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IMF Forces El Salvador to Dismantle Bitcoin Trust & Accept Stricter Oversight
In a recent move, the International Monetary Fund (IMF) has compelled El Salvador to dismantle its trust in Bitcoin and accept stricter oversight. This decision comes as part of a $1.4 billion loan agreement between the IMF and El Salvador.
Under the terms of the loan deal, El Salvador is required to dissolve the Fidebitcoin trust, which was initially established to promote Bitcoin adoption. The country must also publish audited financial statements for both the Fidebitcoin and Chivo wallet platforms. Furthermore, the government has been directed to cease using taxpayer funds in Chivo by July 2025.
In addition, El Salvador is expected to increase transparency by publicly disclosing its BTC holdings, including the details of all wallet addresses. This move is seen as a significant step towards enhancing the country’s financial stability and accountability.
Accordingly, the IMF has scheduled compliance reviews for March, June, July, and December 2025 to ensure that El Salvador adheres to these new requirements. The global body emphasized that these measures are essential to mitigate risks associated with Bitcoin adoption in the country.
Despite the IMF’s insistence on stricter oversight, El Salvador may find solace in the potential emergence of a United States strategic Bitcoin reserve. If President Trump’s recent executive order receives Congressional approval, it could pave the way for other countries to adopt Bitcoin as an official currency or store of value.
The development is a significant turning point for El Salvador, which has been actively exploring ways to integrate Bitcoin into its financial infrastructure. The country’s decision to increase transparency and accountability in its financial dealings may have far-reaching implications for the global cryptocurrency market.
As the news unfolds, it remains to be seen how other countries will respond to this development and whether they will follow suit in adopting stricter oversight measures for their own Bitcoin initiatives. One thing is certain – the international community is closely watching this situation unfold.
This article is provided for informational purposes only and is not intended as investment advice or a recommendation within the context of the Securities Trading Act.
