International Monetary Fund urged El Salvador to abandon bitcoin
The agency has repeatedly offered to make such a decision, citing financial, economic, and legal problems

26.01.2022 - 12:05
134
1 min
0
What’s new? The Board of Directors of the International Monetary Fund (IMF) has called on El Salvador to abandon bitcoin as a legal tender within the state. The IMF officials believe that the state-run Chivo e-wallet can increase financial accessibility, but recommend that it be kept strictly regulated.
Information on the IMF website
How did events develop? In September, El Salvador became the first country to make bitcoin a legal tender, alongside the US dollar. The IMF has repeatedly called for the move to be reversed, citing financial, economic, and legal problems. Some board members have expressed concern about the risks associated with El Salvador’s expected issuance of bitcoin-linked bonds.
What is El Salvador’s plan for cryptocurrency development? The country is preparing to issue $1 billion in bonds, half of which will be used to buy bitcoin. The government is betting that the opportunity to profit from bitcoin will attract investors. They will be able to get a dollar yield of 6,5%, much lower than the current size of El Salvador’s similar government debt, which is approaching 17%.
Useful material?
Articles
How the largest cryptocurrency exchange’s initiatives help it maintain its leadership
Nov 19, 2022
Articles
What fan coins are needed for and what events contribute to their growth
Nov 16, 2022
Articles
Why Binance set the trend to publish transparent data on available funds
Nov 14, 2022
Articles
The journalists got acquainted with the documents revealing the details of the financial condition of the exchange
Nov 13, 2022
Articles
Desperate traders with stuck assets resort to semi-legal schemes to save deposits
Nov 11, 2022
Articles
Experts predict when to expect new peaks of the crypto market by analyzing its previous cycles
Nov 10, 2022