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Explained: Why IMF does not support El Salvador’s use of Bitcoin as legal tender
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The International Monetary Fund (IMF) believes El Salvador, a Central American country, should not use Bitcoin as legal tender. The reason: risks related to the digital currency.“Given Bitcoin’s high price volatility, its use as a legal tender entails significant risk to consumer protection, financial integrity, and financial stability,” IMF said in a statement, adding its use also “gives rise to fiscal contingent liabilities.”The IMF statement comes just days after El Salvador President Nayib Bukele announced plans to set up a Bitcoin City, funded via $1 billion bitcoin bonds.
In September, El Salvador became the first country to adopt Bitcoin as a legal tender. It also launched a wallet called Chivo to facilitate Bitcoin transactions in
. Read more on cnbctv18.comAbout this in other media
Mainstream Analysts Pour Scorn on El Salvador’s Financial Plans and Bitcoin Intentions cryptonews.com /3 years ago
El Salvador celebrates Black Friday, buys 100 BTC for 20% off cointelegraph.com /3 years ago
Bitcoin too volatile to be adopted as legal tender, says BoE chief cointelegraph.com /3 years ago
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