The International Monetary Fund (IMF) has urged El Salvador to stop using Bitcoin as their legal tender, due to “high associated risks”. The IMF statement, released on Tuesday, January 25, represents a setback to President Nayib Bukele, an enthusiastic promotor of the cryptocurrency.
The IMF executive board strongly advised the Salvadoran government to end the official use of Bitcoin, a policy the Bukele government adopted in September. They stressed that there are “large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities.”
The IMF statement “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status.”
Source: Bitcoin Plunges, IMF Urges El Salvador to Drop It – Havana Times







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