The IMF urges El Salvador to step back from the legalization of the bitcoin

The Executive Committee of the International Monetary Fund urged El Salvador to reverse its decision to legalize the cryptocurrency Bitcoin and called for strict regulation of electronic payments in the Central American country.

In a statement following annual consultations with El Salvador, the IMF said board members “urged the authorities to narrow the scope of the Bitcoin Act by repealing the fiat status they granted Bitcoin.”

The fund added that some board members were also concerned about the risks associated with the planned bond issue bitcoin-linked by El Salvador.

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