IMF urges El Salvador to drop Bitcoin as legal tender

The International Monetary Fund has urged El Salvador to reverse its decision to make Bitcoin legal tender.

El Salvador had in September 2021 became the first country to allow consumers to use the cryptocurrency in all transactions with the US dollar.

The decision led to large-scale protests over fears it would bring instability and inflation to the poor Latin American country.

Bitcoin has lost about half its value since November.

The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it would be difficult to get a loan from the institution.

Newsletter

Stay in Touch with Us, Subscribe to Our Newsletter


Watch Live

x