{"id":56148,"date":"2025-07-18T06:15:40","date_gmt":"2025-07-18T06:15:40","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/imf-report-says-el-salvador-missed-btc-terms-with-chivo\/"},"modified":"2025-07-18T06:15:40","modified_gmt":"2025-07-18T06:15:40","slug":"imf-report-says-el-salvador-missed-btc-terms-with-chivo","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/imf-report-says-el-salvador-missed-btc-terms-with-chivo\/","title":{"rendered":"IMF Report Says El Salvador Missed BTC Terms With Chivo"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/september-7-bitcoinday-in-el-salvador\/\">El Salvador <\/a>has run into a snag with the IMF over its handling of bitcoin through Chivo Wallet. According to a new compliance review tied to a $1.4 billion credit facility approved in February, the country failed to meet voluntary bitcoin non-accumulation targets\u2014something the IMF now attributes to how Chivo manages liquidity.<\/p>\n<hr\/>\n<p><em><strong>Good to know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>IMF says Chivo Wallet caused El Salvador to miss bitcoin non-accumulation goals.<\/strong><\/em><\/li>\n<li><em><strong>The government has begun steps to unwind Chivo and liquidate the Fidebitcoin fund.<\/strong><\/em><\/li>\n<li><em><strong>El Salvador currently holds over 6,239 BTC, worth more than $740 million.<\/strong><\/em><\/li>\n<\/ul>\n<hr\/>\n<p>In its latest report, the IMF noted that fluctuations in bitcoin deposits and Chivo\u2019s internal handling of those assets led to minor breaches of the <a href=\"https:\/\/igaming.org\/crypto\/imf-urges-el-salvador-to-tighten-bitcoin-regulation\/\">non-accumulation terms<\/a>. When users sell bitcoin in the Chivo Wallet, the platform does not sell off the actual BTC\u2014it simply fulfills the transaction internally. As a result, the Salvadoran government ends up holding more bitcoin over time.<\/p>\n<p><em>\u201cFluctuations in Chivo clients\u2019 deposits denominated in bitcoin and Chivo\u2019s liquidity management policy, which does not adjust to such fluctuations, led to minor breaches in conditionality,\u201d<\/em> the IMF wrote.<\/p>\n<p>To track bitcoin-related activities, the IMF uses signed statements from all hot and cold wallet addresses, along with a monitoring tool to follow daily changes in Chivo Wallet deposits.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n<p>New players only. Exclusive Welcome Bonus of up to $2,500<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>Corrective steps in motion<\/h2>\n<p>To address the issue, Salvadoran officials have already laid out a plan to wind down Chivo operations this month. The proposal also includes liquidating the Fidebitcoin fund, which was set up to handle BTC-to-USD exchanges for the state-backed wallet.<\/p>\n<p>The IMF noted that <em>\u201ccorrective actions have been taken to establish a sufficient buffer to mitigate the risk of future breaches prior to the planned sale of Chivo.\u201d<\/em><\/p>\n<p>The measures are intended to bring the country back in line with the voluntary commitments it agreed to as part of the IMF credit facility.<\/p>\n<p>While the IMF flagged the Chivo Wallet\u2019s impact on bitcoin holdings, it did not address El Salvador\u2019s separate and ongoing accumulation program led by the Bukele administration. That initiative continues to operate independently of Chivo and the current compliance issue.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong> <\/p>\n<p>New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>According to data from El Salvador\u2019s National Bitcoin Office (ONBTC), the country now holds more than 6,239 BTC\u2014worth over $740 million at the current market value.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/imf-flags-chivo-wallet-for-breaking-bitcoin-limits-in-el-salvador-deal\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) El Salvador has run into a snag with the IMF over its handling of bitcoin through Chivo Wallet. According to a new compliance review tied to a $1.4 billion credit facility approved in February, the country failed to meet voluntary bitcoin non-accumulation targets\u2014something the IMF now [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":56149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/56148"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=56148"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/56148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/56149"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=56148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=56148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=56148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}