IMF advises El Salvador against using Bitcoin as legal tender while country prepares for a Bitcoin city
India Today
The International Monetary Fund (IMF) on Monday warned El Salvador against using Bitcoin as legal tender even though the country plans to create a Bitcoin city of its own.
The International Monetary Fund (IMF) on Monday warned El Salvador against using Bitcoin as legal tender even though the country plans to create a Bitcoin city of its own. The IMF has issued a warning considering risks related to the cryptocurrency. It believes that Bitcoin as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability because of its high price volatility.
The IMF believes that the use of Bitcoin as a currency also gives rise to fiscal contingent liabilities, it said in its staff concluding statement of the 2021 Article IV mission to El Salvador. The IMF regularly undertakes Article IV missions to member countries to consult with government officials before they request to use IMF resources.In September, El Salvador became the first country to adopt bitcoin as legal tender, alongside the US dollar.
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