“The adoption of a cryptocurrency as legal tender, however, entails large risks for financial and market integrity, financial stability and consumer protection,” the IMF statement said.
Mr Bukele promoted the adoption as a way for thousands of Salvadorans to avoid money transfer fees when relatives living outside the country sent home remittances. Mr Bukele became a darling of the cryptocurrency’s promoters and has since spoken of building a bitcoin city and issuing bitcoin-backed bonds, something else some IMF directors expressed concern over.El Salvador’s Treasury Minister Alejandro Zelaya, however, noted the IMF’s agreement that boosting financial inclusion was important and that an e-wallet could help, to which he added via Twitter: “It appears to work for financial inclusion, but you mustn’t do it. The future waits for no one.
El Salvador’s official reply:
I'm not worried about Bitcoin , the strongest computer network and monetary technology in the world. I’m actually worried about those who have sold their Btc for fear You all should follow Thaunicornswag his tweets, tips and predictions have been really helpful in the space
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