{"id":56603,"date":"2022-01-26T01:06:18","date_gmt":"2022-01-25T23:06:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56603"},"modified":"2025-09-04T07:17:37","modified_gmt":"2025-09-04T04:17:37","slug":"imf-urges-el-salvador-to-drop-bitcoin-as-legal-tender","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/imf-urges-el-salvador-to-drop-bitcoin-as-legal-tender\/","title":{"rendered":"IMF urges El Salvador to drop Bitcoin as legal tender"},"content":{"rendered":"<p>The IMF&#8217;s Executive Board recommended that El Salvador strip Bitcoin of its status as legal tender in the country.<\/p>\n<p>Officials noted that the Chivo electronic wallet could boost financial inclusion, but stressed the need for strict regulation of Bitcoin.<\/p>\n<p>They also flagged risks to financial stability linked to the use of the first cryptocurrency.<\/p>\n<p>The organisation expressed concern about plans to issue Bitcoin bonds worth $1 billion.<\/p>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?15\" data-telegram-post=\"forklog\/23717\" data-width=\"100%\"><\/script><\/p>\n<p>The country is in talks with the IMF for a loan of $1.3 billion, Fortune reported.<\/p>\n<p>On 7 September 2021, <a href=\"https:\/\/u1f987.com\/en\/news\/el-salvador-legalises-bitcoin-as-government-buys-550-btc\">the law recognizing digital gold<\/a> came into effect as legal tender in El Salvador. The government bought 550 BTC for the state fund.<\/p>\n<p>Since then, El Salvador has purchased a total of 1,801 BTC for $85.5 million. On the latest <a href=\"https:\/\/u1f987.com\/en\/news\/el-salvador-bitcoin-fund-buys-410-btc-amid-market-correction\">replenishment of the state fund by 410 BTC<\/a>, President Nayib Bukele said on 22 January 2022.<\/p>\n<p>In June 2021, the IMF <a href=\"https:\/\/u1f987.com\/en\/news\/imf-sees-risks-in-salvadoran-bitcoin-payments-legalisation\">warned<\/a> El Salvador about the risks and regulatory issues that could arise from recognizing Bitcoin as legal tender.<\/p>\n<p>In November the IMF <a href=\"https:\/\/u1f987.com\/en\/news\/imf-again-criticises-bitcoin-legalisation-in-el-salvador\">criticised<\/a> the legalization of the first cryptocurrency following a visit by its staff to the country. Experts recommended closing the state Bitcoin trust.<\/p>\n<p>In January 2022, the renowned economist and critic of digital gold Nouriel Roubini <a href=\"https:\/\/u1f987.com\/en\/news\/nouriel-roubini-calls-for-impeachment-of-el-salvadors-president-amid-bitcoin-decline\">urged<\/a> the Salvadoran government to impeach Bukele over his investments in the first cryptocurrency.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF Executive Board recommended that El Salvador strip Bitcoin of its status as legal tender in the country.<\/p>\n","protected":false},"author":1,"featured_media":56604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1278,204],"class_list":["post-56603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-el-salvador","tag-imf"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56603"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56603\/revisions"}],"predecessor-version":[{"id":56605,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56603\/revisions\/56605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56604"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}