopt and publish a new business plan aimed at discontinuing the use of public funds within the state-sponsored digital wallet known as Chivo.
This new initiative is to be instituted by July 2025, with the IMF’s first review in March 2025 anticipated to evaluate progress towards that goal. By the same July 2025 deadline, the state is reportedly obliged to liquidate the BTC trust fund, known as Fidebitcoin, and release the audits associated with it, conducted by the Court of Accounts (AAB) and external auditors. Furthermore, these guidelines stipulate that the government must publish Chivo’s financial statements, verified by auditors, and segregate Chivo users’ US dollar balances at the Central Reserve Bank (BCR).
The concluding phase, set for December 2025, calls for the enactment of a comprehensive framework governing how the government purchases, holds, or disposes of its Bitcoin and other crypto assets. This framework should incorporate robust governance protocols, formal risk management controls, clear investment guidelines, and a defined regulatory role for the AAB. The IMF’s intended outcome, as outlined in the documents, is to ensure greater transparency, minimize exposure to volatile price fluctuations, and centralize accountability for digital asset practices at the government level.
The extent of oversight implied by these measures has prompted mixed reactions on social media. One prominent comment from Bitcoin enthusiast Pledditor (@Pledditor) noted, “Looks like we finally got a timetable on when El Salvador’s IMF restrictions begin. Chivo Wallet will be unwound by July 2025, and the IMF will start regulating El Salvador’s Bitcoin Treasury by December 2025.”
As of now, the Salvadoran government has not publicly addressed these requirements. However, it was reported that El Salvador acquired an additional 5 Bitcoin for its Strategic Reserve on March 3, according to the Bitcoin Office.
At press time, BTC is trading at $83,418.
