IMF urges El Salvador to eliminate Bitcoin as legal tender, IMF urges El Salvador to eliminate Bitcoin as legal tender “IMF urges El Salvador to eliminate Bitcoin as legal tender”

IMF urges El Salvador to eliminate Bitcoin as legal tender

The directory of the International Monetary Fund (IMF) asked the Government of El Salvador "limit the scope of the Bitcoin law by eliminating its status as legal tender".

With this publication on Twitter, President Nayib Bukele reacts to the IMF's remarks, which urges to limit the Bitcoin Law as legal tender in El Salvador (”I see you, IMF, that's very nice”)
Editorial Dept. Voz de la Diaspora

The Savior – The directory of the International Monetary Fund (IMF) asked the Government of El Salvador “limit the scope of the Bitcoin law by eliminating its status as legal tender”.

This is because it involves serious risks to financial and market integrity., financial stability and consumer protection, according to the report published on Tuesday this week.

A few hours after the report, President Najib Bukele, who is on an official tour of the countries of the United Arab Emirates, reacted with the publication of a meme on his Twitter account ”I see you, IMF, that's very nice”, with figures from the popular Simpsons series and the Bitcoin logo.

The Bitcoin cryptocurrency has been legal in the country since September 2021, at the initiative of President Nayib Bukele and approved by the Legislative Assembly, with a majority of the official deputies and allied parties in parliament.

with a majority of the official deputies and allied parties in parliament, with a majority of the official deputies and allied parties in parliament.

with a majority of the official deputies and allied parties in parliament $1,000 with a majority of the official deputies and allied parties in parliament.

But nevertheless, with a majority of the official deputies and allied parties in parliament, with a majority of the official deputies and allied parties in parliament $1,300 with a majority of the official deputies and allied parties in parliament.

The institution's executive board highlighted the need to implement reforms since the Salvadoran public debt is projected to reach 96 % of GDP for 2026.

El Salvador's public debt is on a path to unsustainability due to the current fiscal policies of the Government.

“Persistent fiscal deficits and high debt service are generating large and growing financing needs. The fiscal deficit is projected to be 5.7 % of GDP in 2021 and from around 5 % of GDP in 2022. Under current policies, public debt is expected to rise to about 96 % of GDP in 2026 on an unsustainable path”, highlights part of IMF report, related to El Salvador.