The IMF called for narrowing the scope of the bitcoin law
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Despite a quick economic recovery from the pandemic, El Salvador could be hurt by the lack of digital currency regulation.
The International Monetary Fund (IMF) called on El Salvador to stop using bitcoin as an official means of payment. This is reported TASS.
The IMF noted that the economy of El Salvador is rapidly recovering from the pandemic, but the country is threatened with negative consequences due to the lack of regulation of cryptocurrencies.
However, members of the IMF Executive Board supported the actions of the authorities to promote financial inclusion.
“They called on the authorities to narrow the scope of the bitcoin law by depriving it of its status as an official means of payment,” the IMF said.
Recall that in September 2021, El Salvador was the first to recognize bitcoin as legal tender. Supporters of the experiment believe that the use of cryptocurrency will allow Salvadorans to save up to $400 million in commission costs when transferring funds from migrant workers from abroad.
In November, El Salvador announced that they intended to build the first cryptocurrency city. It will be called Bitcoin City.
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