IMF Not Happy About El Salvador Bitcoin Move

IMF Not Happy About El Salvador Bitcoin Move 101Source: iStock/Bumblee_Dee

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%.

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