El Salvador Secures $120 Million IMF Loan Payment Amid Bitcoin Purchases

El Salvador has received a $120 million payment from the International Monetary Fund (IMF) as part of its $1.4 billion loan agreement, contingent on reducing its Bitcoin exposure and discontinuing the Chivo wallet by July.

The IMF emphasized that the total amount of Bitcoin held in government wallets should remain unchanged.
Past calls from the IMF urged El Salvador to stop accumulating Bitcoin and avoid Bitcoin-focused activities.
Despite IMF recommendations, President Nayib Bukele confirmed intentions to purchase one Bitcoin daily.
El Salvador's Bitcoin Office reported acquiring 30 BTC in the last month, totaling 6,190.18 BTC in reserves.
As of May 22, El Salvador's Bitcoin treasury shows an unrealized profit of $386 million, indicating a 132% gain.

Additionally, representatives from El Salvador recently met with the SEC to discuss crypto initiatives. The IMF acknowledged that El Salvador is meeting performance criteria, and there are possibilities for non-governmental Bitcoin acquisitions to maintain compliance.