IMF urges El Salvador not to use bitcoin as official currency

IMF urges El Salvador not to use bitcoin as official currency

Bitcoin is not an official currency IMF says: The country of El Salvador has been aggressive from the beginning when it comes to bitcoin, cryptocurrency. The world is amazed by the creation of the invisible cryptocurrency bitcoin, using volcanic energy instead of traditional electricity. But now the International Monetary Fund (IMF) has given a big blow to El Salvador. It clarified that bitcoin cannot be used legally.

The IMF made it clear to El Salvador that it cannot legally allow the cryptocurrency due to its risk rate. The Central American country of El Salvador legalized bitcoin with the US dollar in September. However, the IMF advised El Salvador that allowing bitcoin laws would increase the risk of financial crime rather than introduce or develop a new payment system. The IMF has denied that bitcoin was legalized and is not an official currency.

Reading: Legality for bitcoin! Otherwise too ..

Meanwhile bitcoin is united with bonds To build bitcoincity El Salvador’s President Nayib Bukele, 40, made a negative statement just two days after announcing his intention to resign. However, he acknowledged that their numbers were not enough to defeat President Conte’s government. At a time when more countries are trying to legalize bitcoin, some economists believe the IMF announcement could hinder those efforts.

Reading: That was enough for bitcoin..!

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About the author: Seth Grace

Seth is an all-around geek who loves learning new stuff every day. With a background in Journalism and a passion for web-based technologies and Gadgets, she focuses on writing about on Hot Topics, Web Trends, Smartphones, and Tablets.

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