IMF helps El Salvador with Bitcoin!

As the cryptocurrency market continues to grow as more countries begin to accept Bitcoin (BTC) and other digital assets as a legitimate alternative to traditional money, global financial watchdogs are trying to gain as much control over this adoption as possible. For example; IMF helps El Salvador with Bitcoin!

IMF helps El Salvador with Bitcoin!

Gerry Rice, spokesperson of the International Monetary Fund (IMF), spoke at a press conference with El Salvadoran officials. “About critical issues highlighted by our Board of Directors in January” He confirmed that negotiations have begun.

“There are many controversial issues that remain, including the progress made by authorities in collecting statistics on Bitcoin usage and other information regarding the acceptance of Bitcoin as legal tender in El Salvador. That’s why we provide technical assistance in compiling Bitcoin usage.” said.

Rice also said there were discussions on anti-money laundering, financial transparency, accountability in the use of public funds, strengthening the anti-corruption framework in line with international standards, and various other issues.

IMF’s stance on crypto

For a long time, the IMF has taken every opportunity to criticize digital assets, warn repeatedly of the risks of adopting them, and argue that crypto usage is higher in corrupt countries. More recently, the organization has insisted that El Salvador strengthen its efforts on the aforementioned money laundering and accountability of the use of public funds.

El Salvador was the first country in the world to accept Bitcoin as legal tender in September 2021. Its chairman, Nayib Bukele, has reportedly already bought 2,301 Bitcoins. This country was followed by the Central African Republic at the end of April 2022.

Meanwhile, local El Salvador media reported that his country’s talks with the IMF could lead to a $1.3 billion loan deal to regulate its finances, after the country’s rising economic risk and international risk agencies downgraded its ratings.

Source: Teknolojioku Rss by

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