Bukele Denies Transfer of El Salvador's Strategic Bitcoin Reserves
El Salvador's President Nayib Bukele denied reports that his country had transferred its strategic Bitcoin reserves to a private company. The transfer was said to be part of an agreement with the International Monetary Fund (IMF) in exchange for $134 million.
The reports claimed that over 7,763 BTC worth more than $632 million would be managed by a private entity, but Bukele stated that this was incorrect and that only the ownership of Chivo Wallet's shares had been transferred to a private company.
According to IMF documents, the agreement did involve the transfer of majority ownership and management rights of Chivo Wallet to a private company, while the government would maintain minority stakes and be responsible for customer assets.
The IMF confirmed that the Bitcoin reserves were increased through donations from individuals, not public funds. The fund also stated that it does not anticipate any further additions to the reserves beyond what has already been donated.