IMF warns El Salvador against crypto official currency as country plans Bitcoin City

clock • 3 min read
IMF warns El Salvador against crypto official currency as country plans Bitcoin City

The International Monetary Fund warned El Salvador on 22 November against using bitcoin as official tender given the risks associated with the cryptocurrency, a day after the country announced plans for the world's first 'Bitcoin City'. El Salvador became the first country to adopt Bitcoin as a legal tender on September 7, 2021 . The latest development has seen President Nayib Bukele making a statement that El Salvador plans to build a 'Bitcoin City' powered by a volcano and financed b...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login