IMF Grants El Salvador Bitcoin Waiver, Approves $138M Payout

The International Monetary Fund (IMF) has granted El Salvador a waiver for its excessive Bitcoin reserves, allowing the country to receive a $138 million payout.

The waiver comes after the IMF praised El Salvador's economic performance, citing strong growth and improvements in security and fiscal consolidation.

However, the IMF noted that El Salvador's Bitcoin reserves, which have risen to 7,792 BTC, exceeded the institution's limits.

El Salvador's government has been working to reduce the state's involvement in Bitcoin-related activities, including privatizing the Chivo wallet, which has majority control transferred to a private operator.

The IMF's decision to grant a waiver is based on 'strong corrective measures and renewed commitments' from the El Salvadoran government to reduce its Bitcoin holdings and enhance transparency.