IMF urges El Salvador to ditch its decision to make Bitcoin legal tender

Mark Battersby
clock • 2 min read

The International Monetary Fund is urging authorities in El Salvador to curb Bitcoin usage by removing its legal tender status after its pioneering adoption of the digital currency in September last year. "[IMF directors] urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status," according to a statement, stressing larges risks to financial stability, financial integrity, and consumer protection and from the issuance of bitcoin-backed bonds. Although the IMF supported Bukele's goals of improving financial inclusion, it warned about the hig...

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