IMF wants El Salvador to drop BTC as a legal Tender
Crypto currency is consider as one of the most volatile asset. It can make or break you any time. Higher risk involved due to volatility of currency. In such scenario El Salvador made a huge decision by adopting BTC as a legal tender. El Salvador President Nayib Bukele is a big fan of BTC. It was his effort that El Salvador legislator made king of coin as a legal tender in El Salvador.
IMF showed concern over El Salvador adoption of BTC as a legal tender. IMF asked govt of El Salvador to drop BTC as a legal tender. IMF believes that volatility of coin made it big risk for financial stability, consumer protection and market integrity.
President office didn't reply on IMF statement. El Salvador is heavily rely on foreign remittances and President believe BTC use will make foreign remittances process easier, swift and economical. El Salvador government has already made a plan of issuing BTC bond. It is too early to predict the future of El Salvador adoption of BTC as a legal tender but one thing is for sure, successful experience will make Bukele more popular. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.