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IFW increases pressure on El Salvador



 In a report by the International Monetary Fund (IMF), he urges El Salvador to abolish Bitcoin as the national currency.


If one believes the tweets published almost daily by El Salvador's President Bukele, the introduction of Bitcoin in his country as an official means of payment was a complete success - despite the poor performance of the BTC price for some time. As recently as Friday , the president tweeted that he spent an additional $15 million on “really cheap” bitcoin while the crypto market slumped. But the International Monetary Fund (IMF) has a completely different opinion. He even urges El Salvador to abolish bitcoin as legal tender. This emerges from a statement published on Tuesday . The Directors of the IMF emphasize that 


there are major risks to financial stability, financial integrity and consumer protection associated with the use of bitcoin, as well as the associated fiscal contingencies.


The report was released after bilateral talks with El Salvador. He calls on the authorities to limit the scope of the Bitcoin Act.


Bukele plans billion-dollar “Bitcoin Bond”

IMF directors are concerned about the risks associated with Bitcoin bond issuance. Namely, President Bukele is planning to launch a $1 billion “ Bitcoin Bond ” in partnership with Blockstream. However, the IMF report also sees positive things in the Bitcoin law:


Directors agreed on the importance of promoting financial inclusion and noted that digital means of payment - such as the Chivo e-wallet - could play that role. However, they stressed the need for strict regulation and oversight of Chivo and Bitcoin’s new ecosystem.


However, the Chivo wallet also has its downsides . Many Salvadorans have reported cases of identity theft where hackers used their national identity number to open a Chivo wallet. This gave them the $30 worth of free bitcoin offered by the government as an incentive to open a digital wallet. The position of the IMF is anything but insignificant for El Salvador. The country has been trying to get a $1.3 billion loan from the IMF since early 2021. Because of the disagreements, that now seems a long way off. 

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