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The International Monetary Fund (IMF) used a July 31 staff blog to say the quiet part out loud: Bitcoin now belongs inside the world’s core economic statistics. The post—timed to the UN Statistical Commission’s approval of the updated System of National Accounts (SNA)—states that “Bitcoin, for example, has a tangible economic impact, including because it consumes large amounts of energy to produce. Yet because it doesn’t involve the creation of goods or services in the traditional sense, it isn’t counted in gross domestic product.”

To fix that measurement gap, compilers have agreed to “classify certain crypto assets as ‘non-produced nonfinancial assets,’ which are reflected in national wealth.” It is not a value judgment about Bitcoin; it is a decision to count it in the balance sheets governments use. For a once-dismissed technology, being measured alongside land and subsoil assets is institutional recognition in the language central banks and treasuries speak.

Bitcoin Breaks Into The System

The IMF’s own social post distilled the message in a way that ricocheted across BTC circles: “Bitcoin consumes as much electricity as Argentina but isn’t counted in GDP because it doesn’t create traditional goods or services.” That line replays a theme of earlier IMF work that framed Bitcoin and AI as power-intensive sectors whose footprint policymakers must understand, not ignore.

In 2024 the Fund’s blog estimated BTC mining and data centers together used about 2% of global electricity in 2022 and discussed policy tools—including energy taxation—to manage emissions; several summaries of the same analysis, based on IEA projections cited by IMF officials, describe a baseline path toward roughly 3.5% by 2027. Whatever one thinks of the framing, the crucial point for markets is statistical visibility: once an activity is explicitly measured, it enters the macro conversation about assets, flows, and external balances.

That visibility is reinforced in the external accounts. The IMF’s new Balance of Payments Manual (BPM7) integrates Bitcoin into cross-border statistics by treating transfers of non-liability crypto such as BTC as transactions in “non-produced nonfinancial assets” and, critically, by recognizing “validation services” as services.

Draft chapters provide explicit compiler examples in which a miner or validator in Economy A is paid by a user in Economy B, to be recorded as cross-border services trade. An annex on changes from BPM6 spells out that payments for validation are “recorded… as cross-border transactions in crypto assets payable… to the producer of the services.” In practical terms, mining and staking sold to non-residents become exports in the services account, and cross-border BTC acquisitions and disposals move through the capital account. That is no small change for a sector long caricatured as “off the books.”

Bitcoin-native voices immediately underscored the significance. “This is actually pretty big news—IMF officially incorporating bitcoin into [the] international development paradigm,” wrote David Bailey, arguing that “balance of trade, GDP, [and] sovereign credit quality… will now incorporate bitcoin’s economic footprint.” Even trimmed to its essentials, the takeaway is clear: macro gatekeepers will be counting what was once invisible.

For Melanion GreenTech researcher Jan Wüstenfeld, the stakes are human as much as statistical. He called BTC “the most efficient tool available in turning energy into a lifeline for those suffering under policies imposed by the IMF,” adding: “Nothing beats Bitcoin’s energy-to-lifeboat ratio.”

Climate researcher Daniel Batten took direct aim at the Fund’s energy framing, calling it “FUD” in a rallying cry—“Game on”—that speaks to how this moment is being read in Bitcoin circles: not as censure, but as confirmation that the asset has grown too consequential to ignore.

Perhaps the most granular reaction came from the Sustainable Bitcoin Protocol, which argued that the language many seized on—“energy-intensive”—misses the bigger picture of formal integration. “People are understandably upset that the @IMFNews says Bitcoin is ‘energy-intensive’, but this is actually a positive, watershed moment!” the group wrote.

“The IMF just officially classified BTC as a non-produced capital asset… Bitcoin’s no longer invisible. Even the IMF is forced to measure and report it. That’s legitimization. That’s visibility. That’s macro adoption.” Their thread mirrors the BPM7 and SNA mechanics: once Bitcoin is recorded as a capital asset and its validation activity is booked as services, it enters balance-of-payments and national wealth statistics by design.

None of this means the IMF has changed its caution on sovereign Bitcoin policy; it means the Fund is updating the statistical plumbing while continuing to press its risk case. Batten’s recent research contends that, in practice, IMF leverage has hindered nation-state adoption.

He points to El Salvador’s program with the IMF, where authorities committed “not to accumulate further bitcoins ‘at the level of the overall public sector,’” even as the National Bitcoin Office disclosed additional purchases for a “Strategic Bitcoin Reserve.”

Batten also highlighted Pakistan, where a flurry of reports in early July said the IMF had rejected a plan to offer subsidized electricity for Bitcoin mining and certain energy-intensive industries. Local and crypto outlets described the proposal as blocked on power-market and fiscal-risk grounds, while Pakistan’s Power Division and the IMF quickly issued denials that any formal rejection had occurred.

Set against that policy backdrop, the July 31 standards news remains unambiguously constructive for Bitcoin. The IMF blog makes two points that matter for asset allocators. First, it confirms that compilers will classify “certain crypto assets as ‘non-produced nonfinancial assets,’” bringing them into measured national wealth. Second, it signals harmonization with BPM7 so that cross-border flows and validation-service revenues are recorded coherently across external and national accounts.

At press time, BTC traded at $115,658.

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Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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July 21, 2025

El Salvador has not made any new Bitcoin purchases since February 2025, according to a new report released by the International Monetary Fund (IMF) on July 15.

The disclosure directly contradicts President Nayib Bukele’s long-standing public claim that his government has been buying one Bitcoin per day.

The IMF’s findings were included in the first formal review of the country’s Bitcoin program since El Salvador secured a $1.4 billion loan agreement in December 2024.

IMF Lauds El Salvador’s Bitcoin Reforms, Confirms Policy Shift

A letter signed by Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jerson Rogelio Posada Molina confirmed that “the stock of Bitcoins held by the public sector remains unchanged.”

The IMF report also revealed that El Salvador is moving to scale back its public involvement in Bitcoin-related services. One of the key changes includes reducing the role of the Chivo wallet, the state-backed digital asset platform, and ultimately ending its operation by July 2025.

The Chivo wallet, once promoted as a centerpiece of the country’s Bitcoin adoption, will be shut down from public control, and the IMF clarified that while the wallet will remain operational, it must be fully privatized and no longer run on government funds.

The report noted that although on-chain activity shows BTC moving between wallets, these are not new acquisitions. Instead, the transactions reflect internal transfers between cold and hot wallets.

The IMF emphasized that these movements had led to a “misinterpretation” of El Salvador’s Bitcoin activity. Officials further argue that reallocated reserves or assets obtained through legal seizures do not qualify as state-backed Bitcoin buys.

According to the El Salvador Bitcoin Office, El Salvador currently holds about 6,244 BTC, worth roughly $742 million.

While some reports suggested an 8 BTC increase last week, the IMF attributes this to technical accounting, not fresh buys.

The IMF praised the updated Bitcoin policy for reducing fiscal risk and strengthening transparency. It said these steps were helping to stabilize inflation and restore macroeconomic stability in the country.

Official vs. On-Chain: The Bitcoin Mystery Behind El Salvador’s Treasury

Despite growing public interest in sovereign Bitcoin reserves, the IMF is pushing El Salvador to treat BTC as a financial asset with risk exposure, not as a currency.

As part of the agreement, Bitcoin is no longer considered mandatory legal tender.

While the Salvadoran government insists it is still “stacking sats,” the IMF’s statement indicates otherwise. The divergence in interpretation has added fuel to a broader debate around sovereign BTC holdings.

Some blockchain analysts, including firms like Arkham, have observed steady 1 BTC per day transfers from exchanges like Binance and Bitfinex to addresses reportedly linked to the Salvadoran government. Still, whether these are official purchases or private transactions remains unclear.

Other governments and companies continue to expand their Bitcoin treasuries. Japan’s Metaplanet recently acquired 797 Bitcoin for $93.6 million. On Tuesday, the firm announced plans to purchase a digital bank to expand its crypto services.

Meanwhile, The Blockchain Group in France and the UK’s Smarter Web Company added over 340 BTC combined. Strategy, the first Bitcoin treasury company, posted $14 billion in unrealized gains in Q2 2025.

Compared to this international trend, El Salvador’s quiet pause signals a shift. The IMF is scheduled to conduct further reviews in September and December 2025 to track compliance.

For now, El Salvador’s public BTC balance appears to be holding steady, with no new government-funded purchases. The IMF says the country is sticking to its agreement. The Bukele administration says otherwise.

With Bitcoin’s price nearing record highs, the divide between official reporting and on-chain speculation is likely to grow. The next few months may prove decisive in shaping the future of sovereign crypto strategy.

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A new report has shaken up El Salvador’s bold Bitcoin story. All year long, President Nayib Bukele and the National Bitcoin Office promised they were buying one BTC every day.

Public trackers even showed holdings climbing past 6,102 BTC. Yet the IMF’s July 15 Article IV consultation says there were no new purchases since the $1.4 billion Extended Fund Facility was approved in December 2024.

Internal Wallet Moves Created Illusion Of Buying

According to the IMF report, the rise in public‑sector Bitcoin didn’t come from fresh spending. Instead, government‑owned wallets moved coins around.

Those transfers made balances pop up on public dashboards. But those were just internal shifts. They didn’t draw on taxpayer money or involve the market. Small ups and downs in the Chivo e‑wallet also came from internal corrections, not new deposits.

Turns out the IMF did in fact make El Salvador stop Bitcoin purchases in order to get a fiat loan.

Footnote #9 states they have just been making it appear as if they have been continuing to buy but in fact have just been consolidating multi government wallets.

Source :… pic.twitter.com/46AFU1oi08

— Magoo PhD (@HodlMagoo) July 17, 2025

Pressure On Bitcoin Legal Tender Reversal

Back in 2021, El Salvador grabbed headlines by making Bitcoin legal tender. That move set off cheers and warnings around the world. Reports show the country flipped that decision in January 2025 under pressure from international lenders.

They stripped Bitcoin of its legal‑tender status and agreed to stop using public funds for more coins. The IMF now confirms those promises held true.

Deadline Looms For Chivo E‑Wallet Exit

Based on reports, the government must end public‑sector involvement in the Chivo system by July 31, 2025. That date is just around the corner. El Salvador has also promised to unwind Fidebitcoin, the public Bitcoin trust it set up. Both steps aim to boost fiscal transparency and keep the Extended Fund Facility on track.

El Salvador President Nayib Bukele. Source: Getty Images

Analysts Eye Trust And Transparency Questions

Some experts say the big takeaway is about trust. Shuffling coins between wallets while claiming new buys can hurt the government’s credibility. Citizens and investors could start to wonder what else might be spun into a story.

Image: REUTERS/Johannes P. Christo/File Photo

Even if no fresh money changed hands, the mismatch between claims and reality has put a spotlight on how data gets shared.

The IMF gave credit for meeting its program targets. Yet the coming weeks will show if the government follows through on all its commitments.

Clearing out Chivo and dissolving Fidebitcoin are major moves. If El Salvador sticks to the plan, it could reset its narrative. If not, skeptics will find new reasons to doubt every future Bitcoin announcement.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Those numbers show how much these tokens fuel trades, loans and cross-border transfers. Yet questions about whether they really count as “money” are now front and center.

Stablecoin On-Chain Traffic

Based on reports, stablecoins have become the workhorses of crypto trading. Volume hit 35 trillion in the last 12 months. At the same time, their circulating supply stayed at 194.6 billion.

That steady supply suggests tokens like USDC and USDT are parked, ready for the next move. Traders shift them in and out of Bitcoin and altcoins. Payment platforms weave them into digital rails. The scale is hard to ignore.

IMF Deputy MD Raises Money Question

According to IMF Deputy Managing Director Bo Li, the big challenge is classification. Are stablecoins part of M0, M1 or a new category altogether? He posed those questions at the 2025 World Economic Forum in Davos.

Getting that wrong could reshape how banks set reserves and how regulators cut red tape. Li also pointed out that policy experiments are popping up all over. Some of them may not survive a real stress test.

Key Takeaways: IMF’s Bo Li said regulatory uncertainty around stablecoins persists, especially regarding classification and enforcement. Global financial bodies are working to align frameworks but… https://t.co/V75hFYV5pX #Stablecoin #Cryptocurrency #IMF #Regulation #Finance

— Entrepreneur_cm (@entrepreneur_cm) June 25, 2025

National Rules Diverge

Based on policy outlines, the US is moving ahead with the GENIUS Act. Europe has drafted its own rulebook. Over in Asia, Hong Kong plans to roll out its Stablecoin Ordinance in August 2025.

Those efforts show a strong push to make rules more clear. But they also underscore a lack of global unity.

Businesses could face one set of rules in New York, another in Brussels and a third in Hong Kong. That patchwork approach risks adding costs for firms and confusion for users.

Global Bodies Seek Cooperation

According to Bo Li’s remarks, fragmented rules carry real risks. He warned that gaps in enforcement might let bad actors slip through.

To avoid that, the IMF is teaming up with the Financial Stability Board and the Basel Committee. Their goal is to craft more consistent guidance. If they pull it off, regulators in different countries might follow a shared playbook rather than compete by cutting corners.

Market Keeps Growing

Based on market data, stablecoin supply has now topped 250 billion. A large share of that capital is parked in Bitcoin, waiting for the next rally. Some analysts spot chart patterns that echo early altcoin breakouts.

That could signal a fresh surge of trading across tokens once confidence builds. For now, stablecoins sit at the center of crypto plumbing.

Featured image from Unsplash, chart from TradingView

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Less than a week after Pakistan unveiled a plan to channel 2,000 megawatts of surplus electricity into Bitcoin mines and artificial-intelligence data centres, the International Monetary Fund has asked Islamabad authorities for “urgent clarification” and scheduled a stand-alone virtual meeting with the Finance Ministry to discuss the power allocation.

The request lands in the middle of negotiations on Pakistan’s 2025/26 budget and only days after the country drew a second disbursement—SDR 760 million ($1.02 billion)—under its $7 billion Extended Fund Facility, bringing total IMF cash received this year to roughly $2 billion. The Fund has also approved a parallel $1.4 billion climate-resilience programme, deepening Islamabad’s reliance on multilateral finance at a moment when its external-debt maturities exceed $22 billion for the coming fiscal year, according to Fitch Ratings.

An official involved in the IMF talks admitted that the mining announcement has complicated the lender’s due-diligence. “There is a fear of further tough talks from the IMF on this initiative,” the official told Samaa. “The economic team is already facing stiff questions, and this move has only added to the complexities of the ongoing talks.”

Why Nation-State Bitcoin Mining In Pakistan Seems Unlikely

Daniel Batten, the New Zealand–based climate tech investor whose modelling on Bitcoin’s energy profile is widely cited in policy debates, argues that Pakistan now finds itself on the same collision course that derailed crypto ambitions in other debtor countries. “While I’m an optimist by nature and I really hope I’m wrong, I think Pakistan will struggle to follow through on its Bitcoin and Bitcoin-mining plans,” he wrote on X. “Short answer why: IMF.”

Expanding on that point, Batten listed what he calls the Fund’s “five-fold exposure”: Bitcoin can lower remittance costs, dilute seigniorage advantages, provide an alternative store of value for foreign-exchange reserves, reduce reliance on multilateral lending and create peer-to-peer rails that sidestep capital-controls architecture. “Bitcoin is a huge threat to IMF in five ways,” he said.

The analyst then turned to precedent. “IMF has already scuttled or pared back the ambitions of three out of three nations with Bitcoin adoption plans,” he noted, citing the Central African Republic’s stalled legal-tender implementation, Argentina’s agreement to anti-crypto conditions and the incremental revisions El Salvador made to its Bitcoin Law. “Highly likely we’ll see the same tactics with Pakistan. Given Pakistan’s economic vulnerabilities, it’s also likely IMF will be successful.”

According to Batten, the Fund’s first step will be a communications campaign emphasising “energy shortages,” “high electricity costs,” “unclear crypto regulations” and “AML concerns” as reasons for caution—arguments he dismisses as “made-up.” In his view, peer-reviewed research shows Bitcoin mining can strengthen grid reliability by monetising excess supply, while case studies such as Bhutan and El Salvador demonstrate the currency’s potential to foster economic self-reliance. “However, economic self-reliance reduces the customer-base for IMF as a lender, and is therefore not in its economic interests,” he wrote.

Batten adds that the leverage available to the Fund under its $7 billion Extended Fund Facility gives it ample room to translate warnings into programme conditions. He predicts the IMF will demand Financial Action Task Force-compliant rules, prohibit sovereign Bitcoin accumulation and tie future disbursements to policy reversals, “exploiting Pakistan’s dependence on funding to maintain reserves and meet existing IMF loan obligations.”

That dependence is stark. Batten points out that Pakistan faces $12.7 billion in debt repayments in fiscal 2025. Without IMF support, foreign-exchange reserves could slip below $4 billion—less than a month of imports—echoing the January 2023 balance-of-payments crisis, when reserves fell to $2.92 billion and the rupee’s slide accelerated from PKR 100 to 330 per dollar between 2017 and today. “This could trigger default on other obligations, given Pakistan’s history of FATF grey-listing and reliance on multilateral funding,” he warns.

The stakes, Batten argues, extend beyond Pakistan. “It means the gloves are off: IMF is terrified of Bitcoin breaking up its debt hegemony party, and will continue to stand in the way of Bitcoin adoption at a nation-state level,” he wrote. Should Islamabad retreat under pressure, the Fund would register what Batten calls a “4/4 track record” of blocking Bitcoin initiatives in debtor nations—evidence, he says, of a broader strategy to “oppose Bitcoin adoption from its indebted customers.”

His conclusion is blunt: “If you have a disruptive technology, don’t expect the ‘disrupted’ to stand idly by. They will use every technique at their disposal to preserve the monopoly they’ve enjoyed.” For governments intent on pursuing Bitcoin, Batten sees only two viable paths: “Be like Bhutan or the US, who don’t need the IMF, or have a backup lending plan in place so the IMF can’t pressure you into rolling back your policies and plans.”

At press time, BTC traded at $105,335.

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.