IMF recommends El Salvador not use bitcoin as legal tender
The Hindu
In September, El Salvador became the first country to adopt bitcoin as a legal tender, alongside the U.S. dollar.
The International Monetary Fund (IMF) on Monday said that considering risks related to bitcoin, El Salvador should not use the cryptocurrency as legal tender.
"Given bitcoin's high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities," the IMF said in its staff concluding statement of the 2021 Article IV mission to El Salvador.
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