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Crypto
IMF praises El Salvador economy, presses to stop buying bitcoin
The International Monetary Fund approved a $139 million disbursement for El Salvador but reaffirmed that the government should further scale back bitcoin-related activities. The IMF said economic activity was stronger than expected, supported by improved security and a recovery in investor confidence, and that macroeconomic imbalances were continuing to ease. It also said some performance criteria were not met, particularly on bitcoin accumulation, while it expects no further accumulation beyond documented donations.
Crypto
Coinbase-based Sivar launches for U.S.-El Salvador remittances at $2
Sivar, a stablecoin-based service supporting remittances between El Salvador and the United States, has launched nationwide. Modveon said it develops, operates and expands the service under a five-year contract with El Salvador public agency AAB. Coinbase provides the payments infrastructure, with transactions settled in stablecoins on Ethereum layer-2 Base. Remittances carry a flat $2 fee, with a $25 minimum. Accounts differ over direct government operation.
Crypto
IMF says El Salvador bitcoin increase came from private donations, not government funds
El Salvador’s increased bitcoin holdings after entering an International Monetary Fund financial support programme were obtained through private donations rather than government funds, the IMF said. It said verification of data submitted by Salvadoran authorities showed no additional purchases using public resources after the first review. The IMF also said control of the Chivo e-wallet was transferred to a private operator, and it expected no further bitcoin accumulation beyond confirmed donations.
