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IMF warns Bitcoin-friendly country of ‘large risks,' president responds

Added 01-26-22 01:37:02am EST - “The International Monetary Fund (IMF) has urged El Salvador to remove Bitcoin's legal tender status” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “IMF warns Bitcoin-friendly country of ‘large risks,’ president responds”. Below is an excerpt from the article.

The International Monetary Fund (IMF) encouraged El Salvador to drop Bitcoin’s status as an official currency on Tuesday, warning that the cryptocurrency could cause financial instability.

In a statement, the IMF claimed El Salvador’s decision to adopt Bitcoin as legal tender last year “entails large risks for financial and market integrity, financial stability, and consumer protection.”

The IMF called for “strict regulation and oversight” of Bitcoin in the country and urged the government to “narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status.”

“Some Directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds,” the IMF added.

El Salvador – the first country in the world to adopt Bitcoin as legal tender – plans to issue a 10-year, $1 billion Bitcoin bond this year.

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