Friday, September 30

El Salvador rejects IMF request to abandon bitcoin | Digital Trends Spanish


The government of El Salvador rejected a recommendation made by the International Monetary Fund (IMF) that asked it to abandon Bitcoin as legal tender in that territory.

In a television interview, the Minister of Finance, Alejandro Zelaya, pointed out that “no international organization is going to force us to do anything, nothing.”

According to the government official, Bitcoin is a matter of sovereignty, and he stated that “countries are sovereign nations and make sovereign decisions on public policies.”

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A few days ago, the IMF recommended that El Salvador dissolve the $150 million trust fund it created once this cryptocurrency became legal tender.

The agency also suggested that it return unused funds to its treasury.

The IMF referred to concerns about the volatility of Bitcoin prices, in addition to the possibility of criminals using this cryptocurrency.

From the international organization they also advised to eliminate the offer of 30 dollars as an incentive for people to start using the digital wallet “Chivo” and increase the regulation of this wallet to protect consumers.

“In the short term, the actual costs of implementing Chivo and putting the Bitcoin law into effect outweigh the potential benefits,” the report states.

Previously, Salvadoran President Nayib Bukele had already dismissed the recommendations made by the IMF on Bitcoin.

It should be remembered that the Central American country and the international organization have been negotiating a $1.3 billion dollar loan for months.

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