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The International Monetary Fund calls on El Salvador to rescind its adoption of bitcoin as an official payment currency alongside the dollar
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| The International Monetary Fund calls on El Salvador to rescind its adoption of bitcoin as an official payment currency alongside the dollar |
IMF officials called on the government of El Salvador President Najib Bukele to reconsider the decision to adopt the cryptocurrency bitcoin as an official payment method alongside the US dollar, warning of the "significant risks" of this currency on the national economy and citizens' purchasing capabilities. Today, Bitcoin has lost about half of its value compared to its record price last November, when it recorded $67,734.
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In a statement on Tuesday, International Monetary Fund officials urged El Salvador and the government of its president, Najib Bukele, to change course, stop adopting bitcoin as an official payment method, and reconsider its decision in this regard, citing the "significant risks" posed by the cryptocurrency. The IMF's Executive Board, made up of representatives of member governments, including the United States, used sharper language.
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The small Central American country was the first to legalize cryptocurrency last September, allowing consumers to use it in all their dealings along with the US dollar.
Officials urged El Salvador authorities to narrow the scope of the Bitcoin law and revoke the cryptocurrency as an official payment method, according to a statement issued by the International Monetary Fund. Officials stressed that there are “significant risks to financial stability, financial integrity and consumer protection” and the issuance of bitcoin-backed bonds. The fund warned of high levels of cryptocurrency exchange rate volatility.
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Bitcoin was trading at $37,000 on Tuesday, having lost about half of its value compared to its record price in November of $67,734. Abu Kila took advantage of the Bitcoin drop to boost his country's crypto assets.
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