IMF Worries About El Salvador Adopting Bitcoin As Legal Tender

The International Monetary Fund (IMF) has expressed concern about El Salvador's acceptance of Bitcoin as legal tender. He said that Bitcoin poses macroeconomic, financial and legal problems. The IMF statement came ahead of a meeting with Salvadoran President Bukele on Thursday. IMF spokesman Gerry Rice said: “The adoption of Bitcoin as legal tender raises many macroeconomic, financial and legal issues that require very careful analysis”, “We are following developments closely and will continue our consultations. El Salvador made history yesterday after passing a bill to make Bitcoin a parallel legal tender, becoming the first country in the world to do so. The Salvadoran government has also bought and accepted $150 million worth of Bitcoin. He promotes BTC and its use from various traders. President Bukele also participated in a Twitter Space as Congress voted on Bitcoin law and discussed Bitcoin's capabilities and scope as legal tender. During his interaction, Bukele was asked about the possibility of Bitcoin mining in the country. Earlier today, the president announced that he had spoken to the head of the geothermal energy company. Make way for Bitcoin mining using volcanic energy. I just instructed the president of @LaGeoSV (our state owned geothermal power company). y) Creating a plan to provide #Bitcoin mining facilities with very cheap, 100% clean, 100% renewable, zero emission energy from our volcanoes. This will evolve rapidly! — Nayib Bukele (@nayibbukele) June 9, 2021 Max Keizer Proposes IMF El Salvador is currently seeking a $1 billion program from the IMF, which will be the country's priority and will be at the next meeting on Thursday. IMF's concerns

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