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Uncertainty about El Salvador’s real exposure to Bitcoin, which has been falling in value in recent months, has been one of the factors weighing on nations’ access to capital markets. President Nayib Bukeles’ administration had purchased 2,381 bitcoins through June 2022, according to his announcements on Twitter. On November 16, he said the government would buy one bitcoin per day.
The International Monetary Fund should conduct its so-called Article 4 mission – in which it provides a macroeconomic assessment and recommendations – for El Salvador, Mossi said. CABEI is working with the government of El Salvador to compile debt sustainability information, which should include information on cryptocurrencies, for IMF review.
El Salvador’s finance ministry press officers did not immediately respond to an email request for comment.
The head of CABEI added that the covenants of the recently provided funding prohibit El Salvador from using it to purchase such assets.
Use of the revenue will be checked in six months, Mossi said.
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