The most recent statements regarding the compliance (or non-compliance) of the conditions that El Salvador must meet as part of the $1.4 billion International Monetary Fund (IMF) credit facility deal have left bitcoiners perplexed.

While in a letter of intent, Salvadoran authorities commit to suspending the acquisition of bitcoin by the public sector and to closing Chivo wallet operations, these measures have not yet been executed by the government.

When consulted by Forbes, the IMF claims that the Salvadoran actions have been “consistent with the agreed program conditionality.” This has confused analysts, as one fact seems to be completely opposite to another.

Mi Primer Bitcoin founder Jonh Dennehy has been following this subject, chronicling the changes in El Salvador since the Bitcoin Law reform that, albeit with convoluted wording, revised bitcoin’s legal tender status in the country.

Dennehy believes that there might be two explanations for this situation. El Salvador might be circulating its bitcoin from one address to another, moving it between its wallets while claiming to be purchasing bitcoin when it is not. This behavior would be within the limits of the deal and would allow President Bukele to still say they are “adding” to their reserves by transferring funds from one wallet to another.

The second hypothesis asserts these bitcoin can be part of a donation from a private partner, like Tether, which moved its headquarters to the country recently. “In both possibilities, El Salvador is trying to walk the tightrope of actually complying with the IMF but projecting an image of defiance & independence to the public,” he asseverated.

Nonetheless, El Salvador has continued to add bitcoin to its public address. According to the national bitcoin office, the nation has purchased 17 BTC during the last week, reaching a total of 6,111.18 BTC for its strategic reserve.

Read more: Bitcoin Purchases Confined: IMF Approves $1.4 Billion Credit Facility for El Salvador

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