IMF warns El Salvador on crypto

Nayib Bukele
Nayib Bukele
Carlos Moronta/Presidencia República Dominicana

The International Monetary Fund’s executive board has urged El Salvador to repeal legislation making bitcoin legal tender.

In a concluding statement on the country’s Article IV consultation, the fund warned El Salvador on January 25 that bitcoin posed “large risks” related to “financial stability, financial integrity and consumer protection”.

El Salvador’s legislature passed the Ley Bitcoin on June 8, three days after president Nayib Bukele announced plans to embrace the asset to a Miami

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