IMF Not Happy About El Salvador Bitcoin Move
Adoption of bitcoin (BTC) as legal tender raises "a number of macroeconomic, financial and legal issues that require very careful analysis," Reuters reported, citing a spokesman for the International Monetary Fund (IMF).
The fund is following "developments closely" and will continue "consultations with the authorities."
As reported, Nayib Bukele, the President of El Salvador, will discuss the Bitcoin law with the IMF today, as the country is in talks with the Fund over a USD 1bn program.
At 15:01 UTC, BTC trades at USD 37,171 and is down by 2.5% in an hour, trimming its daily gains to almost 6%.
The IMF does not exist to serve Central American countries’ best interests. They exist to maintain the status quo o… https://t.co/CocF94v4l9
— Lyle Pratt (@lylepratt)
THE ACCEPTANCE OF BITCOIN AS LEGAL TENDER BY EL SALVADOR POSES A RANGE OF MACROECONOMIC, GEOPOLITICAL, AND LEGAL BE… https://t.co/9IPvn3qGQD
— Bitstein (@bitstein)